Trending stocks today
UnlockRatingMarket looks great as breadth broadens. It's hard to fight this strength. Looking at past soft landings: we may be getting another one because of strong job growth and stock market, but credit is tightening and if employment weakens, that will be a concern. We'll see. Also, global strife could spark an issue. You want to be in this market, but beware of a sharp reversal as in 2001 and 2008 (crashes) by balancing stocks and bonds, and consider adding managed futures to your portfolio.
UnlockRatingOur PAST TOP PICK with ACGL is progressing well. To remain disciplined, we recommend trailing up the stop (from $95) to $105 at this time.
UnlockRatingCanadian Unemployment Rate Accelerates
The whole intention of raising interest rates is to stifle and slowdown the growth of the economy, in the case of an overheating economy. This is precisely what was accomplished with the Bank of Canada raising interest rates through 2022 to 2023, and as a result we are seeing the collateral damage of rising interest rates through the rise in the unemployment rate. The Canadian unemployment rate has risen from a multi-decade low of 4.9% to 6.6% as of the latest reading. This is still below highly worrying levels, but the trend is certainly worth keeping an eye on for continued deterioration in the economy. Eventually, we believe the offsetting impact from decreasing interest rates will help keep the unemployment rate subdued, but the timing of this is uncertain.
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S&P and Dow hit new highs
As the TSX closed for Canadian Thanksgiving, Wall Street roared to new highs Monday. The S&P rallied 0.83% to a new record close of 5,863 and the Dow advanced 0.54% to a high of 43,093. Meanwhile, the Nasdaq jumped nearly 1% to flirt with its own highs. Leading the rally was, unsurprisingly, Nvidia, breaking out by 2.64%. American bank earnings continued, with Wells Fargo climbing 2%. Meanwhile, Vistra popped 3.71%, and Qualcomm 4.75% though Walgreens sank 2.88%. Bitcoin rallied 5% to US$69,500, WTI slipped 2% to fall below US$74, while the U.S. 10-year yield nearly touched 4.1%. The TSX reopens Tuesday.
💾 NVIDIA Corporation (NVDA-Q) +2.64%
🏛 Wells Fargo (WFC-N) +2%
💡 Vistra (VST-N) +3.71%
💾 Qualcomm (QCOM-Q) +4.75%
💊 Walgreen Boots Alliance (WBA-Q) -2.88%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +5%
US EQUITIES
UnlockRatingThey report tomorrow. Earnings are often predictable, though you don't know what he trading and investment activity will be for GS. He expects earnings to be robust and the messaging positive. For GS he also wants to hear about their foray into retail, though this is absorbed in the stock price. BAC's retail operation has been successful, and he wants to hear about credit delinquencies given that consumer debt is at all-time highs. He expects more of the same from these two banks.
US EQUITIES
UnlockRatingThey report tomorrow. He wants to hear the latest about credit card and lending as rates have come down. Also, will watch for housing.
UnlockRatingPays an 8% yield. Is the only way to feed electricity to the growing data centre industry.
US EQUITIES
UnlockRatingThey beat EPS the last 5 times. They report next week.
Most Anticipated Earnings: LI-X, XTRA-T and more Canadian Companies Reporting Earnings this Week (Oct 14-18)
Here are the Canadian companies listed on Stockchase who are reporting earnings this week: 🛢 Basic Materials 🏛 Financials 💻 Technology 🚚 Industrials 🛍 Consumer Use this list wisely to identify buying opportunities.Happy trading !!! read more
