On Tuesday the S&P 500 was down 0.75% and Toronto was down 0.5%. Markets had been down more than that earlier in the day but rallied somewhat.
Shopify was down 2.9%.
Toll Brothers was down 2.7%.
The Producer Price Index in the United Sates was up a HUGE 9.6% year over year in November. This seems likely to be a hit on earnings for some companies as it would be difficult to pass all of the added costs onto consumers.
In Canada, the federal government provided a fiscal update with some new spending. Given that no specific taxx increases were mentioned this appears to be a non-event as far as markets are concerned.
The Omicron variant however appears to very much a serious event. Further COVID restrictions including a travel ban could be imminent. That will not be good for markets.
I’d be more than happy if markets were to close out the year at current levels.