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To my clients: It was an up (though volatile!) week for North American stock markets with the Canadian TSX finishing up 1.4%; the U.S. Dow Jones Index up 0.3%; and the U.S. S&P 500 up 0.1%. Brief update noting that the U.S. Government shutdown has ended...

RBC's success at thwarting cyber attacks and its overall commitment to cyber-security is nothing short of astonishing.

Fed rate decisions, trade "deals" and earnings from 5 of the 7 most valuable companies in the world were on tap.

The Mag 7 reports; the Fed is expected to lower rates; and Presidents Trump and Xi will meet. All are potential market moving events.

All else equal, this will be an important market-supporting event.

This morning Trump issued a Truth Social post threatening China with "massive" tariff increases. In reaction, markets saw their first decline of greater than 1% in 33 trading days.

Meanwhile, a portfolio change was made.

Overall, this speaks to a resilient economy.

The Fed cut rates this week and signaled more cuts are likely to follow. History shows a strong correlation between a Fed in rate cut mode and rising equity markets.