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Market Overview
Read time 0.9 minutes
Year To Date Performances:
| Dow Jones | 34,463.69 | 4.01% |
| S&P 500 | 4,399.77 | 15.05% |
| Nasdaq | 13,497.59 | 29.95% |
| Rusell 2000 | 1,856.01 | 6.01% |
| TSX | 19,784.87 | 1.75% |
| Bitcoin | $26,130.30 | 58.09% |
| Ethereum | $1,667.56 | 39.49% |
| US to Canadian Dollar | $1.35 | -0.18% |
While mainstream media has been quick to spotlight the depletion of US household excess savings and the historic $1 trillion credit card debt, they often overlook other significant financial metrics. Notably, US household liquidity, which includes cash and checkable deposits, is near record highs. JPMorgan analysts project that this excess liquidity won't be exhausted until May 2024. Additionally, credit card delinquency rates mirror those before the pandemic, and metrics such as household debt service ratios and debt in relation to disposable income remain lower than pre-Covid figures.
Hedge funds have ramped up their short positions in recent weeks. Following significant de-grossing in July primarily due to short covering, hedge funds have increased their trading activity for three consecutive weeks, indicating a renewed appetite for risk. Goldman Sachs reports that hedge funds are shorting US ETFs at the most rapid rate since September 2022, with short sales surpassing longs by a ratio of approximately 1.6 to 1.
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Headlines
AI stocks are underperforming the S&P 500 in 2023 despite the hype.
Car prices are increasing despite the talk of more affordable cars. In the US, there is currently just 1 car model available for sale under $20,000. Compared to 12 in 2017.
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