After weeks of strength on the market, a down day was bound to happen, said Brianne Gardner, senior wealth manager with Velocity Investment Partners at Raymond James Ltd.
“Looking from a technical perspective, it wouldn’t be surprising to us to see the markets take a little bit of a cool off here,” she said.
After a weak period heading into the fall, markets have been on a hot streak since November, said Gardner. The U.S. Federal Reserve’s rate hold last week, in which it projected three cuts in 2024, helped add to that momentum, she said.
“I think that played a significant role in investor sentiment,” she said.
Profit-taking and tax-loss selling can also cause extra volatility around the end of the year, noted Gardner.
But she thinks the fourth-quarter rally isn’t necessarily over.
Heading into 2024, both Canada and the U.S. are far from where they started the year, said Gardner, as…
