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The S&P and Nasdaq broke records this week, but American indices on a holding pattern Friday as investors digested conflicting trade signals from Washington and Beijing. On Thursday, officials in American and China were reported as saying that tariffs would be reduced to pave the way for a phase one trade deal, but Trump denied that on Friday. Indices dipped slightly into the red Friday morning, but rallied before the close to finish slightly positive. The Nasdaq gained half a point Friday and a full point during the heady week. We may see more tentative days like Friday in the weeks to come as both superpowers hammer out a trade deal.
Gap shares tumbled 7.64% after the CEO quit and weak same-store sales for Q3 were reported. The spinoff of Old Navy is now up in the air. In Canada, the TSX gained respectably for Friday and the week, despite disappointing employment numbers. Cannabis stocks closed the week high, with Canopy (now in bed with Drake) up 12.69%, the Green Organic Dutchman up 11.96%, Cronos 7.65% and Aurora 6.79%. Mind you, weed stocks have been hammered this year, so they may finally be hitting bottom as Cannabis 2.0 kicks in.
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