Market View

In a speech in Jackson Hole, the Federal Reserve Chairman changed his stance in terms of economic outlook and signalled a rate cut as early as September due to the noticeable slowdown in the job market. Additionally, Inflation in Canada slowed more than expected to an annualized rate of 1.7 percent, driven by lower gasoline prices, supporting a call for another rate cut in September. The Canadian dollar was 72.31 cents USD. The U.S. S&P 500 ended the week up 0.4%, while the TSX was up 1.7%.

Most sectors rose this week. Materials gained 3.6%, while energy and consumer staples edged up by 2.5% and 2.0%, respectively. Technology, industrials, and real estate added 1.6%, each, while financials and consumer discretionary ended the week up 1.2%, each. The most heavily traded shares by volume were Barrick Mining Corporation (ABX), Enbridge (ENB) and Royal Bank of Canada (RY).

5 from 5i

Here are five reads we found interesting last week:

• Fishing and Investing, written by Ben Carlson of Ritholtz Wealth Management LLC
• Where to Invest When Nothing Looks Cheap, by Sarah Hansen of Morningstar
• Optimizing Ourselves to Death, published by Nick Maggiulli of Of Dollars and Data
• A Personal Finance Identity Crisis, published by Ben Carlson of Ritholtz Wealth Management LLC
• “SPAC King” Chamath Palihapitiya is back with a new one, written by Kia Kokalitcheva of PitchBook.

Happy Reading & Stay Safe!

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