Market View

The US Consumer Price Index (CPI) rose 3.2% in July, less than the expectation of 3.3%, signalling an encouraging sign to support a Fed pause in raising interest rates at the upcoming September meeting. While Canada’s CPI jumped to 3.3% in July compared to 2.8% in June, largely due to higher gas prices. The Canadian dollar was 73.82 cents USD. The U.S. S&P500 ended the week down 2.1%, while the TSX was down 2.6%.

Most sectors ended the week in red. Materials gave up 5.4%, while financials slid 3.5%. Industrials edged lower by 2.1%, while information technology slipped by 2.2%. Consumer discretionary and consumer staples dropped by 2.0% and 1.3%, respectively. The only sector that was in green this week is energy which gained slightly by 0.6%. The most heavily traded shares by volume were Suncor Energy, Cenovus Energy and Canopy Growth.

5 from 5i

Here are five reads we found interesting last week:

• The Stock Market Never Provides Lasting Happiness, By Anthony Isola
• Have Bonds Finally Reached Escape Velocity, authored by Cullen Roche of Discipline Funds
• What If Generative AI turned out to be a Dud?, published by Marcus on AI
• Why Ventura Capital and Peter Thiel Are Backing This Silicon Valley RIA, authored by Holly Deaton of RIA Intel
• Spectacularly Wrong, written and published by Michael Batnick of Ritholz Wealth Management

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.