Market Update December 2023
Both Canadian and U.S. markets have surged upward in November on anticipation that interest rate hikes may be over. Earnings season has held some positive surprises including the consumer who is still spending. Retail sales were stronger than expected in September and more so in October despite economists expecting – nothing.
Canada’s market remains range bound but has rallied off the Oct 27th bottom in the TSX by 7.3%. The TSX is +3.7% ytd.
The U.S. market has recovered from seasonal September and October pullback in markets. The S&P 500 (SPX) has rallied off Oct 27th bottom by 10.7%. The SPX is +18.75% ytd and within a few points of a new high.
The Nasdaq (tech index) has recovered from seasonal September and October pullback as well. The Nasdaq has rallied of Oct 27th bottom by 15%. The Nasdaq is +36.15% ytd and the best performing market so far this year.
As quarterly earnings season draws toward a close, the Canadian banks start reporting next week. Perhaps we see more dividend hikes.
TFSA contributions get a boost in 2024.
Individual contribution room jumps to $7,000 for 2024.
Leslie Vieites is Retiring Nov 30th!
I want to acknowledge Leslie’s contribution to my team since joining me over ten years ago, in May of 2013. You may not know, but working with me was just the tip of the iceberg. She has been working in the securities industry since December 1986 – for 37 years! Fortunately, she has spent most of her career with us at National Bank Financial – 21 years. We are going to miss her but extend our very best wishes for a well-deserved retirement.
I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial.
National Bank Financial
Senior Wealth Advisor
Sources: Technical Speculator, Stockcharts.com, BNN, Bloomberg, Globe & Mail
National Bank Financial – Wealth Management (NBFWM) is a division of National Bank Financial Inc. (NBF), as well as a trademark owned by National Bank of Canada (NBC) that is used under license by NBF. NBF is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), and is a wholly-owned subsidiary of NBC, a public company listed on the Toronto Stock Exchange (TSX: NA).
The information contained herein has been prepared by Rob Hunter, a Wealth Advisor at NBF. The opinions expressed do not necessarily reflect those of NBF.
The opinions expressed herein do not necessarily reflect those of National Bank Financial. The particulars contained herein were obtained from sources we believe to be reliable, but are not guaranteed by us and may be incomplete. The opinions expressed consider a number of factors including our analysis and interpretation of these particulars, such as historical data, and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. Unit values and returns will fluctuate and past performance is not necessarily indicative of future performance. Important information regarding a fund may be found in the prospectus. The investor should read it before investing.
The particulars contained herein were obtained from sources we believe to be reliable, but are not guaranteed by us and may be incomplete. The opinions expressed are based upon our analysis and interpretation of these particulars and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. The opinions expressed do not necessarily reflect those of NBF.
I have prepared this report to the best of my judgement and professional experience to give my thoughts on various financial aspects and considerations. The opinions expressed represent solely my informed opinions and may not reflect the views of NBF.
Several of the securities mentioned in this article may not be followed by National Bank Financial’s Research department. The investment advice given only applies to residents of the provinces of British Columbia, Alberta, Manitoba, Saskatchewan, Ontario, and Quebec. National Bank Financial is a member of the Canadian Investor Protection Fund.