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Where to Find the Best Savings and GIC Rates in Canada This Week

Canadians looking to stretch their savings a little further still have access to competitive high‑interest savings accounts (HISAs) and guaranteed investment certificates (GICs). Digital banks continue to lead the way, offering strong returns without sacrificing security. Here’s a quick snapshot of the top rates available this week. Highest High‑Interest Savings Account Rates Several online‑only institutions are offering some of the most attractive HISA rates right now: Saven Financial – 2.85% Oaken Financial – 2.80% EQ Bank – 2.75% Bridgewater Bank – 2.70% WealthONE Bank – 2.60% These accounts are typically insured either federally or provincially, giving savers both flexibility and peace of mind. Best GIC Rates This Week For those comfortable locking in their money for a set period, GICs continue to provide reliable, guaranteed returns. 1‑Year GIC Leaders Oaken Financial – 3.40% 5‑Year GIC Leaders EQ Bank – 3.85% Longer‑term GICs remain especially appealing for ...
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Wall Street Edges Up as Investors Await Inflation Report

Wall Street remained cautiously optimistic today as investors eagerly awaited the release of a crucial U.S. inflation report. Here’s a snapshot of today’s market activity:

  1. S&P 500 and Nasdaq: The S&P 500 held steady, with gains and losses evenly distributed among its constituent stocks. Meanwhile, the Nasdaq inched up, hovering just below its all-time high.

  2. Winners and Losers:

    • Walgreens Boosts Alliance: The pharmacy giant saw a staggering 24.7% drop in its stock price after reporting results that fell short of expectations and lowering its outlook. The possibility of hundreds of store closures in the next three years added to investor concerns.
    • Levi Strauss: The jeans maker’s stock plummeted 16.6% due to disappointing quarterly revenue results and a less-than-rosy earnings forecast for the year.
    • McCormick: On the flip side, spice maker McCormick surged 5.8%, outperforming analysts’ earnings forecasts.

  3. Inflation and Consumer Spending:

    • The U.S. economy expanded at a 1.4% annual pace from January through March, a slight revision from the previous estimate of 1.3%. This growth rate is the slowest since spring 2022.
    • Consumer spending, a key driver of economic growth, grew at a modest 1.5% rate, down from the initial estimate of 2%. Persistent inflation and high interest rates continue to squeeze consumers.
    • The Federal Reserve faces the delicate task of taming inflation without pushing the economy into a recession.

  4. What’s Next?

    • The eagerly anticipated personal consumption expenditures index (PCE), the Fed’s preferred measure of inflation, is due for release. Economists expect a modest easing of inflation to 2.6% in May, down from April’s 2.7% reading.
    • Nike, however, faced a different fate. The athletic wear company’s shares plummeted 15% after missing Wall Street’s revenue targets and revising its full-year sales guidance downward.

Investors remain cautiously optimistic, balancing economic data and corporate performance. All eyes are on the inflation report, which could shape the Federal Reserve’s next move on interest rates. Stay tuned for further developments! 

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