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Weekly Market Snapshot

Week of January 17

  • Equity markets struggled this week amid a heavy wave of hawkish talk from the Federal Reserve.
  • The S&P 500 dipped 0.3%, with strength in energy offset by declines across most other groups.
  • The TSX outperformed, gaining 1.3% thanks to a rebound in oil prices and another upward move in the sector, along with banks.

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Week of January 10

  • Equity markets were tripped up this week by a more hawkish Federal Reserve, while economic data continue to point to strong growth and a tightening job market.
  • The S&P 500 slipped 1.8% by late Friday, but the high-flying Nasdaq was crunched a harder 4.1%.
  • The TSX fell a more modest 1%, as strength in energy and banks provided support.

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Week of December 20

2021: A Bullish Odyssey

  • Equity markets faced multiple waves of COVID, multi-decade highs on inflation and an abrupt shift in the monetary policy outlook. Yet, thanks to scorching demand, powerful earnings and some valuation expansion, stock markets powered right ahead.
  • Stocks rode the wave of broad asset price inflation in 2021, with the S&P 500 currently up a toasty 23% on the year.
  • This year, energy was the top performing sector on both sides of the border, up more than 40% in the U.S. at this point, and almost 40% in Canada.
  • Consistent with the theme of almost everything running in 2021, the relative performance of large and small companies nearly neutralized this year.
  • At this point, the yield curve has flattened somewhat, but is still steep enough to suggest that the Fed can easily raise rate three times next without much of an issue—perhaps that’s why stocks completely shrugged off this week’s more hawkish shift by the Fed to close out 2021.

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Week of December 13

  • The S&P 500 finished up a strong 3.8%, on the week and back into record territory, after a brief and mini 4% slip that seems to classify as a correction these days.
  • All sectors posted gains, with technology leading the pack up 6% on the week.
  • Meantime, the TSX added a more modest 1.2% and has now fallen noticeably behind over the past few months.

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Week of December 6

  • Equity markets are stumbled around this week, trying to reconcile a potential growth hit from any Omicron-related disruptions, against the Fed’s growing realization that policy is behind the curve.
  • The S&P 500 finished down 1.2%, but managed a solid rally later in the week as sentiment stabilized.
  • Note that, despite the downdraft in recent weeks, equities have barely budged, with the S&P 500 down only 3.5% on net from its record high. Weakness over that period has been concentrated in communication services, energy
    and materials, while utilities have held up well.

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Week of November 29

  • Equity Markets slid this week, including a deep Friday selloff in thin holiday trading that will dampen spirits.
  • The S&P 500 fell 2.2% on the week, finished off with a 2.3% decline in shortened Friday trading. Consumer Discretionary, Telecom and Technology were all down more than 3%, while Energy was the lone sector to hang on to a gain despite a slide in oil price to end the week.
  • The TSX was down 1.9% by late Friday, with all sectors in the red, and European Markets were down more than 5%.

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Week of November 23

  • Equity Markets were mixed again week, amid a general risk-off tone in global markets.
  • The S&P 500 added 0.3%, as gains in Consumer Discretionary and Tech outweighed declines across most other sectors, some of them deep.
  • The TSX gave back 1.0%, as Healthcare was thumped by almost 10% on the week.

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Week of November 15

  • Equity markets were mixed this week, with hot inflation still top of mind for investors.
  • The S&P 500 slipped 0.3%, as a 3.2% decline in Consumer Discretionary was a drag, while Energy and Utilities also struggled.
  • The TSX outperformed on the week, adding a solid 1.5% thanks to outsized rallies in Healthcare, Technology and Materials.

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Week of November 8

  • Equity markets rose this week, with strong economic data still flowing and the Federal Reserve largely meeting market expectations.
  • The S&P 500 rose 2.0%, led by consumer Discretionary and Technology, while Banks and Healthcare lagged.
  • All major sectors posted gains, with consumer stocks (both staples and discretionary) leading the pack.

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Week of November 1

  • Equity markets were mostly higher this week, seemingly unphased by all the inflation, disappointing economic growth and talk of looming tapering and rate hikes.
  • The S&P 500 rose 1.3%, led by Consumer Discretionary and Telecom, while Banks lagged.
  • The TSX dipped 0.8% as most sectors were down on the week.

