In this five-minute video, Paul Punzo, VP of Portfolio Strategy at IPC Private Wealth, provides his year-to-date market update and outlook across Canadian, U.S., and international markets.
Paul notes that Canadian markets have performed strongly, with the S&P/TSX Composite Index up approximately 17%, led by materials, consumer discretionary, and financials. Rate cuts by the Bank of Canada and easing trade tensions have supported the economy, though growth is expected to remain below trend due to trade uncertainty and slowing household income.
In the U.S., the S&P 500 has gained approximately 10% (USD), rebounding about 16% from its April low. Performance has been driven by mega-cap tech and AI-related stocks, while small caps have lagged. The Federal Reserve’s rate cuts aim to balance inflation control with labour market support. Despite elevated valuations, especially in tech, corporate earnings have been resilient.
Internationally, markets have generally outpaced the U.S. year-to-date, though the U.S. has led since the April bottom. Europe faces sluggish growth and political uncertainty, while Japan shows strong momentum despite export challenges. Diverging central bank policies and geopolitical risks are key factors shaping global sentiment.
Paul notes that IPC Private Wealth portfolio positioning remains diversified, with an overweight to U.S. equities and exposure across styles and geographies. Fixed income allocations emphasize high-quality assets amid ongoing uncertainty.
View our video to learn more:
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