Evolving Times | Weekly Newsletter
The S&P 500 extended its climb by finishing the week above 6,000 points and locking in its 57 record close this year. The S&P/TSX 60 followed suit, continuing its upward trend, buoyed by overall strong earnings from the Canadian banks. RBC and CIBC led the pack by announcing dividend hikes, as a result, of strong quarterly earnings and revenue results.
Bitcoin stole the spotlight last week, surging past the $100,000 milestone for the first time ever, after President-Elect Trump named crypto advocate Paul Atkins as SEC Chair and appointed David Sacks to the new Crypto and AI policy role. Fed Chair Powell’s acknowledgment of Bitcoin as a competitor to gold added fuel to the rally.
Inflation, jobs, and tariffs will test the Bank of Canada’s strategy ahead of its final interest rate decision of the year on December 11. Recent economic data highlights challenges, including weaker-than-expected GDP figures for the third quarter and a concerning slide in the labour market. The Bank of Canada is expected to make an interest rate announcement on Wednesday, with the market leaning towards a 50bps cut.
We want you to stay in tune with the movements in the markets, so we have carefully selected these articles for you. As always, we hope you enjoy and welcome your feedback.
Bitcoin insights – November 2024
Evolve Bitcoin ETF (Ticker: EBIT)
What a month we just had! This is what we’ve been waiting for since all the excitement of January and February. For those of you who have stuck around, congratulations! I hope everyone here has been stacking cheap sats along the way. It might get quite a bit more expensive in the months ahead. Price action in November was satisfying to say the least.
Wells Fargo issues Wall Street's most bullish forecast yet for the stock market in 2025
Evolve S&P 500® Enhanced Yield Fund (Ticker: ESPX)
Wells Fargo equity strategist Christopher Harvey and his team issued a 2025 year-end target of 7,007 on Tuesday, the highest target among Wall Street strategists tracked by Yahoo Finance and a forecast that suggests the S&P 500 could rise more than 26% next year.
Prescription fills for weight loss drugs Zepbound and Wegovy more than doubled in 2024, GoodRx says
Evolve Global Healthcare Enhanced Yield Fund (Ticker: LIFE)
Prescription fills for blockbuster weight loss drugs in the U.S. more than doubled in 2024, even with limited insurance coverage and high out-of-pocket costs for the treatments, according to data released Thursday by drug savings company GoodRx. Prescription fills for Wegovy and Zepbound increased by more than 100% and 300%, respectively, since the start of 2024.
Trump calls Florida meeting with Trudeau productive amid stiff tariff threat
Evolve S&P/TSX 60 Enhanced Yield Fund (Ticker: ETSX)
President-elect Donald Trump called his meeting with Justin Trudeau productive and said the prime minister made a commitment to work with the United States to end the drug crisis amid the threat of stiff tariffs. The in-person meeting came at the end of a rocky week in which Trump threatened to impose a 25% tariff on all imports from Canada and Mexico unless the two countries stop illegal border crossings and prevent illicit drugs from entering the United States.
'Large number' of Americans' metadata stolen by Chinese hackers, senior official says
Evolve Cyber Security Index Fund (Ticker: CYBR)
A large number of Americans' metadata has been stolen in the sweeping cyber espionage campaign carried out by a Chinese hacking group dubbed "Salt Typhoon," a senior U.S. official told journalists on Wednesday. The official noted that China's access to America's telecommunications infrastructure was broad and that the hacking was still ongoing.
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Disclaimer
The contents of this newsletter are not to be used or construed as investment advice or as an endorsement or recommendation of any entity or security whatsoever. The opinions in these articles are those of the author and the publication and do not necessarily represent the opinions of Evolve Funds Group Inc., its partners, service providers, employees or associates.
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