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Week of October 25

  • Equity markets rose this week, quickly undoing the mini-correction that plagued much of September.
  • The S&P 500 rose 1.6%, led by Banks and Healthcare. The index quietly strung together seven consecutive daily gains before dipping Friday, taking it back to record levels.
  • Meantime, the TSX rose 1.4% on the week, led by a 5% jump in industrials. Canadian stocks have posted only one daily decline this month, as we push into the final week of trading—so far, the friendlier part of the calendar seems to be just that.

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Week of October 18

  • The S&P 500 Index rose 1.8%. Inflation fears abated while corporate earnings got off to a strong start, boosting risk assets. Technology stocks saw its strongest rally after a difficult September and contributed the most to gains, while Financials also had a strong week as banks posted record investment banking profits.
  • The S&P/TSX Index surged 2.5%. Resource prices helped lift the broad index as oil prices (WTI Crude) reached its highest level since 2014, crossing $80/barrel. Every sector was positive, while bank stocks tracked their U.S. counterparts higher despite a retreat in longer-term rates.
  • Beyond the sectors, value is now coming off the floor relative to growth, after the latter staged a strong comeback through the summer.
  • Europe’s STOXX 600 gained 2.7%, Japan’s Nikkei 225 Index soared 3.6%, and China’s CSI 300 Index returned a modest 0.3%.

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Week of October 11

  • Equity markets rebounded this week as debt ceiling concerns were relieved for now, and economic data were generally solid.
  • The S&P 500 rose 0.8% on the week, with Energy and Banks leading the advance. Defensives lagged, along with Technology.
  • Beyond the sectors, value is now coming off the floor relative to growth, after the latter staged a strong comeback through the summer.
  • The TSX rose 1.3%, led by a 3.5% jump in Energy stocks as WTI pushed through $80 at one point.

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Week of October 4

  • Equity markets slipped this week amid ongoing inflation pressure, debt ceiling risks and a broader cooling of market sentiment.
  • The S&P 500 was down 2.2% on the week, with Healthcare and Technology slumping.
  • The TSX fell 1.2% as a near -7% slide in Technology was offset by higher Energy stocks.
  • Europe’s STOXX 600 gained 0.3%, Japan’s Nikkei 225 Index fell 0.8%, and China’s CSI 300 Index was down 0.1%.

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Week of September 27

  • The S&P 500 Index rose 0.5%. Energy stocks once again led gains due to strong oil prices, while a steeper yield curve also boosted Bank Stocks at the expense of defensive, rate-sensitive sectors like Utilities and Real Estate.
  • The S&P/TSX Index fell 0.4%. The Energy sector was the strongest, while the all important Financials sector also managed a small gain as banks responded positively to higher yields. However, weakness in the Materials and Technology sectors proved too much to offset as the broad market suffered a third weekly decline.
  • Europe’s STOXX 600 gained 0.3%, Japan’s Nikkei 225 Index fell 0.8%, and China’s CSI 300 Index was down 0.1%.

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Week of September 20

  • The S&P 500 Index lost 0.6%. Energy stocks rallied on weak U.S. Crude inventory data, while Consumer Discretionary also managed to stay in the green thanks to travel-related stocks. Every other sector was negative, with Industrials, Utilities and Materials being the worst performers. August inflation data moderated, coming in below estimates after prices accelerated for much of the year.
  • The S&P/TSX Index fell 0.7%. The Energy sector managed to stay positive, while Real Estate also held up to continue its impressive year. Materials contributed heavily to losses due to its reliance on faltering precious metal prices, while a sell-off in grocers and food companies hurt the Consumer Staples sector.
  • Europe’s STOXX 600 lost 1%, Japan’s Nikkei 225 Index rose 0.4%, and China’s CSI 300 Index tumbled 3.1%.

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Week of September 13

  • The S&P 500 Index lost 1.7%, Every sector was negative in a shortened trading week as growth and inflation concerns hurt sentiment. Real Estate was the worst sector as investors took profits, although it remains the top performing sector YTD, while Technology was the largest detractor from weekly performance due to its size.
  • The S&P/TSX Index fell 0.9%. Canadian equities were also caught in a broad sell-off, although the Energy sector notably managed to stay positive. The all-important Financials sector suffered marginal losses, helping the TSX outperform its U.S. counterpart despite losses in the Materials and Industrials sectors.
  • Europe’s STOXX 600 lost 1.2%, Japan’s Nikkei 225 Index soared 4.3%, while China’s CSI 300 Index rallied 3.5%.

