Market View

Canadian Manufacturing Purchasing Managers’ Index (PMI) fell to 49.4 in April, below the 50 threshold for the 12^th straight month, the longest contraction in manufacturing activity going back to 2010. In addition, the US Federal Reserve announced the decision to keep interest rates steady, suggesting that rates already peak but could stay higher for longer. The Canadian dollar was 72.94 cents USD. The U.S. S&P500 ended the week down 0.8%, while the TSX was down 0.5%.

Most sectors ended the week in red. Energy gave up 2.9%, while industrials and materials slid 1.1% each. Consumer discretionary and technology edged lower by 0.7% and 0.6%, respectively. Real estate ended the week flat while financials gained 0.7%. The most heavily traded shares by volume were Air Canada, Canopy Growth Corporation and BCE.

5 from 5i

Here are five reads we found interesting last week:

• Are You Better Off than You Were Four Years Ago?, published by Econbrowser
• It’s Easier Than Ever for Fund Investors to Build a Good Portfolio, by Amy C. Arnott of Morningstar
• Convenience is a Form of Wealth, published by Ben Carlson of Ritholtz Wealth Management LLC
• There’s No Evidence of a Retirement Crisis, written by John Rekenthaler of Morningstar
• 10 Years From Now, written and published by Ben Carlson 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.