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USD:

Buy:

1.3471

/

Sell:

1.3855

0.05%


0.05%


EUR:

Buy:

1.4827

/

Sell:

1.5348

0.08%


0.08%


GBP:

Buy:

1.7505

/

Sell:

1.8054

0.06%


0.06%


JPY:

Buy:

0.00855861

/

Sell:

0.00889542

0.14%


0.14%


July 16th 2024, 3:44:32 pm

(about a few seconds ago)

Eighth Week of Stock Gains

Share On

The US stock market is poised for its eighth consecutive week of gains as the latest US inflation reading reinforced expectations of a substantial rate cut early in 2024. Treasuries are also on track for a week of gains. The S&P 500 has surged by 18.25% in 2023, while the Dow Jones has seen a more modest increase of 12.93%, and Canada’s S&P/TSX has added 8%.
US inflation came in at 3.1%, lower than expected. Although officials cautioned against assuming the Fed will rapidly lower rates, the markets found the impetus they needed to sustain the ongoing bull run.
Meanwhile, Canadian inflation recorded a 3.3% increase in price levels, falling short of market hopes for a more subdued outcome. Despite the economic weakness in Canada, the markets still believe that the Bank of Canada (BoC) is more likely to initiate rate cuts compared to the US. However, the inflation report supported the Canadian dollar's strength against the Greenback, with USD currently trading at 1.33 CAD.
The Santa Claus rally could lose steam as we approach the year's end, with January notorious for market sell-offs. The market is currently buoyed by the performance of Magnificent Seven, and the current trend shows no signs of cooling down.