Open an account

Qtrade Direct Investing

Share

The Q Review: August 2024

Welcome to the Q Review, a monthly report from Qtrade Direct Investing®. Each month, we'll share great information about what's been happening in the markets, what our Qtraders are doing, and what's new with us!

August proved to be a month of resilience and recovery in the markets. Despite experiencing a drawdown of approximately -8.5% from July's highs, the market bounced back robustly to end the month up 7.5%, bringing it closer to new all-time highs. This recovery underscores the market's enduring strength and adaptability amidst fluctuating economic signals.

Market highlights from August

Nvidia's earnings impact

Nvidia, a titan in the tech world, reported strong earnings. However, this wasn't enough to fend off a notable decline in its shares, which fell by over 8% during the week following the announcement. The drop indicates that investor expectations were sky-high, likely fuelled by the overarching hype surrounding AI technologies.

Gold's steady surge

Gold prices maintained their upward trajectory, closing August at just under $2,500 an ounce. This sustained strength in gold prices can be attributed to a confluence of factors, including robust central bank purchases, increased consumer demand from China, and heightened geopolitical tensions.

Federal reserve signals potential cuts

In a pivotal moment at August's Jackson Hole symposium, Federal Reserve Chair Jerome Powell signalled a potential interest rate cut, stating, "The time has come for policy to adjust." This announcement injects an element of anticipation into the financial landscape as investors weigh the implications of a looser monetary policy on market dynamics. A rate cut could stimulate economic activity but also questions underlying economic strength.

Most bought and sold securities in August on Qtrade Direct Investing

Most purchased securities on Qtrade Direct Investing – August 2024

  1. ISHARES CORE EQ ETF PTF UN
  2. NVIDIA CORP
  3. ISHARES CORE GROWTH ETF PORT
  4. ISHARES PREMIUM MONEY MKT ETF
  5. VANGUARD S&P 500 INDEX ETF UN
  6. GLOBAL X S&P 500 INDEX ETF
  7. BK OF NOVA SCOTIA
  8. TELUS CORP
  9. BK OF MONTREAL
  10. BCE INC NEW

Most sold securities on Qtrade Direct Investing – August 2024

  1. ENBRIDGE INC
  2. NVIDIA CORP
  3. BK OF NOVA SCOTIA
  4. BNS INV SAV ACT SR F -NL
  5. TELUS CORP
  6. ISHARES PREMIUM MONEY MKT ETF
  7. TORONTO DOMINION BK
  8. SHOPIFY INC CL A SUB VTG
  9. BCE INC NEW

The latest articles from Qtrade

Have you heard about our latest offer?

Check out the Qtrade Summer Offer! You can receive cash back when you deposit or transfer new funds into a new Qtrade account for a limited time. Get $250 back when you add at least $5,000, or 1% cash back on deposits of $25,000 or more into your new account.* The more you fund, the more you get. That's the Qfactor.

August highlights the dynamism of today's financial environment, where rapid recoveries and strategic central bank decisions are shaping the investment landscape.

For those keen on exploring the opportunities presented by these evolving market conditions, consider the advantages of engaging with Qtrade. Don't miss the chance to capitalize on the Summer Cashback Offer and align your investments with prevailing market trends.

Stay informed and strategically positioned as we move towards an exciting close to the third quarter.

*Terms and conditions apply. See all the details here.

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.

Read next