Markets bounce back to trim week’s losses
The week was split into two. Monday through Wednesday saw sharp selling particularly of tech as surprisingly high U.S. inflation data pressured markets. Then, Thursday and Friday saw stocks rally across the board. All eyes were on the Nasdaq which reclaimed more than half the week’s losses, jumping 2.32% Friday to finish 323 points lower than the week before. Last Friday, the major indices ex-Nasdaq made record highs. The S&P rose 1.49% Friday and the Dow just over 1% to finish the week around 1-1.5% shy of previous heights.
Big gainers included Salesforce at 2.74%, Goldman Sachs 2.78%, American Airlines 5.61% and Adobe 2.62%. Few names lost ground, such as Disney at -2.6%. Gold climbed 1% and Bitcoin advanced 2% to rise above $50,000 again.
A strong rally in oil helped lift the TSX by 1.21%. The price of WCS surged nearly 3.5% and WTI by almost 2.5%. Unsurprisingly, energy names as well as materials and financials finished strongly. Peyto Exploration jumped 8.65%, Meg Energy 7.33% and Cineplex 7.06%. However, SNC Lavalin rocketed 16% after releasing Q1 earnings, Brookfield Asset Management popped 6% for similar reasons, while Marathon Gold soared over 13%. The battle of Kansas City Southern heated up as the American railway indicated that it preferred CN’s offer over CP’s. CN shares closed down 3.71% while CP slipped by 0.46%. Overlooked were the big banks including Royal and TD which continued to inch towards fresh highs. Another increase like Friday’s and the TSX will return to record territory.
💨 SalesForce.com Inc. +2.74%
🏛 Goldman Sachs +2.78%
🛫 American Airlines Group +5.61%
💾 Adobe Systems +2.62%
👸 Walt Disney -2.6%
🅱 The Bitcoin Fund +2%
🛢 Peyto Exploration & Develop. +8.65%
🛢 MEG Energy Corp +7.33%
🎞 Cineplex Inc +7.06%
🛢 SNC-Lavalin Group Inc. +16%
♻ Brookfield Asset Management Inc. +6%
🥇 Marathon Gold Corp +13%
🚂 Canadian National R.R. -3.71%
⛏ Canadian Pacific Rail -0.46%