On Wednesday the S&P 500 was down 1.3% and Toronto was down 1.2%.
Interest rates on the bond markets rose to new highs once again not seen in about two decades. A scenario of “higher for longer” is a negative for stock prices.
Almost all the stocks on my list were down.
My next update will be for Dollarama. Its recent results have been exceedingly strong. It always looks expensive but it has been a stock worth paying up for.
September Canadian home starts were released today. A mixed picture. September was up 8% versus August but down 8% versus September of last year.
The Alberta picture was also somewhat mixed. Overall starts up 20% versus September last year but that was due to multi-family. Single detached starts were down 19%. Calgary was much strong than Edmonton. Oil is at $88. It appears that Alberta’s economy is set to continue to do well at least in comparison to the rest of Canada.