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Weekly Market Snapshot

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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