Market View

The U.S. Consumer Price Index (CPI) accelerated in July to 2.7 percent on an annual basis, lower than economists’ expectations of 2.8 percent, increasing the likelihood of an interest rate cut in September. In addition, the U.S. Producer Price Index (PPI) rose 3.3 percent on an annual basis, the highest level since February, indicating companies may not absorb all costs caused by tariffs, but will pass some of those to consumers in the form of higher prices. The Canadian dollar was 72.49 cents USD. The U.S. S&P 500 ended the week up 1.6%, while the TSX was up 0.4%.

It was a mixed week of greens and reds. Consumer discretionary rose 2.9%, while financials and real estate gained 1.5% and 1.4%, respectively. Materials edged up 0.3%. Technology slid by 2.0%, while energy and consumer staples slid by 1.0%, each. Industrials ended the week down 0.3%. The most heavily traded shares by volume were Shopify (SHOP), Enbridge (ENB) and Celestica (CLS).

5 from 5i

Here are five reads we found interesting last week:

• The Surprising Truth About Dividend Growth Stocks, by Dan Lefkovitz of Morningstar
• 4 Questions About the Housing Market, published by Ben Carlson of Ritholtz Wealth Management LLC
• Airport Lounges, Private Jets and Rich Millennials, written by Ben Carlson of Ritholtz Wealth Management LLC
• America’s fast-food scene had some big winners, and even bigger losers, in Q2 2025, as written by Claire Yubin Oh, David Crowther of Sherwood News
• Amazon launches same-day delivery of meat, eggs, produce in more than 1,000 cities, written by M.G. Siegler of SpyGlass

Happy Reading & Stay Safe!

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