“You Retire Once… I Help People Retire Everyday”
Strength Beneath the Surface
October was another encouraging month for investors, as both equities and bonds continued to show resilience amid shifting economic signals. Canadian bonds gained 0.8%, marking their second consecutive month of positive performance as yields eased slightly. In equities, the S&P/TSX rose close to 1.0%, supported by standout gains in Information Technology—up an impressive 13.8%—while Materials pulled back following months of strength. South of the border, U.S. stocks extended their remarkable rally, with the S&P 500 advancing 2.3% in October and now up more than 17% year-to-date. Once again, technology led the charge, while energy and materials lagged as commodity prices fluctuated. Globally, international markets moved higher as well, with world equities gaining 2.3% in U.S. dollar terms, highlighting the broad-based nature of the recovery.
Commodity markets were mixed— gold and copper climbed, while oil prices dipped modestly. Meanwhile, the U.S. dollar strengthened as Federal Reserve commentary suggested that another rate cut in December was not guaranteed, providing a short-term boost to the greenback.
Despite lingering macroeconomic uncertainty and the natural ebb and flow of sector leadership, October’s results reinforced the strength of this now-three-year-old bull market. Investors who have stayed disciplined and diversified continued to be rewarded, with growth trends increasingly supported by easing inflation, stable earnings, and seasonal tailwinds.
As we move into November—the historically strongest month of the year for equities—history offers another reason for optimism. Strong markets often beget continued strength, and the data suggest that the “best six months of the year” may indeed live up to their name once again.
Click on the link below to read my full breakdown of what I believe investors need to know as we wrap up the month of October and head into November.
Bottom Line
After six consecutive months of stock market gains against a background of considerable uncertainty, it is reasonable to temper return expectations.Nevertheless, while the slightly higher volatility seen in October is likely to persist, the overall situation remains largely favourable for risk assets.
As we know, staying invested and disciplined—rather than reacting to headlines or timing the market—has proven to be a winning strategy over time. The “best six months of the year” are here, and history shows they often live up to their name. Markets will always move up and down, but my focus remains on helping you stay confident and on course toward your long-term goals. Thank you for your trust—it’s an honour to guide you with clarity, discipline, and purpose.
Thanks for reading. AP
