Important information
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Some references are US specific and may not apply to Canada
All investing involves risk, including the risk of loss.
Past performance does not guarantee future results.
An investor cannot invest directly in an index.
This does not constitute a recommendation of any investment strategy or product for a particular investor.
Investors should consult a financial professional before making any investment decisions.
In general, stock values fluctuate, sometimes widely, in response to activities specific to the company as well as general market, economic and political conditions.
The Consumer Price Index (CPI) measures change in consumer prices as determined by the US Bureau of Labor Statistics. (insert agency for other countries as needed)
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest US publicly traded companies.
The Dow Jones Industrial Average is a price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange.
The NASDAQ Composite Index is the market-capitalization-weighted index of approximately 3,000 common equities listed on the Nasdaq stock exchange.
The Federal Reserve Beige Book is a summary of anecdotal information on current economic conditions in each of the Fed’s 12 districts.
The ISM Services Purchasing Managers’ Index (PMI), which is based on Institute of Supply Management surveys sent to purchasing and supply companies of more than 400 services firms.
The ISM Manufacturing Purchasing Managers’ Index (PMI) is based on Institute of Supply Management surveys sent to purchasing managers at manufacturing firms nationwide.
The Job Openings and Labor Turnover Survey (JOLTS) is a monthly report by the US Bureau of Labor Statistics of the U.S. Department of Labor counting job vacancies and separations, including the number of workers voluntarily quitting employment.
The S&P Global US Manufacturing PMI™ measures the activity level of purchasing managers in the manufacturing sector through a questionnaire of ~800 manufacturers.
The S&P Global US Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate, and business services.
The yield curve plots interest rates, at a set point in time, of bonds having equal credit quality but differing maturity dates to project future interest rate changes and economic activity. An inverted yield curve is one in which shorter-term bonds have a higher yield than longer-term bonds of the same credit quality. In a normal yield curve, longer-term bonds have a higher yield.
A basis point is one-hundredth of a percentage point.
The opinions referenced above are those of the author as of September 9, 2024. These comments should not be construed as recommendations, but as an illustration of broader themes. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions; there can be no assurance that actual results will not differ materially from expectations.