Market View

In a speech from the Kansas City Fed’s annual Jackson Hole Economic Policy, the Federal Reserve chairman makes it clear that the Fed is ready to start cutting interest rates. On the other hand, there was an upward revision in the GDP numbers in the second quarter indicating the U.S. economy grew faster than initially thought at around 3% annualized rather than 2.8% reported last month, driven by strong consumer spending and corporate profits rebounded. The Canadian dollar was 74.18 cents USD. The U.S. S&P500 ended the week up 0.1%, while the TSX was up 0.6%.

A lot more greens this week than reds. Technology and financials gained 3.8% and 3.2%, respectively. Energy added 2.7%, while real estate edged up by 2.5%. Consumer staples and consumer discretionary added 0.3%, each. Materials and industrials ended the week down 0.7% and 0.3%, respectively. The most heavily traded shares by volume were Canadian Imperial Bank Of Commerce, Star Diamond Corporation and Suncor Energy.

5 from 5i

Here are five reads we found interesting last week:

• What Tennis Can Teach Us About Investing and Making Your Edge Count, published by Sonu Varghese of Carson Group
• Why People Don’t Save Enough For Retirement, published by Ben Carlson of Ritholtz Wealth Management LLC
• Two less-obvious ways the Fed made mortgages pricier, written by Neil Irwin of Axios
• Some thoughts on intellectual honesty, published by Callie Cox of OptimistiCalliE
• Edge of Rate Cuts: How We Got Here, by Barry Ritholtz 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.