Market View

ISM Chicago PMI declined to 46.9 in December from 55.8 in November, lower than the expectation of 50, indicating contracting in manufacturing activities. On the other hand, US mortgage rates stabilized this week, averaging 6.6%, down from 6.7% one week earlier, but remain on a downward trend. The Canadian dollar was 75.62 cents USD. The U.S. S&P500 ended the week up 0.3%, while the TSX was up 1.3%.

All but one sector rose this week. Consumer staples and consumer discretionary added 2.9% and 2.2%, respectively. While industrials edged up 1.9%, financials and real estate added 1.7% each. Information technology gained 1.3%. Energy ended the week slightly up 0.5% while materials gave up 0.3%. The most heavily traded shares by volume were Hut 8, TC Energy, and Bitfarms.

5 from 5i

Here are five reads we found interesting last week:

•  Will 2024 Be an Up Year for the Stock Market?, by Nick Maggiulli of Ritholtz Wealth Management LLC

• The Biggest Risk in 2024, written by Ben Carlson of Ritholtz Wealth Management LLC

• The Fed, inflation, and soft landing road show, by Claudia Sahm of Stay-At-Home Macro (SAHM)

• 10 Questions For 2024, written and published by Ben Carlson of Ritholtz Wealth Management LLC

• What Happened in 2023, published by Michael Batnick of Ritholtz Wealth Management LLC

Happy Reading & Stay Safe!

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