Market View

The Bank of England delivered a surprise half-point rate hike to 5%, the highest in 15 years. US Fed Chair Powell reinforced that the Fed is not done hiking interest rates this year, even after holding off on an increase this month. The Canadian dollar was 75.72 cents USD. The U.S. S&P500 ended the week down 2.1%, while the TSX was down 2.8%.

A change in pace this week with most sectors closing the week in red. Financials and consumer discretionary declined by 3.5%, each, while energy slid by 3.2%. Technology gave up 2.5%, while healthcare ended the week down 1.8%. The most heavily traded shares by volume were Power Corporation of Canada, Canadian Natural Resources, and Cenovus Energy.

5 from 5i

Here are five reads we found interesting last week:

• Are you making these 5 common portfolio mistakes? By Christine Benz of Morningstar
• Attitudes have shifted in 3 major ways, posted on TKer by Sam Ro
• The art of short selling, authored by Marc Rubinstein of Net Interest
• US supply chains are recovering, written by Joseph Politano of Apricitas Economics
• Analysts keep raising earnings expectations for the S&P500, by Matt Phillips of Axios Markets

Happy Reading & Stay Safe!

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