In the markets: DJT stock rises higher amidst settlement, second assassination attempt
Plus: Air Canada pilots reach deal; heavy week ahead with economic data.
Canada Stock Digest - Sep. 16, 2024
Market Overview
TSX Composite Index closed at 23,568.65 CAD, up by 0.40%
TSX Venture Index closed at 580.43 CAD, up by 1.72%
NASDAQ Composite closed at 17,683.98 USD, up by 0.65%
Dow Jones Industrial Average (DJI) closed at 41,393.78 points, up by 0.72%
S&P 500 closed at 5,626.02 USD up by 0.54%
Stock & Market News
Data heavy week Global markets were cautious ahead of a data-heavy week, with attention focused on the U.S. Federal Reserve’s upcoming decision on interest rates, oil prices rising due to supply concerns, and Canada's economic data releases, including manufacturing sales and housing figures for July and August.[Globe Investor]
US stocks cautious U.S. stock futures started the week on a cautious note ahead of the Federal Reserve's upcoming policy meeting, with investors anticipating signals on future interest rate hikes, inflation control measures, and the overall economic outlook.[Reuters]
Global markets wait Global markets were mixed as investors awaited key economic updates, including the Federal Reserve's meeting on interest rates, oil prices hitting 10-month highs, and concerns over China's weak economic data, while European shares fell and U.S. futures traded cautiously.[Reuters]
Analyst upgrades and downgrades Aecon Group, Russel Metals, and Canadian Imperial Bank of Commerce (CIBC) had positive outlooks based on recent developments and strong performance. Additionally, analysts adjusted targets for REITs and Canadian energy equities, reflecting market trends, project expansions, and earnings forecasts.[Globe Investor]
Air Canada reaches agreement Air Canada pilots have reached a tentative agreement with the airline, avoiding a potential work stoppage. The deal addresses concerns over pay and working conditions, although details of the agreement have not been disclosed.[BNN]
DJT surges The stock of Trump’s social media venture, Trump Media & Technology Group, saw a significant rise after news emerged of a settlement between the company and the Securities and Exchange Commission (SEC), boosting investor confidence in the company’s future.[CNN]
TikTok in court TikTok and the U.S. Department of Justice are set to face off in court over a potential U.S. ban, as the government raises concerns about national security risks tied to the app's Chinese ownership, while TikTok argues the ban would violate free speech rights.[Reuters]
Disney, DirecTV dispute Disney and DirecTV reached a new deal restoring access to ABC, ESPN, and other channels after a temporary blackout, ensuring viewers can once again watch live sports and other programming.[CNN]
SpaceX landing The SpaceX Polaris Dawn mission successfully concluded with a splashdown landing, marking the end of its groundbreaking journey, which tested human endurance in space and conducted scientific research in preparation for future deep-space missions.[CNN]
Economic News
Coffee price surge Arabica coffee prices surged to their highest since 2011 due to escalating supply challenges, including weather issues and disruptions in key producing regions.[Bloomberg]
Inflation expected to drop Economists expect Canadian inflation to ease to 2.1%, marking the lowest level since March 2021, as cooling price pressures could signal the end of aggressive interest rate hikes by the central bank[BNN]
World News & Politics
Pope Francis against both candidates Pope Francis made comments regarding the abortion debate, criticizing the political use of the issue, while Vice President Kamala Harris and former President Donald Trump continue to express contrasting views on the matter.[CNN]
Second assassination attempt on Trump Former President Donald Trump was rushed to safety after Secret Service agents spotted a man with a rifle at his Florida golf course, leading to the suspect's arrest after a brief pursuit.[BBC]
Economic Events
Tuesday Inflation Rate
Wednesday Bank of Canada Summary
Friday New Housing Price Index/Retail Sales
Recent Earnings
TSX
There are no major earnings to announce today.
US Markets
There are no major earnings to announce today.
Fun Fact
✏️A fun fact about pencils is that the average pencil can draw a line about 35 miles long or write approximately 45,000 words! This is thanks to the durable graphite core, which is mistakenly called "lead" even though pencils have never contained actual lead. The word "pencil" comes from the Latin word "penicillus," meaning "little tail," which refers to the small brush-like writing tools used by the Romans!
Investment Tip
☕️Investing in coffee can be a smart play due to its status as a staple commodity with consistent demand, but it's essential to stay informed about supply chain factors like weather conditions in key growing regions, political instability, and changes in export regulations. Volatility in coffee prices often follows disruptions, making it important to track global market trends and trade conditions. Consider investing in coffee-focused ETFs or stocks in major coffee companies for diversified exposure to this market.
Have a great trading day! 😊
Disclaimer: The information provided in this newsletter is for educational purposes only and does not constitute financial advice. Always consult with a financial advisor before making investment decisions.