Bank earnings, cooler inflation lift markets

November ended on a generally positive note as most of the major indices gained for the day and all for the month. Thursday’s session began with a flurry of headlines. In Canada, GDP unexpectedly shrunk 1.1% in Q3, while two banks beat on earnings and a third missed, pressured by loan-loss provisions.

Beating were Royal and CIBC, up 2.45% and 5.13% respectively, though the latter came in with low expectations. Missing earnings was TD which slipped -0.67% after recovering some earlier losses. Manulife added 1.3% as the most-traded stock, Canfor closed -7.12% and Lightspeed -4.47%. Despite OPEC+ announcing production cuts, WTI crude sank 2.9% to $75.50. The TSX climbed 0.63% on Wednesday and 7.2% for the month.

South of the border, PCE was unchanged in October and up only 3.0% year-over-year compared to 0.4% and 3.4% YOY respectively in September. This cooler inflation data pumped the Dow to new highs of nearly 36,000 as it surged 1.47% for the session and 8.9% for the month. The S&P also rallied 8.9% in November and added 0.38% for the day. In contrast, the Nasdaq closed the session at -0.23%, but jumped 10.7% for November. Key movers were Salesforce soaring 9.36%, Ford -3.12% and Nvidia -2.85%. The U.S. 10-year yield hovered around 4.34% while Bitcoin declined 0.2% to $37,700.

🏛 Royal Bank (RY-T) +2.45%

🏛 Canadian Imperial Bank of Commerce (CIBC) (CM-T) +5.13%

🏛 Toronto Dominion (TD-T) -0.67%

🏛 Manulife Financial (MFC-T) +1.3%

🌲 Canfor Corp (CFP-T) -7.12%

💾 Lightspeed Commerce Inc (LSPD-T) -4.47%

☁ SalesForce.com Inc. (CRM-N) +9.36%

🚘 Ford Motor (F-N) -3.12%

💾 NVIDIA Corporation (NVDA-Q) -2.85%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.2%