A bumpy week
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A bumpy week…
There were no big winners this week: The S&P was down 1.01%, the Nasdaq fell 2.19%, the Dow slipped 0.43% and the TSX declined 1.22%. The launch of an impeachment inquiry into Trump and the ongoing US-China trade war rattled markets up and down in New York and Toronto, like a jet bouncing through heavy turbulence. On Friday, the VIX leapt over 7% to $17.22 amid a lot of red on trading screens. In Canada, only some of the financials were green with Manulife up 0.50% to $24.16 and TD climbing 0.72% to $76.79.
Again, Trump lobbed a bomb into trading pits by announcing he may delist Chinese companies from American exchanges, which would heighten tensions in this ongoing trade war. On Friday, China‘s top diplomat told the U.N. that American tariffs could plunge the world into recession. In addition to the Nasdaq, Alibaba fell 5.15%, and Micron plunged 11.09% which also issued weak guidance.
But let’s put things in perspective. September is historically a tough month for stocks and, since Labour Day, the TSX is up 1.7% and financials like TD have gained 4.2%. Then again, October–another volatile month–is around the corner. At least hockey is coming.