On Wednesday, the S&P 500 was down 1.8% and Toronto was down 1.7%
Apparently, a (rather belated) realization that Trump is not going to be able to deliver on corporate income tax cuts anytime soon was the reason. Or maybe it was the fact that his Presidency seems in turmoil.
Almost all the stocks on our list were down. Bank of America was down 5.9%. TransForce was down 3.8%. Canadian Western Bank was down 3.5%. Constellation Software was down 4.4%.
At the moment, futures are calling for stock markets to rise tomorrow.
Ceapro, one of our more Speculative picks, released poor results for Q1 and was down 17% to $1.00.
In the $10,000 TFSA account that I mentioned yesterday I bought about $2000 worth of each of Stantec, Canadian Western Bank, AutoCanada and TFI International (TransForce). I did not catch the lows of the day but I am down only $40 in total on the $8000 purchased (plus another $40 for the trading commissions).
Statistics Canada reported that Manufacturing sales rose 1% in March to $53.9 billion. It would probably shock a lot of people to hear that manufacturing sales in Canada are at a record high. The number of manufacturing jobs as a percentage of total jobs is almost certainly not at a record. But it may be that owners of manufacturers are still doing well in many cases.
Interest rates stubbornly took a dive today. The yield on the 5 year Canada bond was down almost 10% to 0.914%. This is quite negative for the prospect to rate rest preferred shares, particularly those facing a reset in the next 12 months or so. U.S interest rates also dipped noticeable today.