IAIC Market Update - May 29, 2023

May 29, 2023

Last Week in the Markets: May 22nd – 26th, 2023

(source: Bloomberg https://www.bloomberg.com/markets, MSCI https://www.msci.com/end-of-day-data-search and ARG Inc. analysis)

What happened last week?

The TSX and major U.S. corporates (i.e., Dow Jones Industrial Average) lost ground last week. The 2½% gained last week, and the 24% year-to-date, and 10½% over the past 12 months has placed the NASDAQ far into the lead compared to its North American rival indexes.
The deadline of early June, where the U.S. government will run out of cash and be unable to meet its debt obligations is quickly approaching. It appears that a 2-year deal has been tentatively reached between President Biden and House Leader McCarthy. Once the 150-page deal is finalized it will have to pass through the U.S. Senate and House of Representatives and receive Biden’s signature before it becomes law. The reaction for equities is still uncertain since the U.S. Treasury will need to replenish is cash reserves, which could pull capital away from stocks and temporarily, at least, place downward pressure on share prices.
Additionally, the Federal Reserve released its meeting minutes from the most recent interest rate decision on May 3rd that showed officials were divided on whether further interest rate increases were required. Their next opportunity to adjust rates to respond to inflation, employment and economic growth is scheduled for June 14th. The Bank of Canada will announce its interest rate plans on June 7th.

Source: CNN and Debt Ceiling , CNBC and Debt Ceiling, Federal Reserve Meeting Minutes

What’s ahead for this week?

In Canada, first quarter Current Account, Gross Domestic Product for March, and year-to-date and manufacturing Purchasing Managers Indexes (PMI) will be released.
In the U.S., Monday has American markets closed for Memorial Day. Starting on Tuesday the Conference Board will release consumer confidence information, ADP will release its payroll report ahead of the U.S. Depart of Labor’s weekly unemployment claims and the Bureau of Labour Statistics monthly jobs report.
Globally, Japan will release its jobs data, and its industrial production, consumer confidence and retail sales, while China will report several PMIs. The Eurozone will announce business climate, consumer confidence, services and industrial sentiment and inflation expectations. The European Central Bank will release its Financial Stability Review.

For more information contact:
Independent Accountants’ Investment Counsel Inc.
135 Main St. E. Listowel, ON
Phone: 519-291-2817 or TF: 1-877-291-3040
icpmss@iaic.ca

This report is produced by Independent Accountants' Investment Counsel Inc (“IAIC”) in conjunction with ARG Inc. All graph and chart statistical data contained in this report has been supplied by ARG Inc. The views and opinions expressed in this report are based on market statistics. No guarantee of outcome is implied and opinions may change without notice. Investors should not base any of their investment decisions solely on this report nor should any opinions expressed within this report be construed as a solicitation or offer to buy or sell any securities mentioned herein. Although the information contained in this report has been obtained from sources that IAIC believes to be reliable, we do not guarantee its accuracy, and as such, the information may be incomplete or condensed. All opinions, estimates and other information included in this report constitute our judgment as of the date hereof and are subject to change without notice.

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Southwestern Ontario's Top Employers Award

Southwestern Ontario's Top Employer Award Winner

February 5, 2025

We are th rilled to announce Ward & Uptigrove was selected as a recipient of the Southwestern Ontario's Top Employers Award for 2025. The award is based on the following criteria: 1. Workplace, 2. Work Atmosphere and Social, 3. Health, Financial and Family Benefits, 4. Vacation and Time-Off, 5. Employee Communications, 6. Performance Management, 7. Training and Skills Development, 8. and Community Involvement! Here are some of the reasons why Ward & Uptigrove was selected as one of Southwestern Ontario's Top Employers (2025): Ward & Uptigrove increased its full-time workforce in Canada by over 13 per cent in the past year and lets everyone benefit in the company's success with profit-sharing -- the company also offers generous referral bonuses of up to $5,000 per successful candidate as an incentive for employees to recruit friends Ward & Uptigrove hosts three major social events each year, giving employees the opportunity to unwind and connect with food, beverage and entertainment covered by the firm's partners -- events include a post-tax season party (employees plus a guest), a fall golf tournament, and an annual holiday celebration Ward & Uptigrove matches employee donations in kind, and encourages them to lend a helping hand in the community with a paid day off to volunteer Emily MacRobbie, human resources manager at Ward & Uptigrove, says clients appreciate the close connections and sense of care their small-town environment fosters. “We’re big enough to attract and retain some of the best and brightest minds in the industry, while simultaneously being small enough that staff and clients are known on a more personal level,” says MacRobbie. “Employees really appreciate the flexibility the firm offers, such as work location (in office or hybrid) and hours of work arrangements. We keep a pulse on what’s happening and make sure we remain competitive with things like paid time off and flexible health benefits.” To learn more about career opportunities at Ward & Uptigrove visit www.wardanduptigrove.com/careers