Christine Poole’s Top Picks for Nov. 10, 2026

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Top Picks from Christine Poole, President & Co-Chief Investment Officer, Davis Rea

In October, the contrast in performance between the headline S&P 500 Index and the S&P 500 Equal Weight Index highlighted a significant broadening in market breadth. The market cap weighted index was down 0.9 per cent in the month while the equal weighted index was up 4.9 per cent. Broadening market breadth means the participation in a stock market rally is expanding beyond a concentrated handful of mega-cap technology companies to include a wider variety of companies across diverse sectors. The Democratic sweep in the midterm elections has added uncertainty to the pace of the AI buildout and put additional downward pressure on AI-related stocks.

The resilient U.S. economy continues to expand, supported by strength in consumer spending and private business AI-related investment. U.S GDP grew by 2.2 per cent in the second quarter and accelerated to 3.4 per cent in the third quarter. The unemployment rate is low, hovering around four per cent. Leading economic indicators reinforce durable momentum with the ISM Manufacturing Purchasing Managers Index (PMI) signaling expansion for ten consecutive months, and the Services PMI expanding for 28 consecutive months. However, inflation continues to be stubbornly above the Federal Reserve’s long-term two per cent target, serving as the primary reason for the central bank’s September rate hike.

The Canadian economy is expanding at a more modest pace, anchored by subdued consumer spending, muted population growth, and ongoing trade-related pressures. According to the Bank of Canada’s latest Monetary Policy report, GDP is expected to be two per cent in the third quarter and slow to below one per cent in the fourth quarter. The unemployment rate has been around 6.5 per cent, pointing to excess supply in the economy.

Looking ahead to next year, economic growth in Canada is projected to improve due to stronger business investment, bolstered by federal tax incentives such as the Productivity Mega Deduction, and government spending.

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