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On Friday the U.S. market gave back some of the weekly gains as major banks put restrictions on trading with Credit Suisse and First Republic dragging the regional banking sector index lower.

You harnessed your spending habits to set aside savings. You researched the investments you deemed worthy of your hard-earned dollars. And now, as you admire your accumulating wealth, there’s a dark cloud ahead – income tax.

The sizzling rally in January may have gone too far and markets began to cool in February in response to signals that the economy remains too hot.

The S&P500 finished the week down over -4.5%, the Nasdaq down -4.7% and the TSX around -4% as the turmoil caused by SVB Financial Group created concern within the banking sector and led to a spike in market volatility as the VIX hit 29 on Friday.

Market developments Equities: The U.S. market bounced back after a difficult week last week as investors speculate that the Fed won’t raise rates...

Other than those who work in the tax preparation business, no one looks forward to preparing an income tax return – that is, unless you’re expecting a refund!

The U.S. market ended the week lower, given the positive growth surprises in the American economy. In line with more robust growth, on Friday, the Core PCE was also higher than consensus making the S&P 500 go down 1.05%.

The markets began the year with a stunning rally. U.S. bonds had the best January since 1988, stocks had the best start since 2019, providing a favourable backdrop for the 60/40 balanced portfolio after a horrendous 2022.

The U.S. market ended the week lower as higher than expected inflation data led to hawkish comments by Federal Reserve officials. The S&P 500 was down ~-0.3% after falling as much as 1% but was then lifted by consumer staples and utility stocks.