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Monday’s CPI Could Decide Your Next Mortgage Payment

  Canada lost 68,000 jobs in September. Inflation is sitting at 3%. The Bank of Canada has to decide on October 28 which of those facts matters more, and on Monday morning one more number lands to help it choose. If you carry a variable-rate mortgage, a HELOC or a renewal this winter, that number has a price tag. Two reports pulling in opposite directions The jobs data came first. Statistics Canada reported on October 9 that employment fell by 68,000 in September, pushing the unemployment rate to 6.5% from 6.4%. It followed a drop of about 42,000 in August, which means more than half of the 181,000 jobs gained between April and July have now been wiped out. Ontario shed 20,000 positions on its own. Markets reacted within hours: the odds of a quarter-point Bank of Canada hike on October 28 dropped to roughly 25% from about 40%, according to LSEG data reported by Reuters. Inflation is telling the opposite story. The consumer price index rose 3.0% year over year in August, matching Ju...
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Stock Market Today: Nasdaq Surges and GameStop Skyrockets

 

In today’s stock market, the Nasdaq is leading the charge, with US futures pointing to an upbeat start for June. Here are the key highlights:

  1. Nasdaq Futures Rise: Contracts tied to the tech-heavy Nasdaq 100 (NQ=F) gained 0.4%, signaling a positive start for tech stocks. The S&P 500 (ES=F) also rose by 0.2%.

  2. GameStop’s Spectacular Surge: GameStop (GME) stole the spotlight, skyrocketing over 100% in pre-market trading. A Reddit post apparently by influential trader Keith Gill (AKA “Roaring Kitty”) fueled speculation of a return to the 2021-style meme rally. Fellow meme darling AMC’s (AMC) shares also shot up over 20%.

  3. Rate Cut Hopes and Inflation Data: Investors are optimistic about rate cuts as PCE data suggests inflation may have turned a corner. The Federal Reserve’s stance will be closely watched, especially with the May jobs report and other labor prints due later this week.

  4. AI Stocks Rally: Nvidia (NVDA) shares popped after the chipmaker unveiled a new AI platform. Rival AMD (AMD) also saw gains alongside its own new AI lineup and development plans.

Overall, stocks are poised to build on their strong performance from May, where all three major gauges broke records. Keep an eye on the Fed’s path and the tech sector as we navigate the market landscape.

Remember, investing involves risks, and it’s essential to do thorough research and consider professional advice before making any financial decisions. 

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