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Market Rally: Caution Grows Amid Bullish Optimism

10/15/2025

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Summary

Story summary

Markets in Canada and the United States rally, with the S&P/TSX Composite up 24% over the past year.
Despite valuation and geopolitical concerns, some strategists say the bull market is still in its early stages.
Brian Belski of BMO Capital Markets argues investors have been overly cautious, citing strong earnings and lower inflation.
David Rosenberg warns the market may be a bubble and urges shifting to defensive sectors.

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Story summary

Markets in Canada and the United States rally, with the S&P/TSX Composite up 24% over the past year.
Despite valuation and geopolitical concerns, some strategists say the bull market is still in its early stages.
Brian Belski of BMO Capital Markets argues investors have been overly cautious, citing strong earnings and lower inflation.
David Rosenberg warns the market may be a bubble and urges shifting to defensive sectors.