Dow make new high, TSX fades

It was a good week for Bay and Wall streets as all the major indices gained, despite a mixed Friday. The key event this past week was the U.S. Fed not only holding rates as expected, but considering interest rate cuts in 2024. The major American indices rose 2.5-2.9% over the week. On Friday, the S&P was flat, but the Nasdaq added 0.35% and the Dow 0.15% to make another record close of 37,305 despite a see-saw session.

Key names were Intel advancing 2.14%, Amazon 1.73%, MGM at -3.49%, Illumina -3.34% and Costco jumping 4.45% after reporting a positive quarter. Rates continued to fall as the U.S. 10-year yield ticked down to 3.913%. Meanwhile, Bitcoin shed 2% to $42,200.

It was a different story on Bay Street. Unlike the U.S. Fed’s Jay Powell, the Bank of Canada’s Tiff Macklem announced it was “still too early” to cut rates, which echoed with the sentiments of the ECB’s Christine Lagarde. All Canadian sectors fell on Friday, led by real estate, estate and energy. Major movers included Manulife which closed -1.4%, the Bank of Nova Scotia -1.87%, Canadian Apartment REIT -5.54% and BCE -3.61%. Gildan jumped 4.06% amid corporate turmoil. For the week, the TSX still gained over 1%. Meanwhile, WTI crude was flat around $71.60.

💾 Intel (INTC-Q) +2.14%

📦 Amazon.com, Inc. (AMZN-Q) +1.73%

♠ MGM Resorts International (MGM-N) -3.49%

🧫 Illumina Inc. (ILMN-Q) -3.34%

🛒 Costco Wholesale Corporation (COST-Q) +4.45%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2%

🏛 Manulife Financial (MFC-T) -1.4%

🏛 Bank of Nova Scotia (BNS-T) -1.87%

🏛 Canadian Apartment Properties (CAR.UN-T) -5.54%

📱 BCE Inc. (BCE-T) -3.61%

👕 Gildan Activewear Inc. (GIL-T) +4.06%