Key take-aways
After the extreme volatility in April eased off, equity markets showed resilience through Q2 despite ongoing tariff concerns. The S&P 500 and the Nasdaq were back at record-high closing levels by the final two trading days of Q2. The Dow remained slightly below its last record close, but the blue-chip index turned positive year-to-date in the final week of the quarter. Canada’s benchmark TSX, which outpaced its U.S. peers for most of Q2, cooled slightly in late June but had reached an all-time high as recently as June 12.
U.S. Treasuries were volatile in Q2, exhibited by the increase in yields on the long end of the curve. Canadian government bond returns were down slightly, while Canadian corporate bonds and provincial bonds moved modestly higher.
Headline inflation in Canada increased to 1.9% in June (from May’s 1.7% pace), led by gasoline prices that fell less in June than they did in May (-13.4% vs -15.5% on a year-over-year basis). The Bank of Canada held the policy interest rate steady at both meetings in Q2, with policy makers expressing unease about tariff negotiations with the U.S., and despite some stronger than expected economic data.
Over the long term, the market goes up. It’s easy to lose confidence when markets stumble. But periods of uncertainty have happened before, and history consistently shows us that they will recover. Having an investment plan that’s geared toward your individual goals and objectives – and sticking to it – is the best defence against inevitable market downturns. If you have questions, a Co-operators financial representative is always ready to help.
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