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<ul class="summary-list"><li>Canadian stocks are in a better spot than their US counterparts, economist David Rosenberg said.</li><li>Both markets have rallied this year, but US stocks will likely trend down in 2025, he said.</li></ul>Stocks in the US and Canada have rallied this year, but Canadian shares appear better positioned for gains in the long run, according to economist David Rosenberg."Time to leave New York and come to Toronto," Rosenberg said in an interview with Bloomberg this week.Rosenberg's view comes amid a rally for both markets, with the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bull-rally-anniversary-earnings-interest-rates-sp500-2024-10">S&amp;P 500 surging</a> 23% and the Toronto Stock Exchange up 17%. In a note to clients this month, Rosenberg forecast stock momentum in the US to peak in December before trending downward by January or February, while the TSX's rally seems likely to continue into farther into next year. Rosenberg pointed to a variety of long-term indicators that seem to favor the Canadian market.As central banks around the world begin to ease monetary policy, yield has become scarce, Rosenberg says, with the dividend yield on the S&amp;P 500 at just 1.3%."You have a magnifying glass? It's almost at a record low," he said. In Canada, on the other hand, the dividend yield is more than double that of the US at 3.3%. At the same time, US risk assets have reached what some argue are excessive valuations. "The United States is the poster child for that," Rosenberg said, adding that the price-to-earnings ratio of US stocks has expanded to historically high levels in the last year. Historically high valuations make for a significant price discount for the TSX versus US stocks, and the yield and valuation advantages in Canada versus the US make for better positioning in the long run, Rosenberg says."This is a relative call, but Canada, I think, at a minimum, if you go into a bear market, has much more downside protection, just based on where the valuations are," Rosenberg said.Rosenberg has <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-recession-2008-crash-dot-com-sp500-bubble-2024-2?_gl=1*1a8567x*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDI5NTQxMi4zMzUuMS4xNzMwMjk2OTEzLjI1LjAuMA..">long called for a pullback</a> following the US stock market's blistering rally in over the last two years. He's warned that indicators have flashed the same warning signs of "speculative mania" that preceded the 2000 and 2008 market crashes.Rosenberg says the S&amp;P 500's projected EPS growth—17% per year for the next five years—is enough to raise warning signs, and the last time that happened was just before the dot-com bubble burst in 2000.What's most concerning to him in the US market now, though, is a lack of diversification."What really has me unnerved more in the US than any other market is nobody's rebalanced in this whole bull market," he said, adding, "Nobody's diversified, nobody's taken profits."

'Leave New York and come to Toronto': Canadian stocks are set to outperform the S&P 500, top economist says

<ul class="summary-list"><li>US stocks raced to record highs after the 2024 presidential election concluded.</li><li>Investors seem certain that President-elect Donald Trump's policies are best for stocks.</li></ul>Wall Street is in love with Donald Trump, as if there was ever any doubt.A robust, multi-year bull market rally for US stocks reached another gear after the businessman-turned-politician <a target="_blank" href="https://www.businessinsider.com/donald-trump-wins-presidential-election-race-2024-11">won the presidential election</a>. The S&amp;P 500 just topped 6,000 for the first time ever, and the tech-focused Nasdaq Composite is also in uncharted territory.Traders are convinced that the bulk of <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">Trump's economic policies</a>, which include tax cuts and fewer government regulations, will create a business-friendly backdrop that drives stocks higher."Investor sentiment is pro-growth, pro-deregulation, and pro-markets," said David Bahnsen, the chief investment officer at The Bahnsen Group, in recent commentary sent to Business Insider.<h2 id="3e5bdf8a-fc97-4e3d-a950-f23703f0015e">'Animal spirits' have been unleashed</h2>While some are skeptical of the consensus view, <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-trump-president-economy-tariffs-trade-war-kelly-2024-11">including those who are terrified about tariffs</a>, it looks as if investors broadly are scrambling to add exposure to equities. A staggering $22 billion flowed into exchange-traded funds on Wednesday, which was more than four times higher than the previous record for the day after the US election, according to State Street Global Advisors.Markets may hate uncertainty even more than tax hikes, so it's possible that a Kamala Harris win also could have sparked a relief rally.But that might dismiss how ecstatic big-money investors are about another Trump term, given that the S&amp;P 500 rose over 50% from his victory in 2016 until shortly before the pandemic."Business animal spirits could be rekindled once again from Trump's pro-business approach, which could lead to a more robust capital expenditures and investment environment," said Jeff Schulze, the head of economic and market strategy at ClearBridge Investments, in commentary.That term, "<a target="_blank" href="https://www.investopedia.com/terms/a/animal-spirits.asp">animal spirits,</a>" was coined in the 1930s by famed economist John Maynard Keynes, who remarked that investors' decisions are often driven by intense emotions like greed and fear.Anthony Saglimbene, Ameriprise's chief market strategist, borrowed Keynes' famous phrase to make the same point as Schulze: investors may be euphoric for the foreseeable future."Animal spirits through year-end could push major averages higher as the overhang of the election is removed and investors look to put excess cash to work in stocks," Saglimbene said in commentary.<h2 id="648d2368-71e0-40ed-9ed5-95b7faf9578c">How to invest after Trump's win</h2>Although the US economy <a target="_blank" href="https://www.businessinsider.com/economy-outlook-tariffs-trump-trade-war-slowdown-jpmorgan-david-kelly-2024-10">looks healthy by most measures</a>, many market strategists are counting on an even bigger boom under Trump that <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-election-investing-strategy-2016-comparison-morgan-stanley-2024-11">would benefit economically sensitive stocks</a>."This broad 'risk-on' mood for the U.S. stock market is cutting across all sectors, but particularly favoring more cyclically sensitive sectors that would benefit from a re-strengthening of the economy and tailwinds to corporate profitability," said Jim Baird, the chief investment officer at Plante Moran Financial Advisors, in written commentary sent to BI.Sectors that are heavily reliant on economic growth, like energy and financials, will stay hot, said Sébastien Page, the head of global multi-asset at T. Rowe Price, in a recent interview."I don't think it's over the top," Page said of the postelection market rally.Several of the strategists and investment chiefs that Business Insider leaned on for this story also cited small caps as a top idea, provided that the economy stays strong and taxes fall."Enough people had been worried about, 'Could we have a credit cycle? Could we have an economic slowdown into next year? What would increases in taxes and regulation do?'" said Sean Gallagher, the global head of Lazard's small-cap equity platform, in an interview.He continued: "Now that's off the table. I think it just increases small-business optimism. I think it'll increase <a target="_blank" href="https://www.investopedia.com/terms/c/capitalexpenditure.asp">CapEx</a>, which has been kind of held back."Smaller companies performed admirably early on in Trump's first tenure, though <a target="_blank" href="https://www.businessinsider.com/cheap-stocks-to-buy-strong-growth-market-outlook-garp-bmo-2024-10">they've lagged large caps for years</a>. Gallagher is highly optimistic about the group again, both because of the economic environment and their valuations, which are <a target="_blank" href="https://www.businessinsider.com/stocks-to-buy-small-mid-caps-market-rotation-outlook-bmo-2024-10">startlingly cheap relative to their peers</a>.Schulze from ClearBridge is also aboard the cyclical and small caps train. The strategist is fired up about what Trump's penchant for lower taxes and limited regulations means for industrials, consumer discretionary stocks, and financials.Saglimbene from Ameriprise concurred again that "the backdrop for financials could improve, as less regulation and the potential for merger/acquisition and capital market activity accelerate."Add the technology sector to the list of winners from less governmental oversight, Bahnsen said. Tech companies seem like a clearer beneficiary since the Federal Trade Commission (FTC) should be less hostile to their interests.For all the optimism in markets, some strategists are branching out from stocks.Jim Thorne, who's the chief market strategist at Canada-based wealth management firm Wellington-Altus, said in commentary that he's most interested in gold and bitcoin, which some have referred to as the yellow metal's digital doppelgänger.The world is awash with cash, making scarce assets like gold and bitcoin more valuable, and Thorne also noted that global economic growth is slowing. That suggests that the path forward for risk assets may not be smooth — even if Trump is successful in his second term."Investors should brace for volatility and shifts in market leadership as we transition to a peacetime economy, shaped by Trump's policies," Thorne said in written commentary.

