Market View

The Bank of Canada cuts key interest rates for the first time in more than four years with a quarter-percentage-point cut to 4.75 percent, marking a major turning point in the fight against inflation. In addition, the European Central Bank (ECB) cuts interest rates by 25 basis points to 3.75%, joining other countries to unwind the steepest rate hikes used to tamper post-pandemic inflation. The Canadian dollar was 73.16 cents USD. The U.S. S&P500 ended the week up 2.1%, while the TSX was up 0.4%.

A lot more greens this week than reds. Consumer discretionary edged up 3.0%. Consumer staples, industrial and real estate gained 2.5%, each. Technology gained 1.8%, while financials ended the week flat. Energy and materials edged down by 4% and 1.2%, respectively. The most heavily traded shares by volume were Nevada Copper, Bitfarms, and Cenovus Energy.

5 from 5i

Here are five reads we found interesting last week:

• These Stocks Are (Still) Powering the Bull Market, by Sarah Hansen of Morningstar
• Stock Market & Home Ownership Rates, published by Ben Carlson of Ritholtz Wealth Management LLC
• How insane the data center boom is getting, in one chart, by Matt Phillips of Sherwood
• Major Asset Classes performance review, May 2024, published by The Capital Spectator
• The Minsky Market, written and published by Ben Carlson 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.