“The most important rule of trading is to play great defense, not great offense.” – Paul Tudor Jones
Last Week’s Overview
| Index | Performance |
| TSX Composite | 1.49% |
| Dow Jones |
1.59% |
| S&P 500 | 3.25% |
| NASDAQ | 4.32% |
Source: Bloomberg (November 12, 2026)
Weekly Insights
Each week, we break down the key events and market movements shaping the investing landscape. From economic data to investor sentiment and global headlines, this section captures what mattered most, and how it impacted markets.
U.S. Demand Stays Strong as Prices Remain Firm
U.S. core inflation, which leaves out food and energy, rose 0.3% in October. This was slightly above forecasts for the third month in a row, while prices for services outside of energy and housing climbed 0.4%. Part of this reflects strong investment in technology and power: electricity prices rose 0.9% as new data centres drew more energy, yet Morgan Stanley estimates AI-related activity has added only about 0.06 percentage points to core inflation this year. With interest rates likely to stay higher for longer, we continue to favour companies with strong balance sheets, steady earnings, and the ability to manage rising costs.
Source: Bloomberg (November 12, 2026)
U.S. Growth Gives Stocks a Solid Footing
The Atlanta Federal Reserve's GDPNow tracker (a running estimate of economic growth) points to an annualized pace of about 3.5% this quarter, a healthy backdrop for company sales and profits. After briefly slipping below its recent range of roughly 7,600 to 7,800, the S&P 500 moved back into that range as investors returned, while gains in companies that sell everyday essentials helped offset softer technology shares. This broadening of the market supports our focus on financially strong businesses across many sectors, rather than relying on a small group of technology names.
Source: Bloomberg (November 12, 2026)
AMD and Broadcom Well Placed as AI Chip Demand Broadens
AMD rose more than 3% in early trading and Broadcom also gained following recent leadership developments at Nvidia, which supplied more than 60% of the world's AI computing power in the April-to-June quarter, according to Epoch AI. As large cloud providers look to work with more than a single supplier, AMD offers an alternative line of AI processors; Broadcom designs custom chips built for specific tasks, including chips linked to Alphabet's AI technology, along with the networking gear that connects data centres. We hold both companies, giving our portfolios exposure to complementary parts of AI infrastructure, a long-term trend we believe can support several chip makers as demand keeps growing.
Source: Bloomberg (November 12, 2026)
Key Drivers of Our Outperformance
We believe in transparency when it comes to where outperformance is coming from. This section spotlights a top-performing company we hold, a sector where we've taken a winning position, and a strategy that has driven recent success across our portfolios.
- Company Highlight: CVS Health Corporation (CVS)
- CVS Health gained 11.96% over the week ending November 10 after reporting quarterly revenue of $108.4 billion (up 5.4% from a year earlier) with adjusted earnings per share rising to $2.09 from $1.60. Management also raised its full-year profit outlook to at least $8.20 per share, pointing to improvement in both its health insurance and pharmacy businesses. CVS combines prescription drug plans, health insurance, and retail pharmacies in a single business, and while we continue to watch medical costs, its stronger earnings and modest valuation make it a steady healthcare holding for our portfolios.
- Source: Optimize Asset Management (November 12, 2026)
- Sector Highlight: Health Care
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Health care was a bright spot in our portfolios for this week, led by CVS Health's 11.96% gain. Demand for health services stays steady whether the economy speeds up or slows down, which made these companies a helpful source of balance during a week when technology shares were under pressure. With an aging population and ongoing advances in treatment and care, we see the sector as a durable, long-term part of a diversified portfolio.
- Source: Optimize Asset Management (November 12, 2026)
- Style Highlight: Quality
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Quality, our style focused on companies with steady earnings and strong balance sheets, held up the best of our five investment styles. Berkshire Hathaway, Johnson & Johnson, Procter & Gamble, and McDonald's all posted gains, and chip-making equipment manufacturer KLA Corporation rose 2.14% even as many other chip companies fell. These results show why we value businesses with dependable demand and reliable cash flow, as they can help steady portfolios when markets turn volatile.
Source: Optimize Asset Management (November 12, 2026)
What To Look For Next Week
We also look ahead to the economic reports, events, and earnings that may influence the week ahead. From inflation and jobs data to corporate updates from key market players, this section keeps you informed on what's coming and why it matters.
- Canadian Inflation Report (Monday, November 16): On Monday, Statistics Canada releases its October Consumer Price Index, the main measure of how quickly everyday prices are rising across the country. In September, headline inflation edged up to 3.1% from 3.0%, slightly below what economists expected, as gasoline prices rose. Excluding gasoline, it eased to 2.2% and the core measures the Bank of Canada watches most closely stayed below its 2% target. Another calm core reading would suggest underlying price pressures in Canada remain well contained, a constructive sign for Canadian borrowers, businesses, and investors.
Source: Statistics Canada (November 12, 2026)- U.S. Retail Sales (Tuesday, November 17): Tuesday's U.S. retail sales report will show how much Americans spent in stores, restaurants, and online during October. September sales rose 0.8%, well ahead of the 0.3% economists expected and partly lifted by higher gas prices, with gains also at restaurants, furniture stores, and electronics retailers. Consumer spending drives most of the U.S. economy, so another solid reading would support company revenues and earnings across the sectors we own.
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Source: U.S. Census Bureau (November 12, 2026) - Federal Reserve Meeting Notes (Wednesday, November 18): On Wednesday, the Federal Reserve releases the detailed notes from its October meeting, where it held its key interest rate steady at 3.75% to 4.00% following a September increase. The Fed described the U.S. economy as expanding at a strong pace, with resilient spending and a steady job market, while noting that inflation remains elevated. Investors will read the notes for clues about the path for interest rates, which can move both bond yields and stock prices, and our focus on quality companies helps position portfolios for a range of outcomes.
Source: Federal Reserve (November 12, 2026)
Disclaimer: This report is for informational purposes only and does not constitute investment advice. Please consult with your financial advisor before making any investment decisions.