I’ve got nothing clever to say today. And my notoriously demanding producer says that’s okay. Since I live for her approval, I will take the win and get on with today’s businessMarkets bent yesterday under the weight of higher interest rates, but this morning are looking to snap a bit higher.
While the U.S. 10-year yield hovers around 16-year highs, let’s survey the damage. The TSX is at a three-month low, down five per cent from its most recent peak and on pace for a second month in a row of declines. The S&P 500 is at a 3.5 month low, down nearly seven per cent from its most recent peak and also on pace for its second month of declines. That hasn’t happened since exactly this time last year. Tech stocks have been the source of the selling pressure, but not the only pain point.
Today the U.S. Senate Banking committee is set to vote on the SAFER Banking act to allow cannabis businesses access to financial institutions. Yesterday, I spoke with the CEO of Trulieve, which operates in the United States and she said the vote could have both practical and symbolic benefits. On the practical side, she noted they are still a cash business and that one of her stores was recently targeted for theft because of the large amounts of cash they are forced to keep on premises. The Senate Banking committee session begins at 9:30 a.m. EDT this morning.