One solution to market volatility and overhyped tech stocks: Canada

The volatility that has rocked global stock markets this week may be offering a pleasant takeaway for rattled investors: Canada looks like an attractive market for anyone in need of shelter from the turbulence.Composite Index fell just 1.1 per cent. That’s on a day that began with some trepidation over how widely the global sell-off would spread, after Monday’s alarming equity market downturns in Japan and the United States arrived with new fears of a global economic downturn.

In particular, some observers expect that the market can gain traction as interest spreads beyond the Magnificent Seven U.S. stocks, which have gone gangbusters for well over a year as optimism about the potential for artificial intelligence gained momentum. “While the Magnificent Seven will continue to generate strong earnings, it does appear as if growth is slowing. In fact, based on estimates, the growth rate for the Magnificent Seven will not be much different from the rest of the market in 2023,” Ian de Verteuil, an analyst at CIBC Capital Markets, said in a note.

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