Jurrien Timmer's global macro view – July 22, 2024

US equity markets bounced back at the start of this week following Friday's global IT outage that impacted several industries, and President Joe Biden's decision to drop out of the presidential race has some feeling a greater sense of uncertainty in the markets as the election becomes tighter. So how are the latest market developments influencing today's guests market outlook? Joining the show today to share his latest market thesis, including the macro themes moving markets this week, and what they may mean for you, is Fidelity Director of Global Macro Jurrien Timmer. Despite the various recent events in US politics, Jurrien emphasizes the resilience of US financial markets, driven by strong earnings growth and anticipated Federal Reserve rate cuts. He highlights the current unique scenario where earnings are accelerating while the Fed prepares to ease rates, a rarely seen combination that is supportive for most stocks. The conversation between Jurrien and host Pamela Ritchie also touches on the ongoing shift in market dynamics, with potential broadening and rotation away from dominant mega-cap stocks, which especially benefits small-cap and value stocks.

 

Recorded on July 22, 2024.

 

At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information.

For a fourth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2024 Environics’ Advisor Digital Experience Study.