Markets were volatile on Wednesday. There were down much of the day but rallied in the afternoon with the S&P 500 closing up 0.4% and Toronto closing just slightly up (less than 0.1% up)
Oil exports to the U.S. from Canada are at record levels and rising as the Enbridge Line 3 expansion has come on stream and as other smaller capacity upgrades have occurred. Combined with higher oil prices a lot of money is flowing north.
Inflation talk seems to be everywhere. Most notably today it was gasoline prices jumping.
consumer demand appears to be raging for many products causing shortages especially when combined with certain supply chain issues and it seems sudden lack of willing labor supply in many places.
This is positive for stocks. The fly in the ointment is the risk of higher interest rates so some caution is still warranted.