Market View

The Bank of Canada holds key interest rate unchanged at 2.25 percent, while indicating the timing or direction of the next interest rate change remains uncertain. On the other hand, the U.S. Federal Reserve left interest rates unchanged at 3.5 – 3.75 percent after three rates cut in a row as economic indicators improve. The Canadian dollar was 73.57 cents USD. The U.S. S&P 500 ended the week up 0.3%, while the TSX was down 4.1%.

It was a weak week for the market overall. Energy was the only sector to finish higher, gaining 1.6%. Most other sectors fell, led by materials, which dropped 10.6%. Technology also fell sharply, down 6.3%. Consumer staples and consumer discretionary declined 5.0% and 4.6%, respectively. Industrials fell 3.0%, while financials and real estate ended the week down 2.2% and 2.4%, respectively. The most heavily traded shares by volume were Bank of Montreal (BMO), Kinross Gold Corporation (K), and Agnico Eagle Mines (AEM). 

5 from 5i

Here are five reads we found interesting last week:

•  Is Diversification Finally Working Again?, by Ben Carlson of Ritholtz Wealth Management LLC
•  Anthropic Is at War With Itself, by Matteo Wong of The Atlantic.
•  The Bond Market Risk Investors Are Overlooking Right Now, by Dan Lefkovitz of Morningstar.
•  Why This Economic Cycle Is Different, by Ben Carlson of Ritholtz Wealth Management LLC
•  Gold Tops $5000 Per Ounce for the First Time, by Claire Yubin Oh of Sherwood News.

Happy Reading & Stay Safe!

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