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Weekly Market Snapshot

Week of August 8

  • Equity markets were mixed this week, as last week’s post-FOMC rally carried over, but eventually ran into the reality of continued tightening.
  • The S&P 500 added 0.4% when all was said and done, and is now down 13% on the year after a strong bounce off the June lows.
  • Consumer discretionary, technology and telecom services posted modest gains, while energy was hammered almost 7% alongside a drop in WTI prices to below $88 at one point. Don't overlook the importance of oil prices here, as weakness helps the inflation backdrop immensely, and non-energy stocks have rallied on any price declines.

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Week of August 1

  • Equity markets rallied this week despite a second-consecutive decline in quarterly U.S. real GDP, and an outsized 75 bp rate hike by the Federal Reserve.
  • For markets that have been under heavy pressure this year, largely because of higher rates and weakening growth, this might rightfully seem a tad counterintuitive.

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Week of July 25

  • Equity markets rallied this week, with a sense that inflation pressure is easing in some quarters.
  • The S&P 500 rose 2.5% to within striking distance of the 4,000 level, led by strong gains in consumer discretionary, industrials and technology. The TSX added 3.2%, as banks rebounded more than 4%.
  • While acute inflation pressure might be near peaking, it appears to be coming with consequences as the economic data, from housing to regional Fed activity, were largely on the weak side of the ledger. As such, 10-year Treasury yields fell to below 2.8%, deepening the yield curve inversion with the 2-year.

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Week of July 18

  • Equity slipped this week alongside some key U.S. inflation data and an even sharper-than-expected Bank of Canada rate hike.
  • The S&P 500 fell 0.9%, with energy and telecom deepest in the red. That leaves the index down 18.9% on the year, with all sectors but energy in the red.
  • Meantime, the TSX was down 3.3%, with banks losing almost 6% on the week, and now 15.6% on the year—an inverted yield curve and flagging housing activity can't be helping there. Note that the TSX has now lagged the S&P 500 over the past three months, as some of the inflation trade unwinds.

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Week of July 11

  • Equity markets bounced this week, thanks to some prior relief from bond yields, and a feeling that inflation could be peaking—although we’re still far from clear sailing.
  • The S&P 500 rose 1.6% by mid-day Friday, led by strong gains in consumer discretionary, technology and telecom services—all areas of the market that have been in distress in recent months. Energy, utilities and materials all lagged.
  • Meantime, the TSX added 0.8%, and has suddenly underperformed the S&P 500 over the past few months. While health care, technology and consumer sectors were strong, a selloff in energy weighed heavy on the index.

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Week of July 4

  • Here are a few simple but important points to note as we move into the second half of the year:
  • The S&P 500 has slid into bear market territory, down more than 20% from its closing high.
  • The forward price-to-earnings ratio on the S&P 500 has fallen to just below 16, a 6-point compression since last fall.
  • Earnings expectations to this point have held firm, with calendar-2022 growth in S&P 500 profits currently expected at just under 10%, compared to around 9% coming into the year.

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Week of June 27

  • Equity markets rebounded this week, as a pullback in bond yields and oil prices helped sentiment.
  • The S&P 500 jumped 6.4%, with all sectors but energy posting strong gains. Consumer discretionary and technology, under heavy pressure for much of the year, posted gains in excess of 7%.
  • 10-year Treasury yields backed off to just above 3% at one point this week, from 3.5% 10 days ago. The market is starting to sense that near-term Fed tightening will relent to eventual easing as the economy weakens. Meantime, WTI finished the week at the $108 mark, down from north of $120 earlier in the month.

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Week of June 20

  • The cold reality of rapidly-tightening monetary policy continued to set in this week, with equity markets sliding and the Federal Reserve notching the largest single rate hike since 1994.
  • The S&P 500 fell 5.1% with all sectors deep in the red, and the broad index dipping into official bear market territory.
  • The TSX was down 2.5%, with similar widespread declines across all groups.

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Week of June 13

  • Equity markets slumped this week, and it’s the same story on repeat—inflation is persisting, and central banks need to fight it.
  • The S&P 500 fell 5.1%, with sharp declines in banks, technology and consumer discretionary.
  • Meantime, the TSX was down 2.5%, with health care down more than 10%, while all other sectors were also in the red.