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Week of September 6

  • The S&P 500 Index rose 0.6%. Defensive sectors like Real Estate, Utilities and Consumer Staples were among the top performers as employment data from the Labor Department disappointed. Weak employment data also gave investors confidence that the Fed would hold off on tapering asset purchases, boosting Technology stocks.
  • The S&P/TSX Index rallied 0.9%, setting a new high despite downbeat GDP data. Stronger resource prices helped boost the loonie, as well as the Energy and Materials sectors. Real Estate stocks continued their strong run while the Financials sector was the main laggard as bank stocks declined.
  • Europe’s STOXX 600 fell 0.1%, Japan’s Nikkei 225 Index soared 5.4%, while China’s CSI 300 Index was up 0.3%.

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Week of August 30

  • The S&P 500 Index rose 1.5%. All eyes were on the Federal Reserve as Chairman Jerome Powell signaled little interest in raising rates in his Jackson Hole speech. Risk assets rallied—technology and internet stocks soared as the Nasdaq Composite Index hit new highs, while defensive sectors like Real Estate, Consumer Staples and Utilities all declined.
  • The S&P/TSX Index rallied 1.5%. Commodity sectors helped drive returns as Materials and Energy were among the leaders, with the latter feasting on a 10% climb in WTI oil prices. Trillium Therapeutics also made headlines by soaring 180% to lift the Health Care sector, after news broke of its acquisition by Pfizer in a US$2.26 billion deal.
  • Europe’s STOXX 600 added 0.75%, Japan’s Nikkei 225 Index gained 2.3%, while China’s CSI 300 Index was up 1.2%.

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Week of August 23

  • The S&P 500 Index lost 0.6% in a risk-off week. Economically sensitive sectors like Energy, Materials and Financials were the hardest hit as the spread of the Delta variant continues to depress commodity prices. Defensive sectors like Utilities, Real Estate and Consumer Staples led gains, while the all-important Technology sector managed a small gain thanks to Microsoft and Nvidia.
  • The S&P/TSX Index fell 0.9%. Its reliance on commodity sectors proved detrimental as Energy and Materials fell in tandem with oil and precious metals prices, while the loonie depreciated heavily against the USD. Financials were steady despite lower yields, as the big banks held firm relative to their U.S. counterparts.
  • Europe’s STOXX 600 pulled back 1.5%, Japan’s Nikkei 225 Index was down 3.5%, while China’s CSI 300 Index declined 3.6%.

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Week of August 16

  • The S&P 500 Index gained 0.7%, setting another new high. Energy was the only sector negative as the outlook for oil demand remains uncertain in light of rising coronavirus cases. Financials continued its march and is now the top-performing sector on a YTD and 1-year basis. The Technology sector was let down by semiconductor stocks.
  • The S&P/TSX Index rose 0.2%. Dividend stocks led as the Financials sector rallied with their U.S. counterparts. The Real Estate sector also continued its strong run, while the Health Care struggled amid a sell-off in marijuana stocks.
  • Europe’s STOXX 600 added 1.3%, Japan’s Nikkei 225 Index was up 0.6%, while China’s CSI 300 Index managed a 0.5% gain despite more regulatory pressure from Beijing.

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Week of November 23

  • Equity markets were mixed again week, amid a general risk-off tone in global markets.
  • The S&P 500 added 0.3%, as gains in Consumer Discretionary and Tech outweighed declines across most other sectors, some of them deep.
  • The TSX gave back 1.0%, as Healthcare was thumped by almost 10% on the week.

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Week of November 15

  • Equity markets were mixed this week, with hot inflation still top of mind for investors.
  • The S&P 500 slipped 0.3%, as a 3.2% decline in Consumer Discretionary was a drag, while Energy and Utilities also struggled.
  • The TSX outperformed on the week, adding a solid 1.5% thanks to outsized rallies in Healthcare, Technology and Materials.

