Denise Chisholm's sector and factor perspectives – December 18, 2025

Payroll data remains noisy, but leading indicators from small businesses are turning higher. That matters because small business hiring has historically led shifts in the job market. At the same time, the Fed looks supportive but not reactive - a backdrop that’s often been constructive for markets. Today's guest says this combination could mean 2026 looks better than investors expect, particularly for undervalued sectors like financials. Does this shift change how we should be thinking about jobs, rates, and sector opportunities? Joining today's episode to walk us through what the data is really saying, is Fidelity Director of Quantitative Market Strategy, Denise Chisholm. Recorded on December 18, 2025. At Fidelity, our mission is to build a better future for Canadian investors and help them stay ahead. We offer investors and institutions a range of innovative and trusted investment portfolios to help them reach their financial and life goals. Fidelity mutual funds and ETFs are available by working with a financial advisor or through an online brokerage account. Visit fidelity.ca/howtobuy for more information. For a fifth year in a row, FidelityConnects by Fidelity Investments Canada was ranked #1 podcast by Canadian financial advisors in the 2025 Environics’ Advisor Digital Experience Study.