To my clients:
If you prefer, read this week’s update on my website. Feel free to share the link with It was a mixed week for family, friends and colleagues:
It was a mixed week for North American stock markets with the Canadian TSX finishing down 0.4%; the U.S. Dow Jones Index up 0.7%; and the U.S. S&P 500 finishing up 1.2%.
With annual reviews under way, its been a busy week and I’ll just make a few point form comments in this week’s update:
- While Canadian stocks declined for the week, U.S. stocks (as measured by the S&P 500) closed at an all-time high
- Economic data remains strong, with retail sales ticking up and exceeding expectations, and weekly jobless claims came in well below 200,000 and plumbing all-time lows
- Perhaps in light of the robust economic data, Federal Reserve members continue to talk down the prospects of rate cuts in March as well as the 6 to 7 rate cuts the market is expecting in 2024
- Next Friday will see the release of the Fed’s preferred inflation measure: Core PCE. This measure closely correlates to an adjusted producer price index which, last week, deflated month over month
That’s it for this week. All the best,
Nick
Nick Scholte, CIM, FCSI
Senior Portfolio Manager
Scholte Wealth Management
RBC Dominion Securities Inc. │ Tel: 604.257.7569 │ Fax: 604.235.9950
3200-1055 West Georgia │ Vancouver, BC │ V6E 3P3
Toll Free: 1.844.665.9900 │Email: nick.scholte@rbc.com
Visit Our Website: www.nickscholte.ca
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