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Week of November 8

  • Equity markets rose this week, with strong economic data still flowing and the Federal Reserve largely meeting market expectations.
  • The S&P 500 rose 2.0%, led by consumer Discretionary and Technology, while Banks and Healthcare lagged.
  • All major sectors posted gains, with consumer stocks (both staples and discretionary) leading the pack.

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Week of November 1

  • Equity markets were mostly higher this week, seemingly unphased by all the inflation, disappointing economic growth and talk of looming tapering and rate hikes.
  • The S&P 500 rose 1.3%, led by Consumer Discretionary and Telecom, while Banks lagged.
  • The TSX dipped 0.8% as most sectors were down on the week.

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Week of October 25

  • Equity markets rose this week, quickly undoing the mini-correction that plagued much of September.
  • The S&P 500 rose 1.6%, led by Banks and Healthcare. The index quietly strung together seven consecutive daily gains before dipping Friday, taking it back to record levels.
  • Meantime, the TSX rose 1.4% on the week, led by a 5% jump in industrials. Canadian stocks have posted only one daily decline this month, as we push into the final week of trading—so far, the friendlier part of the calendar seems to be just that.

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Week of October 18

  • The S&P 500 Index rose 1.8%. Inflation fears abated while corporate earnings got off to a strong start, boosting risk assets. Technology stocks saw its strongest rally after a difficult September and contributed the most to gains, while Financials also had a strong week as banks posted record investment banking profits.
  • The S&P/TSX Index surged 2.5%. Resource prices helped lift the broad index as oil prices (WTI Crude) reached its highest level since 2014, crossing $80/barrel. Every sector was positive, while bank stocks tracked their U.S. counterparts higher despite a retreat in longer-term rates.
  • Beyond the sectors, value is now coming off the floor relative to growth, after the latter staged a strong comeback through the summer.
  • Europe’s STOXX 600 gained 2.7%, Japan’s Nikkei 225 Index soared 3.6%, and China’s CSI 300 Index returned a modest 0.3%.

Read more



Week of October 11

  • Equity markets rebounded this week as debt ceiling concerns were relieved for now, and economic data were generally solid.
  • The S&P 500 rose 0.8% on the week, with Energy and Banks leading the advance. Defensives lagged, along with Technology.
  • Beyond the sectors, value is now coming off the floor relative to growth, after the latter staged a strong comeback through the summer.
  • The TSX rose 1.3%, led by a 3.5% jump in Energy stocks as WTI pushed through $80 at one point.

Read more



Week of October 4

  • Equity markets slipped this week amid ongoing inflation pressure, debt ceiling risks and a broader cooling of market sentiment.
  • The S&P 500 was down 2.2% on the week, with Healthcare and Technology slumping.
  • The TSX fell 1.2% as a near -7% slide in Technology was offset by higher Energy stocks.
  • Europe’s STOXX 600 gained 0.3%, Japan’s Nikkei 225 Index fell 0.8%, and China’s CSI 300 Index was down 0.1%.

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Week of September 27

  • The S&P 500 Index rose 0.5%. Energy stocks once again led gains due to strong oil prices, while a steeper yield curve also boosted Bank Stocks at the expense of defensive, rate-sensitive sectors like Utilities and Real Estate.
  • The S&P/TSX Index fell 0.4%. The Energy sector was the strongest, while the all important Financials sector also managed a small gain as banks responded positively to higher yields. However, weakness in the Materials and Technology sectors proved too much to offset as the broad market suffered a third weekly decline.
  • Europe’s STOXX 600 gained 0.3%, Japan’s Nikkei 225 Index fell 0.8%, and China’s CSI 300 Index was down 0.1%.

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Week of September 20

  • The S&P 500 Index lost 0.6%. Energy stocks rallied on weak U.S. Crude inventory data, while Consumer Discretionary also managed to stay in the green thanks to travel-related stocks. Every other sector was negative, with Industrials, Utilities and Materials being the worst performers. August inflation data moderated, coming in below estimates after prices accelerated for much of the year.
  • The S&P/TSX Index fell 0.7%. The Energy sector managed to stay positive, while Real Estate also held up to continue its impressive year. Materials contributed heavily to losses due to its reliance on faltering precious metal prices, while a sell-off in grocers and food companies hurt the Consumer Staples sector.
  • Europe’s STOXX 600 lost 1%, Japan’s Nikkei 225 Index rose 0.4%, and China’s CSI 300 Index tumbled 3.1%.

