Market View

The U.S. Consumer Price Index (CPI) rose less than expected in May to an annualized rate of 2.4 percent, lower than the 2.5 percent expected by economists. On the other hand, the Canadian dollar hits an eight-month high against the U.S. dollar as yield spreads narrow and the weak U.S. economic data supports an interest rate cut in the coming months. The Canadian dollar was 73.51 cents USD. The U.S. S&P 500 ended the week up 0.9%, while the TSX was up 0.5%.

A lot more greens this week than reds. Energy and consumer discretionary gained 5.3% and 2.4%, respectively. Real estate and technology staples added 1.4%, each, while consumer staples and industrials ended the week flat. Materials gave up 0.8%, while financials edged lower by 0.2%. The most heavily traded shares by volume were Shopify (SHOP), Cenovus Energy (CVE) and Royal Bank of Canada (RY).

5 from 5i

Here are five reads we found interesting last week:

• Lost Decades are Even Rarer Than You Think, published by Nick Maggiulli of Of Dollars and Data
• Never Take Candy from Strangers, written by Barry Ritholtz of Ritholtz Wealth Management LLC
• The Upside of Gratitude, published by Ben Carlson of Ritholtz Wealth Management LLC
• Pandemic Babies & a Bull Market in Risk, published by Ben Carlson of Ritholtz Wealth Management LLC
• With WWDC on deck, Apple says “reasoning” AI models collapse with complexity, written by Jon Keegan 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.