Quarterly Market Update

July 2023

We are providing the most recent quarterly market update, which you can access via the following links:

Q2 2023 Market in Review

A summary from the market update is included below:

"Key takeaways

While the market as a whole has made gains this year, a small number of mega‑cap stocks have been the main drivers of those gains.
That looks inconsistent with the idea that we’re in a new bull market, since early bulls tend to be characterized by broad-based gains and rising small caps (which we haven’t seen).
That said, earnings have continued to prove surprisingly resilient.
With each decent earnings season we see, it becomes less likely that the market takes another leg down (and more likely that we’re already in the start of a bull market)."

Should you have any questions regarding your portfolio, please do not hesitate to contact our office.

Yours truly,

The Advisory Team

TIPPER FINANCIAL SERVICES LTD.

The information in this letter is derived from various sources, including Fidelity Investments Canada ULC, FMR LLC and their subsidiary, Fidelity Brokerage Services LLC, Bloomberg, and Refinitiv DataStream as at various dates. This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources and reasonable steps have been taken to ensure their accuracy. Market conditions may change which may impact the information contained in this document. Before acting on any of the above, please contact us for individual financial advice based on your personal circumstances.

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Disclaimer

Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Market conditions may change, which may impact the information contained in this document. All charts and illustrations in this document are for illustrative purposes only. They are not intended to predict or project investment results. Any future or forward-looking statements contained in this communication are speculative in nature and cannot be relied upon. There is no guarantee that these events will occur or in the manner speculated. Please speak with us before acting on any information contained in this communication.

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