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UnlockRatingApril Market Update:
The US treasury yields advanced strongly due to the escalation in Middle East tensions between Israel and Iran, putting pressure on the global equities market. On the other hand, the US economy grew at a 2.5% annualized rate, a slowdown from 3.4% last quarter, falling below the Fed’s estimate for the first time in two years, posing a dilemma of slow growth and high inflation. The Canadian dollar was 72.95 cents USD. The U.S. S&P500 ended the week flat, while the TSX was up 0.2%.
It was a mixed week of greens and reds. Consumer staples rose 2.9%, while energy and consumer discretionary gained 2.0% each. Financials added 0.6% while real estate edged up by 0.5%. Industrials slid by 0.8%, while materials gave up 0.3%. Technology ended the week flat. The most heavily traded shares by volume were Bank of Nova Scotia, Royal Bank of Canada and Kinross Gold Corporation.
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UnlockRatingCautious on state of economy. Similar to past economic cycles when markets crash. Yield curve has been inverted for a long time. Longer the inversion occurs - generally the worse the recession is. Believes investors should take preventative measures. One strategy is to diversify into a broad variety of asset classes (gold, real estate, stocks etc.). Unsure on the future of markets, so would recommend defensive portfolio.
Tech earnings, inflation data trigger rebound
On Friday, core PCE inflation in the U.S. (a key metric to the U.S. Fed) held at 2.8% over 12 months and rose 0.3% at March. The numbers settled the fears of Wall Street who were expecting higher inflation. At the same time, tech heavyweights Alphabet (A class up 10.27%) and Microsoft (1.82%) reported beats. Both forces triggered a strong rally to recover Thursday’s losses and cap a wild week. The S&P closed 1.06%, the Nasdaq 2.06% and the Dow 0.44%. While Dow gained only 0.32% for the week, the S&P jumped 2.26% and the Nasdaq 3.45%. Other major movers included Super Micro Computer up 8.9%, Nvidia 6.25% and Intel at -9.21%. The U.S. 10-year yield edged down to 4.665% as Bitcoin sank 0.7% to US$64,000.
Gains in Canada were more modest, with the TSX up 0.41% Friday and 0.74% for the week. Almost every sector rose, led by materials and staples. Major movers were First Quantum Minerals, soaring 12.5%, Ero Copper 8.14%, Capstone Copper 6.96%, Hudbay Minerals 6.31% and Enbridge at -1.13% as the most-traded name. WTI held around US$83.65 as gold inched up to US$2,339 an ounce.
🧮 Alphabet Inc (GOOG-Q) +10.27%
Ⓜ Microsoft Corp (MSFT-Q) +1.82%
💾 Super Micro Computer (SMCI-Q) +8.9%
💾 NVIDIA Corporation (NVDA-Q) +6.25%
💾 Intel (INTC-Q) -9.21%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.7%
⛏ First Quantum Minerals (FM-T) +12.5%
🥉 Ero Copper Corp (ERO-N) +8.14%
🥉 Capstone Copper Corp (CS-T) +6.96%
⛏ Hudbay Minerals (HBM-T) +6.31%
🛢 Enbridge (ENB-T) -1.13%
This Week’s Stock Picks & BNN Top Picks Summary: SBUX-Q, KO-N and 20 Stock and 1 ETF Top Picks (Apr 19-25)
This week were 20 Stock and 1 ETF Top Picks in a wide range of industries: Consumer, Healthcare, Technology, Energy, ETF, Financials and Industrials. Here are this week’s Top Picks as selected by: Billy Kawasaki, Michael O’Reilly, Michael Hakes, Brett… read more
U.S inflation hot, GDP cool, Wall Street down, TSX flat
As megatech earnings marched on, the latest U.S. GDP number came in weaker than expected while inflation was higher. Add to this a disappointing report from Meta (-10.57% for the session) and Wall Street saw a broad sell-off on Thursday, though it eased into the close. When the dust settled, the S&P finished the day -0.45%, the Nasdaq -0.63% and the Dow -0.98%. However, the U.S. 10-year yield spiked to 4.7%.
Other major movers were Newmont popping 12.46%, Bristol Myers at -8.51%, IBM -8.25% and Caterpillar -7.02%. After the bell, Alphabet and Microsoft reported and both rallied sharply. Bitcoin added 0.5% to US$64,560.
In contrast, the TSX was flat, adding 16 points, though most sectors declined. Materials and energy performed the best, while tech and real estate fell the most. Notable names: Teck Resources 8.71%, Bank of Nova Scotia -1.51%, Mullen Group -9.08%, Bombardier 8.32% and StorageVault -6.11%. WTI added $1 to US$83.80 while gold edged up to US $2,333.
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) -10.57%
🥇 Newmont Goldcorp (NGT-T) +12.46%
🧫 Bristol Myers Squibb (BMY-N) -8.51%
💾 IBM Common Stock (IBM-N) -8.25%
⚙ Caterpillar (CAT-N) -7.02%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.5%
⛏ Teck Resources Ltd. (B) (TECK.B-T) +8.71%
🏛 Bank of Nova Scotia (BNS-T) -1.51%
🚚 Mullen Group Ltd (MTL-T) -9.08%
💣 Bombardier Inc (B) (BBD.B-T) +8.32%
🚚 StorageVault Canada (SVI-T) -6.11%
UnlockRatingOverall, view on pipelines fairly bullish. Shipping energy off is to capture a higher price, a good idea. Does have favourites in the space, the order shifts over time based on fundamentals. He doesn't get attached. The business looks very positive going forward.
Favourite right now is TRP, as it's the most contrarian of TRP, ENB, and PPL. PPL is great, but trades at a higher multiple. ENB has considerably more debt, a concern especially with higher interest rates.
UnlockRatingOur PAST TOP PICK with CNHI has triggered its stop at $11.50. To remain disciplined, we recommend covering the position at this time. When combined with our previous recommendations, this will result in a net investment loss of 5%.
BUZZING ON SOCIAL MEDIAS
UnlockRating- Meta Platforms Inc / Facebook (META-Q)
- Invesco QQQ Trust Series 1 (QQQ-Q)
- Walmart Inc (WMT-N)
- Realty Income Corp (O-N)
- Altria Group Inc (MO-N)
- Coca-Cola Company (KO-N)
- Kellanova (K-N)
- Taiwan Semiconductor MFG. (TSM-N)
- Loews Corp (L-N)
- Tesla Inc (TSLA-Q)
- NVIDIA Corporation (NVDA-Q)
- British American Tobacco (BTI-N)
- AT&T (T-N)
- Boyd Gaming Corp. (BYD-N)
- Intercontinentalexchange Inc. (ICE-N)
UnlockRatingLooking at the cycle forecast of the indices over 7 years, Williams correctly predicted the Nasdaq peaking around March 15 followed by extended weakness (true), and a bottom around October 22. He calls the current decline to continue till around May 20. He also called the S&P peak around March 7 (he was slightly early). Another indicator if the Dow vs. bond prices, which indicates that the Dow will fall further.
UnlockRatingETF Highlight
Hamilton Enhanced U.S. Covered Call ETF (HYLD): HYLD is designed for long-term investors seeking to meet monthly income needs. The fund aims to provide attractive monthly income and long-term capital appreciation from a diversified portfolio of primarily US holdings. HYLD’s holdings are strictly other Hamilton ETF products. This can be characterized as a ‘Fund of Funds’ since its holdings are all other ETFs. HYLD is available in two options being CAD-hedged (HYLD) or USD-unhedged (HYLD.U) to help investors meet their income needs in either currency. HYLD’s top five holdings are SMAX (64.7%), QMAX (27.4%), LMAX (12.3%), FMAX (8.1%), and AMAX (5.5%). HYLD uses 25% cash leverage to boost yield and growth potential.
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Wall St. flat amid earnings, TSX fades
Wednesday saw major earnings on Wall Street with dramatically different results. Tesla reported a miss late Tuesday but soared 12.06% Wednesday on news of a cheaper EV coming. Also rocketing was Hasbro by 11.18%, but Meta was less lucky after it reported a miss after the close which plunged shares11% after hours. Meta shares were down -0.52% during the day. Elsewhere, American Airlines closed -2.18% and Otis -4.21%. The U.S. 10-year yield barely moved to 4.64%. Bitcoin fell 3.4% to US$64,000.
Though sectors were mixed, the TSX sank 0.63% and fell below 22,000. Staples outperformed, but industrials and financials faded. Royal Bank closed -2.27%, Winpak rallied 7.23%, Silvercrest Metals shone 4.77%, but the railroads slid. CP closed -6.3% and CNR -4.77%. WTI declined 0.65% to US$83 while gold retreated to US $2,315.
🚗 Tesla Inc (TSLA-Q) +12.06%
🧩 Hasbro Inc (HAS-Q) +11.18%
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) -0.52%
🛫 American Airlines Group (AAL-Q) -2.18%
⚙ Otis Worldwide Corp. (OTIS-N) -4.21%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.4%
🏛 Royal Bank (RY-T) -2.27%
🏗 Winpak Ltd. (WPK-T) +7.23%
⛏ SilverCrest Metals Inc (SIL-T) +4.77%
🚂 Canadian Pacific Rail (CP-T) -6.3%
🚂 Canadian National R.R. (CNR-T) -4.77%
UnlockRatingHis buy points are constantly changing, much like the price targets. Sometimes he buys into strength, but it doesn't often happen.
For example, look at NVDA. He took profits, as it was bumping up against the price target. But after it reported, he realized that the price target was much lower and bought into that strength.
Drop the guest a line and he's happy to chat about how a particular stock's price targets may have changed.
Weekly 52-Week Low (or 52-Week High): AYA-T, FAR-T, BLDP-T, LGO-T and More 52-Week Highs and Lows (Apr 17-23)
52-Week High TSX Stocks Here’s this week’s 52-week high stocks on Stockchase… 🛢 Basic Materials 🚚 Industrials ⚡ Energy 🏛 Financials 🛍 Consumer 👨⚕️ Healthcare 52-Week Low TSX Stocks Here’s this week’s 52-week lows stocks on Stockchase… 🚚 Industrials 🛍… read more
