Podcast
Market Recovery: What’s Leading the Rebound?
Will Simpson and Greg Wise
July 4, 2025
A look at the top performers driving the recovery.
It was a short week for the markets with Canada off on Tuesday and the U.S. closed Friday, but there was no lack of action. Both the TSX and Dow posted solid gains of 1.3% and 1.5% respectively, while the S&P 500 added another 0.9%. Small caps led the way, with the Russell 2000 up 2.7%, while Japan pulled back the most after being the top performer last week. Canadian sectors were broadly positive with Telcos, Materials, and Discretionary leading. In the U.S., Materials and Tech were the standouts, while Telcos and Utilities were the sole laggards.
The economic backdrop remained fairly supportive. U.S. payrolls came in stronger than expected, with June adding 147,000 jobs (even if roughly half were government jobs), and the unemployment rate ticked down to 4.1%. Both ISM readings (Services and Manufacturing) edged higher. Bond yields, however, did rise on the short end, with 2-year Treasuries rising 13 bps. A Fed cut in July is pretty much off the table, but with that said, markets are still leaning toward cuts in the second half of the year.
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