One month ago, we woke up to the news Donald Trump is the President-elect of the United States. Since then, U.S. stocks have been tearing up the record books. This is the anatomy of the post-election rally:
S&P 500:
-Up 4.98 per cent, closed higher in all but seven sessions since Nov. 9
-Intraday high: 2,251.69 (yesterday)
-Record close: 2,246.19 (yesterday)
Sector leaders:
Financials: +18.38 per cent
Energy: +9.00 per cent
Industrials: +8.94 per cent
Dow Jones Industrial Average:
-Up 6.99 per cent, closed higher in all but four sessions since Nov. 9
-Intraday high: 19,664.97 (yesterday)
-Record close: 19,614.81 (yesterday)
Leaders:
Goldman Sachs: +32.72 per cent
JPMorgan Chase & Co.: +21.55 per cent
Caterpillar: +13.69 per cent
The TSX Composite has a few hundred points to go before it reaches record territory, but it hasn’t been a slouch – rallying 4.36 per cent since the start of trading on Nov. 9. The lead sectors:
Financials: +7.90 per cent
Consumer discretionary: +7.20 per cent
Industrials: +6.42 per cent
BNN will go in-depth today on the post-election rally, gather insight on how much further stocks can run, and evaluate risks that could derail momentum.
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A FEATURE CONVERSATION WITH CPPIB’S CEO
Almost six months after taking over stewardship of the $300.5-billion Canada Pension Plan Investment Board fund, CEO Mark Machin sits down with BNN's Paige Ellis for an in-depth interview that we’ll roll out in chunks throughout the day. BNN will get his reaction to the Trump presidency, his expectations for the Canada Infrastructure Bank, his global view on the investing landscape, and his insight on governance and short selling in Canada.
TRUDEAU MEETS WITH PREMIERS
Carbon pricing will be at the top of the agenda when Justin Trudeau meets with the premiers and Indigenous leaders today in Ottawa. Saskatchewan’s Brad Wall's position on the file could bring some tension to a conversation that will serve to demonstrate Canada is miles apart from the next U.S. administration on climate. We know health care will be a talking point at a post-meeting dinner, and there's no reason to believe pipelines won't also be discussed at some point today. We'll get live updates throughout the day. Here's the agenda:
-10:00 a.m. ET: U.S. Vice-President Joe Biden meets with premiers and Indigenous leaders
-1:00 p.m. ET: Official meeting begins
-5:30 p.m. ET: Closing news conference
-7:00 p.m. ET: Working dinner
RELEASES/EVENTS:
-Notable data: U.S. consumer sentiment (10:00 a.m. ET)
-9:00 a.m. ET: Innovation Minister Navdeep Bains remarks and media avail at MaRS Discovery District
-9:00 a.m. ET: U.S. VP Joe Biden welcoming ceremony in Ottawa
-9:15 a.m. ET: Biden holds bilateral meeting with Trudeau in Ottawa
-11:00 a.m. ET: Alberta Trade Minister Deron Bilous holds news conference on trade developments with Japan, China
-Quebec legislature to vote on hydrocarbons bill (i.e., the one that’s been helping light up shares of Questerre Energy over the last couple days).
Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Today's note was written by BNN's Managing Editor Noah Zivitz. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.
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