'Animal spirits': 7 market strategists share how to ride the red wave as US stocks surge to new records

New to the stock market? Here are terms you should know

<ul class="summary-list"><li>Hertz dropped as much as 12% Tuesday morning after posting a deeper-than-expected quarterly profit loss.</li><li>The rental-car giant is still facing challenges from a high-cost electric vehicle fleet.</li></ul><a target="_blank" href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> shares plunged as much as 12% on Tuesday after the company turned in its fourth quarterly loss in a row. The earnings report highlighted the car-rental giant's inability to shake off a failed bet on Tesla vehicles.Hertz lost 68 cents per share in the third quarter, exceeding consensus expectations for a 46-cent loss. The declining residual value of its car fleet also cost Hertz a $1 billion non-cash impairment charge during the period.Although Hertz stock tumbled early, it stabilized mid-day, trading roughly 3% higher at $3.48 as of 1:05 p.m. ET in New York.According to the company's latest <a target="_blank" href="https://s204.q4cdn.com/384814028/files/doc_financials/2024/q3/Q3-2024-Earnings-Release-Final.pdf">press release</a>, vehicle depreciation has jumped significantly at a time when the firm is trying to rotate out high-capital-cost vehicles, such as Tesla's EVs.The rental giant once planned to make <a target="_blank" href="https://www.wordhippo.com/what-is/another-word-for/headbutt.html">25% of its fleet electric by the end of 2024</a> and, three years prior, <a target="_blank" href="https://www.businessinsider.com/tesla-hertz-deal-elon-musk-advertising-marketing-2021-10">pledged to purchase 100,000 Teslas</a> to meet this goal.That's since changed. Hertz has since <a target="_blank" href="https://www.businessinsider.com/ev-maintenance-repair-hidden-costs-ownership-hertz-tesla-2024-1">decided on downsizing</a> its EV fleet by <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-25/hertz-reports-392-million-loss-as-it-unwinds-tesla-fleet-burden">30,000 vehicles</a>, having discovered that these cars depreciate quickly and come with high repair costs. Renters also <a target="_blank" href="https://www.businessinsider.com/renting-tesla-from-hertz-what-it-was-like-experience-2024-1">appeared indifferent</a> toward electric rentals, with customers requesting <a target="_blank" href="https://www.businessinsider.com/used-electric-vehicles-price-crash-gas-cars-ev-demand-tesla-2024-6">EVs less than expected</a>.That has cost the company quarterly losses across 2024. So far, Hertz's stock is down nearly 69% year-to-date.In the third quarter, revenue dropped 5% to $2.6 billion. Vehicle depreciation rose 89% to $547 a vehicle per month. But according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-12/hertz-misses-estimates-as-losses-mount-from-failed-tesla-bet?sref=LspfQlRv">Bloomberg</a>, CEO Gil West told analysts that depreciation will normalize to about $300 in the future.

Hertz's failed Tesla bet keeps getting worse as weak earnings challenge its stock

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