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Markets Update: Wall Street Takes a Memorial Day Pause as Asian Stocks Surge to Records

It's a split-holiday Monday for global investors. While American traders step away from their screens for Memorial Day — leaving the NYSE and Nasdaq dark until Tuesday — the Toronto Stock Exchange is open for business , and markets across Asia are delivering some of the most dramatic moves of the year. Here's everything you need to know before the North American week kicks into full gear. Canada — TSX Open While the US Rests The S&P/TSX Composite Index closed Friday, May 22 at 34,471.36 , up a modest 0.18%, as financials provided support heading into the long weekend. With Victoria Day already behind us (it fell on May 18 this year), the TSX is the only major North American exchange open today, which could translate into lighter-than-usual volumes as cross-border activity slows. The loonie was last quoted near CAD/USD 0.7242 , holding relatively steady as oil prices — a key driver of Canada's export revenues — remain in focus amid evolving Middle East negotiations. Wa...
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US stocks hope for economic stability after record highs

 


The US stock market has been on a roll this year, with the S&P 500 index up by 17% and hovering around 6% below its record high from January 2022. The market’s performance in the coming weeks will depend on how confident investors are that the US economy will experience a soft landing..

A soft landing is a scenario where the economy slows down moderately without going into a recession . Morgan Stanley Research believes that the US economy can achieve a soft landing, given the current housing cycle, income and spending trends, a stable labor market, and receding inflation. However, banking-sector turmoil and a resulting credit squeeze still pose some recession risk.

The recent stock market rally has Wall Street re-examining the potential for the US economy to pull off a soft landing scenario. Goldman Sachs expects the economy to react positively to the Fed’s monetary policy in 2024.

It’s worth noting that the stock market is not always a reliable indicator of the economy’s health. Therefore, investors should be cautious and not celebrate too soon.



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