North American markets gained on Thursday, stopping this week’s sell-off…for now. American American indices, the Nasdaq recovered the most, finishing up 1.12% at 7,872. In contrast, the TSX modestly rose 0.36% to 16,309. Notable gainers showing resilience during this week’s sell-off have been Visa, which closed Thursday at $172.87, up 1.79%, just shy of its Friday close of $174; and Facebook which climbed 2.74% to $179.36 which was actually higher than its Friday close.
Ironically, investor sentiment turned positive Thursday, because weak U.S. economic data could lead the U.S. Fed to cut interest rates yet again. Wider worries continue though. Tensions have flared up in Europe after Trump announced 10% tariffs on Airbus airplanes and 25% duties on French wine, Scotch and Irish whiskies and cheese across Europe to punish the continent for awarding the airline EU subsidies.
Meanwhile, Wall Street still fears that the US-China trade war could push the world into recession. Those negotiations resume next week. More immediately, Friday sees the release of the latest U.S. jobs report, and many are bracing for soft numbers. This could resume the market sell-off. Stay tuned.