The BIG Picture

Markets have entered the new year digesting a steady stream of headlines, underscoring the importance of staying focused on fundamentals. I discuss geopolitics, corporate earnings, and monetary policy in more detail below.

After three successive years of above-average market appreciation, delivering a fourth will be a tall order but not entirely out of the question.

The rally in 2025 and throughout the longer bull market cycle has been uneven with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.

The market backdrop appears constructive, with the U.S. government shutdown now behind us and a strong earnings season bolstering equity market sentiment.

Approaching the one-month point of the U.S. federal government shutdown, the Federal Reserve (Fed) has been forced to make an interest rate decision with only partial visibility into the economy.

The U.S. federal government remains shut down. For now, investor attention is shifting to the Q3 earnings season.

Following recent signs of weakening labour market conditions in Canada and the U.S., central banks in both countries have decided to reduce their benchmark interest rates...

There was further evidence of a recovery is taking hold in many housing markets across Canada in August, but local price trends still varied considerably with declines continuing in affordability-challenged areas where inventory has piled up. Early reports...

As Q2 earnings season concludes, we move into what’s historically been a weaker month for stocks.