Markets were quiet on Friday
Though volumes were in line with past days, markets were quiet on Friday, offering few dramatic stock moves or headlines. The TSX closed -0.24% and the Nasdaq -0.21% after rebounding Thursday. The S&P barely missed going positive at -0.02% while the Dow was the only major index to close in the green at 0.12%. The TSX closed slightly down for the week while its American peers finished slightly up. Again, nothing major.
The week began with continued rotation out of tech into cyclicals, then reversed course midweek. Americans are still awaiting a relief package from Washington, and still wrestling with an inordinately high number of COVID-19 cases while Europe, Asia and Canada have long had theirs under control.
Headlines were dominated by fresh economic data which diverged between Canada and the U.S. Canada boasted a record 20.7% leap in manufacturing sales in June, driven by cars and car parts. In the States, July retail sales widely missed estimates at 1.2% vs. the expected 2.3%, though it was the third straight month of increases. The TSX’s biggest gainer was Paramount Resources, soaring over 19%, while Premier Gold Mines fell nearly 5%. Despite reporting a 95% drop in Q2 revenue, Cineplex rallied 6.11%. In the U.S., Tesla rose 1.83% while Simon Property, a huge owner of malls, rose 3.27%.