Tech leads mixed earnings to end down week
In the heart of American earnings season, tech ruled on Friday with Amazon leaping 6.82% and Intel 9.1%. Their rallies helped lift the Nasdaq by 0.38% for the session, but the index was still down by 2.6% for the week. The S&P closed -0.48% though stayed above 4,100, and the Dow -1.12% on Friday. The S&P sank over 2% for the week and the Dow less than 2%. The latest U.S. inflation numbers met expectations, which offered some good news, but fears remain that the U.S. Fed will raise rates next week. Elsewhere, Ford tanked 12.42% and Chevron skidded about 6% after reporting. The U.S. 10-year yield held around 4.837% while Bitcoin sank 1.3% to $33,700.
In contrast, the Canadian marked fared better, down 1.6% for the week, though shed 0.83% on Friday. All sectors except materials lost ground, especially staples, financials and discretionary. Key movers were Royal Bank at -1.58% as the most-traded stock, Dye & Durham up 7.11%, Brookfield Infrastructure Partners -4.82% and Eldorado Gold 9.36%. WTI regained 2.3% to trade over $85.