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Week of June 6

  • Equity markets were mixed this week, after the reality of an extremely tight job market and persistent inflation dragged stocks back down on Friday.
  • The S&P 500 fell 1.2% on the week, with health care and financials lagging.
  • The TSX added 0.2%, with solid gains in energy, industrials and consumer staples lending support.

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Week of May 30

  • Equity markets rebounded this week, helped by a pullback in long-term interest rates and some reassuring earnings reports.
  • The S&P 500 jumped 6.6%, with hefty gains across banks, energy, tech and consumer discretionary. The economic data run had a soft-ish tint to it, which helped pull down yields. The 10-year Treasury yield closes the week at 2.75%, down almost 40 bps from the early-May high. With 2-year yields edging down as well, to 2.47%, the 2s10s curve remains positive at +28 bps.
  • Stocks and the bond market both seem to still be grappling with how this bout of inflation and tightening will evolve beyond this year—that is, will the valuation adjustment to higher rates so far seen in stocks progress into an earnings slump as well? Time, as they say, will tell.

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Week of May 23

  • Equity markets continued to slump this week with little to change the narrative on stubborn inflation, tightening monetary policy and cooling growth.
  • The S&P 500 fell 3.0% on the week, while the Nasdaq gave back another 3.8%.
  • Canadian stocks held up, however, with the TSX adding 0.5%. The outperformance was largely because of less exposure (and less weakness) to consumer stocks that got clobbered this week. And so, the valuation reset continues.

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Week of May 16

  • Equity markets struggled again this week, with no sign of relief on the inflation or monetary policy fronts.
  • The Nasdaq is well into bear market terrain, down almost 30% from its high at one point, the S&P 500 is flirting with that territory, down 18% before a Friday rally, while the much sturdier TSX even wandered into the correction camp, down 10.8% before a bounce to close out the week.

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Week of May 9

  • Equity markets fell again this week in volatile trading, as the Federal Reserve raised rates 50 bps, and a made it perfectly clear that more like-sized moves are coming.
  • The S&P 500 was down 0.2%, but with some wild swings around the Fed meeting. Canadian stocks gave back 0.6%, while the Nasdaq shed 1.5%, including a 5% spill on Thursday.
  • The reality of tighter policy and a mopping up of liquidity seems to have now sunk in for equity investors.

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Week of May 2

  • Equity markets endured a wild week of trading, with earnings results, tighter policy and slowing growth all piling on to drag markets down.
  • The S&P 500 fell 3.3%, and looks to be in some distress, closing below the lows set in mid-March. Consumer discretionary and banks led the declines on the week, and the index is now down 1.9% from year-ago levels, and 13.3% in 2022.
  • Meantime, the TSX has been pulled out of hiding as well, down 2% on the week as a number of names that have held up well are suddenly also struggling. Canadian stocks are still up 7.8% from a year ago, but are off 2.2% in 2022.

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Week of April 18

  • The S&P 500 fell 2.4%, with gains in energy and materials outweighed by weakness in technology, telecom and banks.
  • Earnings season is just getting underway, and it will be an important one with valuations currently getting tested by higher interest rates.
  • Meantime, the TSX inched up 0.1%, thanks to a heavy weight in energy and materials.

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Week of April 11

  • Equity markets struggled this week, with another round of hawkish talk and higher bond yields weighing.
  • The S&P 500 fell 1.3%, with technology and consumer discretionary deepest in the red. Defensive sectors, along with energy, were firm again.
  • Meantime, the TSX dipped 0.4%, as rallies in consumer staples, energy and telecom offset declines in banks, tech and industrials.

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Week of April 4

  • Equity markets were mixed this week, closing out a very volatile quarter mostly in the red.
  • The S&P 500 added 0.1%, as banks shed more than 6% on the week, while energy, industrials and materials were also weaker. The defensive stalwarts (utilities consumer staples and health care), however, posted gains. With Q1 in the books, the index sits down 4.6% on the year, but still up 13% from year-ago levels.
  • Meantime, the TSX gave back 0.2% this week, but held up much better through the quarter, still hanging on to a 3.4% advance in 2022.

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Week of March 28

  • Equity markets extended their rebound this week, despite a wave of hawkish central bank speakers who further reinforced that rate hikes are coming in hot.
  • The S&P 500 rose 1.8%, led by a 7.4% jump in energy, along with gains in all other sectors but health care.
  • The TSX added 0.9%, as a pullback in banks and tech held back the Canadian index.

