Market View

The US Consumer Price Index (CPI) rose at an annualized rate of 2.4%, slightly higher compared to the consensus estimate of 2.3%, but the trend is favourable as inflation is gradually easing back to the Federal Reserve target of 2%. On the other hand, the US jobless claims jumped to 258,000 for the week of October 3, the figure is the most in weeks, and well above the expectation of 229,000, suggesting that high interest rates may take a hit on the labour market. The Canadian dollar was 72.70 cents USD. The U.S. S&P500 ended the week up 0.9%, while the TSX was up 1.0%.

A lot more greens this week than reds. Technology and energy gained 3.5% and 2.9%, respectively. Industrials added 1.8%, while consumer discretionary edged up by 1.1%. Consumer staples and materials gained 0.5%, each. Real estate ended the week down 2.9% while financials ended the week flat. The most heavily traded shares by volume were Toronto-Dominion Bank, Calibre Mining, and Enbridge.

5 from 5i

Here are five reads we found interesting last week:

• After a huge second quarter, analysts expect earnings growth to slow, written by Matt Phillips of Sherwood News
• 5 Years of Spending in Retirement, published by Ben Carlson of Ritholtz Wealth Management LLC
• Perfection vs. Greatness, published by Jacob Schroeder
• Venture Capital’s “Crisis”, written by M.G. Siegler of Spyglass
• Your dream house or your job? Why rate cuts may not be enough for the housing market, published by Callie Cox of OptimistiCallie

Happy Reading & Stay Safe!

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