Market weakness despite bank earnings

Markets ended a positive week on a modestly downbeat note despite U.S. reporting upbeat reports. Both Canada and the U.S. reported weaker manufacturing numbers but investors continue to fret over the next U.S. Fed hike. The Nasdaq closed 0.38% Friday, the S&P -0.22% and the Dow -0.43%. All indices gained around 1.3% for the week.

Banks led gainers: JP Morgan 7.5% and Citigroup 5.25% after reporting beats and positive guidance. However Boeing sank 5.42% after announcing a supply shortage. The US 10-year yield was 3.511% while Bitcoin stayed above $30,000.

The TSX added five points on Friday but 2% over the week. Sectors were mixed. Staples rallies. Materials lagged. Onex rose 5.02%, Cenovus -1.64% and Athabasca Oil climbed 3.05%.

🏛 JP Morgan Chase & Co (JPM-N) +7.5%
🏛 Citigroup Inc. (C-N) +5.25%
🛫 Boeing (BA-N) -5.42%
🏛 Onex Corp (ONEX-T) +5.02%
🛢 Cenovus Energy (CVE-T) -1.64%
🛢 Athabasca Oil Sands Corp (ATH-T) +3.05%