Reflections & Resources

Last Month in the Markets: October 1 – 31, 2024
What happened in October?
Record highs were set again for the S&P/TSX Composite, S&P 500 and Dow Jones Industrial Average, and the NASDAQ almost achieved the same feat, falling just short of its highest-ever level. Gold continued its winning-ways and rose to its highest price of all-time, ending the month almost 4 per cent higher, and 33 per cent more than its price at the beginning of 2024. Oil rose nearly 4 per cent in the first week before falling again and by the end of the month it was below its 2024 starting price and significantly below the level from one year ago. Bond yields rose more than 250 basis points.

What happened in the Third Quarter?

The biggest news directly affecting markets was the Bank of Canada (BoC) and the U.S. Federal Reserve (the Fed) executing rate reductions. The BoC has cut their policy rate by 0.25 per cent three times, totalling 0.75 per cent. Although the Fed has only made one rate cut, it slashed the federal funds rate by 0.5 per cent on September 18.

Last Month in the Markets: August 1-30, 2024 What happened in August? The month ended