Stock Market - USA and Canada - October 11, 2024
Paul Young
Experience Senior Financial Planning, Analysis and Reporting SME seeking P/T or F/T job.
Source: 满地可银行
Equity markets pushed higher this week, largely disregarding a chunky U.S. CPI report and reduced expectations of near-term Fed easing. The S&P 500 added 1.1%, led by a 4.9% jump in banks as well as firm gains in technology and industrials. The TSX gained 1.3% on the back of technology, industrials and energy, leaving both indexes to push record highs. The bull marches on.
This week’s U.S. CPI report didn’t do much damage despite a high-side surprise—perhaps inflation just doesn’t matter at this stage like it used to. Headline inflation was 2.4% y/y in September versus 2.5% y/y in the prior month, a tick above consensus, while core inflation rose a tick to 3.3% y/y (also hot vs. consensus). Shorter-term core metrics have picked up as well, with the 3-month annualized rate of core (3.1%) and supercore (3.8%) both rising in September to sport 3-handles again. The 6-month trends came in at 2.6%. Not a great look overall. At any rate, the market has moved away from further 50-bp rate cuts by the Fed, and is now debating more about the prospect that they might even take a meeting off.
Meantime, Canadian data suggested that the Bank of Canada will keep chopping. Canadian employment came back firmly in September with a 47k increase, leaving the 3-month average change at a respectable 22k. While the unemployment rate fell a tick, to 6.5%, the broader picture (and you do need to look beyond one spin of the Labour Force Survey data wheel) is one of a softening job market. The Bank’s Business Outlook Survey confirmed that, and plunging inflation expectations in that all-important report have kept a 50 bp rate cut alive in the market’s view.
For equities, this is all just fine and dandy. Growth is not completely breaking and rates are coming down, whatever the very near-term pace may be.
Paul is a former IBM Customer Success Manager who has deployed over 300 data and AI solutions across industries and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.
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Seeking employment - https://www.dhirubhai.net/posts/paul-young-055632b_hi-all-linked-in-followers-and-contacts-activity-7199365291288506369-qGVf?utm_source=share&utm_medium=member_desktop
Stock Market – Australia – WE October 11, 2024 - https://www.dhirubhai.net/pulse/stock-market-australia-paul-young-mmghc/
Stock Market – Australia – October 4, 2024 - https://www.dhirubhai.net/pulse/stock-market-australia-october-4-2024-paul-young-ibghc/
GDP growth by State – September 2024 - https://www.dhirubhai.net/pulse/economic-growth-state-united-states-paul-young-z3cgc/
Stock Market – Canada – October 4, 2024 - https://www.dhirubhai.net/pulse/stock-market-canada-october-4-2024-paul-young-yoy3c/
Stock Market – United States – October 4, 2024 - https://www.dhirubhai.net/pulse/stock-market-united-states-october-4-2024-paul-young-ibj1c/
Monthly Report – United States – September 2024 -? https://www.dhirubhai.net/pulse/monthly-report-united-states-september-2024-paul-young-1ktmc/
Monthly Report – Canada – September 2024 - https://www.dhirubhai.net/pulse/monthly-report-canada-september-2024-paul-young-atqnc/
Monthly Report – Australia – August 2024 - https://www.dhirubhai.net/pulse/monthly-report-australia-september-2024-paul-young-92soc/
Monthly Report – Ontario – September 2024 - https://www.dhirubhai.net/pulse/monthly-report-ontario-september-2024-paul-young-emxcc/
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