Market View

The US Consumer Pricing Index (CPI) increased 2.9% year-over-year in July, marking the first time inflation dipped below 3% since 2021, leaving the Fed positioned for a rate cut soon. On the other hand, the Canadian Real Estate Association announced home sales in July were up from one year ago, up 4.8 percent, the result came after the Bank of Canada cut its key interest rate in June. The Canadian dollar was 72.94 cents USD. The U.S. S&P500 ended the week up 4.1%, while the TSX was up 3.6%.

All sectors rose this week. Energy gained 7.0%, while technology and materials added 6.0%, each. Financials and consumer staples added 3.6%, each. Consumer discretionary edged up 2.7%, and industrials rose 2.2%. Real estate ended the week up 1.5%. The most heavily traded shares by volume were FansUnite Entertainment, Manulife Financial, and Tidewater Midstream and Infrastructure.

5 from 5i

Here are five reads we found interesting last week:

• Can Economists Help Investors Avoid Recessions?, by John Rekenthaler of Morningstar
• 6 Retirement Financial Myths to Avoid, by Sheryl Rowling of Morningstar
• How Long Can Stocks Underperform?, published by Nick Maggiulli of Of Dollars and Data
• How to Predict a Recession, published by Ben Carlson of Ritholtz Wealth Management LLC
• Chart of the Week – Defensive Diversifiers, by Callum Thomas of Topdown Charts

Happy Reading & Stay Safe!

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