July 28, 2023 7 am eastern

On Thursday the S&P 500 was down 0.6% and Toronto was down 0.9%.

Meta (Facebook) was up another 4.4%. The gains on this since last Fall when it was out of favor have been massive especially considering the size of the company. 

Most stocks on my list were down modestly.

Aecon Group was down 16% after reporting yet another poor quarter. They did report a profit but that was due to the sale of two parts of their business. But they reported another $80 million of losses on so-called “legacy” projects. My understanding was that they had said early this year that they had already booked all the expected future losses on those projects. Yet they now report more big losses. They appear to be very poorly managed. In addition they are in a tough industry.

Markets appear set to open modestly higher this morning.

Many Canadian companies will be reporting earnings in the next week or two. 

The yield on the government of Canada 5 year bond has increased to just above 4.0%. Apparently mortgage rates are set to increase again. Some companies and many individuals will be experiencing a lot of financial pain due to the higher interest rates. But I understand the FED no longer expects the U.S. economy to go into a recession. 

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