July 27, 2022

Markets were fairly sharply higher Wednesday after the FED raised interest rates 0.75% rather than the feared 1.0%. Long term bond yields declined somewhat. Longer term bond investors do not appear to think that interest rates will go up much more if any when it comes to 5, 10 and 30 year rates. They do appear to believe that inflation will stay high. The 10 year treasury bond yield is 2.8% and that’s down from a recent high of 3.5% on June 14 but up from 1.6% at the start of the year.

The S&P 500 was up 2.6% and Toronto was up 1.5%.

Shopify was up 11% regaining a good portion of yesterday’s decline.

Amazon was up 5.4%.

CN Rail was up 4.2% based on its earnings and the general bullish day in the markets.

lulu lemon was up 4.3%. 

Tesla was up 6.2%.

With a day like this it feels like the outlook for investors is pretty good.

After the close, West Fraser Timber released earnings that were good although lower than last year. It appears there was little reaction after-hours trading.

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