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Week of March 21

  • Equity markets rallied sharply this week, despite ongoing geopolitical uncertainy and an even more hawkish Federal Reserve.
  • The S&P 500 bounced 6.2%, led by 7%-plus rebounds in financials, consumer discretionary and technology. The index has run right back into its 200-day moving average, so next week could be a technical test.
  • Meantime, the TSX added a much more modest 1.7% on the week, but keep in mind that Canadian stocks have held up extremely well, with the index closing the week at a record high.

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Week of March 14

  • Equity markets endured another choppy week, which included a wild ride for oil prices amid ongoing uncertainty in Ukraine.
  • The S&P 500 fell 2.9%, with all sectors but energy in the red.
  • The TSX added 0.3%, another relative win, as gains in materials, energy and utilities outweighed softness almost everywhere else.

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Week of March 7

  • Equity markets continued their volatile trade this week amid ongoing geopolitical uncertainty and monetary policy tightening.
  • The S&P 500 dipped 1.6% by late Friday, with strength in energy and utilities partly offsetting deep declines in technology and banks. The market continues to trade poorly, with the index stuck below its 50- and 200-day averages, and a crossover looming.
  • Fundamentally, geopolitical uncertainty, inflation, tighter policy and a flat yield curve don’t paint a rosy picture. That said, various market sentiment metrics are now probing bearish reading typically seen around correction lows, which is usually a necessary (but not sufficient) condition to find a turning point.

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Week of February 28

  • Russia’s invasion of Ukraine came as another forceful shot to an equity market that was already grappling with persistent inflation pressure and a looming monetary policy tightening cycle.
  • No bother, the S&P 500 finished the week up 0.8%, after some wild intraday swings, but still sits down 8% on the year.
  • Defensives led on the week, while banks and consumer stocks lagged. The Nasdaq swung even more dramatically to finish up 1.1%, while the TSX rose 0.5%.

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Week of February 21

  • Equity markets posted another choppy week with more inflationary North American data pointing to rate hikes, as well as ongoing will-they-or-won’t-they fears of a Russian invasion of Ukraine.
  • The S&P 500 closed the week down 1.6% with consumer staples posting the only gain among sectors. Meantime, the TSX dropped 2.5% as one of the worst performers of the week, though it remained firmly above its 200-day moving average.
  • A flatter yield curve sparked fears of a recession; while the 10s/2s spread has narrowed this month, we’d note that at around 50 bps, it’s currently off Monday’s lows.
  • Gold rallied this week, though it has stepped back from earlier highs, and oil ended a volatile week up 2% to around $91.70

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Week of February 14

  • Equity markets were choppy this week, as the market readies itself for Federal Reserve rate hikes, and on word that Russia will invade Ukraine.
  • The S&P 500 was down 1.7% by late Friday, with gains in banks, materials and energy offset by weakness across most other groups.
  • Meantime, the TSX held up better, as it has been doing, up 1.2% on the week. In general, financials were supported by this week’s sharp backup in 10-year Treasury yields, which pushed above 2% for the first time since 2019, while gold and oil rallied.

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Week of February 7

  • Equity markets are still coming to grips with the looming tightening cycle and more persistent inflation backdrop.
  • The S&P 500 rose 1.5% in a choppy week including some high-profile earnings-related selloffs, while the TSX rose 2.6%.
  • While an abrupt change in policy and multi-decade highs on inflation are tough pills to get down, so far the market seems to be doing just about what it should be doing.

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Week of January 31

  • U.S. equities snapped a three-week losing streak after a Herculean late-Friday rally, with the S&P rising 0.8%.
  • In Canada, the TSX also popped its head above water on Friday, rising 0.6%.
  • Strength in energy, consumer staples and telecom outweighed weakness in health care and materials.

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Week of January 24

  • Equity markets slid this week, as froth continues to come out of the market ahead of Federal Reserve tightening.
  • The S&P 500 fell 5.7%, with all sectors in the red.
  • The Nasdaq fared worse, down a steep 7.6% on the week with some pandemic darlings—think Peloton, Netflix, etc.— under heavy assault
  • Meantime, with less exposure to the most heated areas of the market, the TSX 'outperformed' again, down a more modest 3.4%.

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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%.

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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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