On Thursday, the S&P 500 was up 0.1% while Toronto was about unchanged despite a noticeable drop in oil prices.
Costco was down 3.0% after Walmart apparently warned of softer sales conditions ahead.
AotoCanada was down 4.8%. This one could certainly continue to sink due to higher interest rates affecting sales as well as adding to their costs. I think it ultimately recovers again but that is not a certainty.
CMHC released housing starts for October. For Canada the overall trend was up 1% versus September. Multi-family starts are the biggest part of the market. These tend to be much more volatile than singe-family starts.
On a year-over-year basis, Single family home starts in October this year in Canada were 12% lower than last year. (As last year was no barn burner). However single family starts in Alberta were up 20% with Calgary at 27% and Edmonton at 24%. That’s positive news for Melcor Developments although the housing start numbers remain well below historical peak levels.