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Week of September 13

  • The S&P 500 Index lost 1.7%, Every sector was negative in a shortened trading week as growth and inflation concerns hurt sentiment. Real Estate was the worst sector as investors took profits, although it remains the top performing sector YTD, while Technology was the largest detractor from weekly performance due to its size.
  • The S&P/TSX Index fell 0.9%. Canadian equities were also caught in a broad sell-off, although the Energy sector notably managed to stay positive. The all-important Financials sector suffered marginal losses, helping the TSX outperform its U.S. counterpart despite losses in the Materials and Industrials sectors.
  • Europe’s STOXX 600 lost 1.2%, Japan’s Nikkei 225 Index soared 4.3%, while China’s CSI 300 Index rallied 3.5%.

Read more



Week of September 6

  • The S&P 500 Index rose 0.6%. Defensive sectors like Real Estate, Utilities and Consumer Staples were among the top performers as employment data from the Labor Department disappointed. Weak employment data also gave investors confidence that the Fed would hold off on tapering asset purchases, boosting Technology stocks.
  • The S&P/TSX Index rallied 0.9%, setting a new high despite downbeat GDP data. Stronger resource prices helped boost the loonie, as well as the Energy and Materials sectors. Real Estate stocks continued their strong run while the Financials sector was the main laggard as bank stocks declined.
  • Europe’s STOXX 600 fell 0.1%, Japan’s Nikkei 225 Index soared 5.4%, while China’s CSI 300 Index was up 0.3%.

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Week of August 30

  • The S&P 500 Index rose 1.5%. All eyes were on the Federal Reserve as Chairman Jerome Powell signaled little interest in raising rates in his Jackson Hole speech. Risk assets rallied—technology and internet stocks soared as the Nasdaq Composite Index hit new highs, while defensive sectors like Real Estate, Consumer Staples and Utilities all declined.
  • The S&P/TSX Index rallied 1.5%. Commodity sectors helped drive returns as Materials and Energy were among the leaders, with the latter feasting on a 10% climb in WTI oil prices. Trillium Therapeutics also made headlines by soaring 180% to lift the Health Care sector, after news broke of its acquisition by Pfizer in a US$2.26 billion deal.
  • Europe’s STOXX 600 added 0.75%, Japan’s Nikkei 225 Index gained 2.3%, while China’s CSI 300 Index was up 1.2%.

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Week of August 23

  • The S&P 500 Index lost 0.6% in a risk-off week. Economically sensitive sectors like Energy, Materials and Financials were the hardest hit as the spread of the Delta variant continues to depress commodity prices. Defensive sectors like Utilities, Real Estate and Consumer Staples led gains, while the all-important Technology sector managed a small gain thanks to Microsoft and Nvidia.
  • The S&P/TSX Index fell 0.9%. Its reliance on commodity sectors proved detrimental as Energy and Materials fell in tandem with oil and precious metals prices, while the loonie depreciated heavily against the USD. Financials were steady despite lower yields, as the big banks held firm relative to their U.S. counterparts.
  • Europe’s STOXX 600 pulled back 1.5%, Japan’s Nikkei 225 Index was down 3.5%, while China’s CSI 300 Index declined 3.6%.

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Week of August 16

  • The S&P 500 Index gained 0.7%, setting another new high. Energy was the only sector negative as the outlook for oil demand remains uncertain in light of rising coronavirus cases. Financials continued its march and is now the top-performing sector on a YTD and 1-year basis. The Technology sector was let down by semiconductor stocks.
  • The S&P/TSX Index rose 0.2%. Dividend stocks led as the Financials sector rallied with their U.S. counterparts. The Real Estate sector also continued its strong run, while the Health Care struggled amid a sell-off in marijuana stocks.
  • Europe’s STOXX 600 added 1.3%, Japan’s Nikkei 225 Index was up 0.6%, while China’s CSI 300 Index managed a 0.5% gain despite more regulatory pressure from Beijing.

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