Market View

Investors await Federal Reserve Chair Jerome Powell’s speech to find out if the US central bank will deliver more rate cuts this year. Canadian stock futures rose higher in the anticipation. The US dollar signaled some strength against six major currencies and gold fell slightly. The Canadian dollar was 75.10 cents. U.S. S&P500 was down 1.4% this week and TSX was down 0.2%. 

It was a mixed bag this week with more greens than red. Technology jumped the highest by 3.8%, followed by materials, which jumped 3.0%. Consumer discretionary was up 1.5% and energy 1.4%. Healthcare slid by 2.0% and consumer staples by 1.5%. Canadian Imperial Bank of Commerce beat analysts’ estimates for third-quarter profit. It saw gains in domestic retail and US commercial banking. Royal Bank of Canada missed street estimates for quarterly profit as equity trading slowed. Net income fell 6% to $653 million. The most heavily traded shares by volume were Belo Sun Mining, Stornoway Diamond and Bombardier.

5 from 5i

Here are five reads we found interesting last week:

-The worst performing asset class in five years: Commodities

-ETF issuance in 2019

-Is China underrepresented in your portfolio?

-How to think about retirement

-When automating finances works

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Disclosure: The author does not hold positions in any stocks or funds mentioned.