July forced investors to look beyond the most obvious signals. The Federal Reserve held its policy rate steady, but the reaction in longer-term bond yields showed that financial conditions can change even when the overnight rate does not. Strong technology earnings confirmed that Al demand remains powerful, but rising capital requirements shifted attention toward cash-flow generation and the eventual return on that spending. At the same time, improving performance from the equal-weighted S&P 500 suggested that the opportunity set is expanding beyond the largest technology companies. The market is increasingly organizing around two broad themes, Al and not Al, while also finding underappreciated businesses that support the buildout from outside the mega-cap technology complex.
August Civic Holiday weekend closures
We will be closed August 1 and August 3 for the Civic Holiday weekend. Our Member Service Centre, Member Solutions Team and Personal Assisted Teller services will be available on August 1 during regular business hours.