The Q Review: June 2024
Welcome to the Q Review, a monthly report from Qtrade Direct Investing®. Each month, we’ll share some great information about what’s been happening in the markets, what our Qtraders are doing, and what’s new with us!
June was a whirlwind month for self-directed investors, with several key events shaping the financial landscape. Whether you're a seasoned investor or just starting, staying informed is crucial to making sound decisions. Here's a look at the most impactful financial news and stock market events from June 2024.
Bank of Canada interest rate cut
In a move that was a relief for many, the Bank of Canada reduced its key interest rate by 25 basis points to 4.75%. This decision aims to stimulate economic activity amid rising unemployment and inflation concerns. For investors, this cut could signal lower borrowing costs and potential shifts in bond yields.
Triple witching in U.S. markets
June also witnessed a significant "triple witching" event in the U.S. markets. On this pivotal day, an estimated $5.5 trillion in options contracts expired. This event often leads to heightened volatility and trading volumes, providing both opportunities and risks.
S&P 500's impressive gains
As we hit the halfway mark of 2024, the S&P 500 Index has extended its advance to approximately 15%. Nvidia has been a standout performer, leading gains among megacap stocks. This upward trend underscores the resilience of the U.S. stock market and presents opportunities for strategic investments.
Canada's inflation and unemployment rates
Canada's financial landscape presents a mixed bag. The annual inflation rate increased to 2.9% in May, defying expectations of a slowdown. Meanwhile, the unemployment rate rose to 6.4% in June, the highest since January 2022. These developments challenge the Canadian economy and may influence future monetary policy decisions.
Most bought and sold securities in June on Qtrade Direct Investing
Ten most purchased securities on Qtrade Direct Investing – June 2024
- NVIDIA CORP
- ISHARES CORE EQ ETF PTF UN
- GAMESTOP CORP NEW CL A
- TELUS CORP
- BCE INC NEW
- ENBRIDGE INC
- ISHARES CORE GROWTH ETF PORT
- VANGUARD S&P 500 INDEX ETF UN
- ISHARES PREMIUM MONEY MKT ETF
- ISHARES CDN FIN MNTHLY UN ETF
Ten most sold securities on Qtrade Direct Investing – June 2024
- CDN WSTN BK
- NVIDIA CORP
- GAMESTOP CORP NEW CL A
- BNS INV SAV ACT SR F -NL
- TESLA INC
- TORONTO DOMINION BK
- APPLE INC
- TELUS CORP
- ENBRIDGE INC
- ISHARES PREMIUM MONEY MKT ETF
The latest from Qtrade
- Have you ever considered exploring options trading as part of your financial strategy? Get started by reading our latest article, All about options trading.
- Qtrade is taking over this summer! Watch for our new Qfactor campaign ads in Toronto's Billy Bishop airport, through select golf courses in Ontario, and online nationwide. Follow us on social media to learn more about the Qfactor.
June has been a month of significant financial events that can impact your investment strategy. Staying informed and adaptable is critical to navigating these changes successfully. Whether adjusting your portfolio in response to interest rate cuts or capitalizing on stock market gains, being proactive is essential.
Remember, the world of investing is dynamic and constantly evolving. Are you ready to seize the opportunities that lie ahead?
Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc. Qtrade and Qtrade Direct Investing are trade names or trademarks of Aviso Wealth Inc. and/or its affiliates.
The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes, and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters.