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with Alan Tong

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With Allan Tong

05/08/2022 at 09:00pm

Mixed markets on jobs data

Friday saw the latest jobs numbers released in Canada and the U.S., but a mixed picture in stocks. Canada modestly lost jobs in July, and the TSX ticked down 0.09%, though gained 0.41% for the week despite weakness in crude oil prices. In contrast, the U.S. added jobs in July and remained at historic lows for unemployment. The S&P declined 0.16% and barely gained 1% for the week, while the Dow added 0.23% for the session and finished the week basically flat. Meanwhile, the Nasdaq retraced by 0.5%, but rose 2.76% for the week.

In Toronto, energy, industrials and materials led while staples and real estate lagged. WTI actually slipped 0.2% to $88.

Notable movers were Bombardier soaring 9.28%, Baytex 3.56%, TC Energy -3.17%, Canopy -5.15%, Teck Resources 5.32%, and TransAlta -5.61%. In New York, winners included JPMorgan up 3%, Freeport-McMoRan by 5.25%, Twitter up 3.56% as the company continues to battle Elon Musk. Meanwhile, losers were Warner Bros. Discovery at -16.53% (after reporting a heavy loss), Micron -3.69% and Tesla -6.63%. The U.S. 10-year yield climbed to 2.834% while Bitcoin climbed 1.5% to nearly $23,000.

🚂 Bombardier Inc (B) (BBD.B-T) +9.28%
🛢 Baytex Energy Corp (BTE-T) +3.56%
🛢 TC Energy (TRP-T) -3.17%
🌿 Canopy Growth Corp. (WEED-T) -5.15%
⛏ Teck Resources Ltd. (B) (TECK.B-T) +5.32%
💡 Transalta Corp (TA-T) -5.61%
🏛 JP Morgan Chase & Co (JPM-N) +3%
⛏ Freeport McMoran Copper & Gold (FCX-N) +5.25%
🐦 Twitter, Inc (TWTR-N) +3.56%
📺 Warner Bros. Discovery (WBD-Q) -16.53%
💾 Micron Technology (MU-Q) -3.69%
🚗 Tesla Motors Inc (TSLA-Q) -6.63%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.5%

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Stephanie Link, Chief investment strategist, Hightower
Stephanie Link, Chief investment strategist, Hightower on Halftime Report on CNBC 05/08/2022 at 07:12pm

US EQUITIES

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Today's hot jobs data The data this week has been very encouraging, like factory orders being better than expected and new orders in the ISM report. Inflation is coming down. However, the economy can handle higher interest rates; unemployment is only 3.5%. The Fed didn't pivot--and has no reason to--last month. She's more worried about 2023, because we don't know the effect of all these rate hikes. For now, though, things look pretty okay.
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Jim Lebenthal
Jim Lebenthal on Halftime Report on CNBC 05/08/2022 at 07:12pm

US EQUITIES

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Today's strong jobs data He's bullish not because of a perceived US Fed pivot, but because he believes in better-than-expected earnings going forward. He expects a soft landing. Inflation is of course the major headwind, but gasoline futures are off 33% from late June's peak and that has yet to show up at the pumps. Also, shipping rates are going down.
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Rob Sechan, Managing Partner, New Edge Capital
Rob Sechan, Managing Partner, New Edge Capital on Halftime Report on CNBC 05/08/2022 at 07:11pm

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Today's hot jobs report He's now cautiously optimistic. The market was too bearish until this current rally. But now this is stalling before serious resistance levels. The bond market has already priced in the good news, but is starting to pivot. Today's hot employment number changes the outlook over the Fed's rapid accommodation; the Fed doesn't want today's data. There will be ebbs and flows in this bear market bounce and the S&P could rise to 4,300, but at valuation will act as a ceiling. The Fed is still tightening and the economy is slowing.
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Sarat Sethi, Managing Partner, Douglas C. Lane & Assoc.
Sarat Sethi, Managing Partner, Douglas C. Lane & Assoc. on Halftime Report on CNBC 05/08/2022 at 07:11pm

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The S&P may not break 4,200, but parts of it like financials and energy are up today because rates are going up. He feels that the Fed will keep raising rates.
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Brendan Caldwell
Brendan Caldwell on Market Call (BNN TV) 05/08/2022 at 06:11pm

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Believes cannabis industry has potential (medical applications) despite recent market fallout within sector. Expecting consolidation within cannabis sector which will lead to growth. Advice to investors is to take losses and move on.
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