Markets Mixed at Friday Finish

The S&P 500 erased earlier gains and finished Friday near the flatline as the tech sector came under pressure again amid another drop in bitcoin price.

The Dow Jones Industrials came down from its daily highs, but still surged 123.69 points to close Friday at 34,207.84, thanks to a jump in Boeing shares.

The S&P 500 dropped 3.26 points to 4,155.86.

The NASDAQ tumbled 64.75 points to 13,470.99.

For the week, the S&P 500 fell 0.4% to register for its first back-to-back weekly losses since February. The blue-chip Dow dipped 0.5% on the week, while the NASDAQ eked out a 0.3% gain this week, breaking a four-week losing streak.

Shares of Nvidia jumped 2.6% after the chip giant announced a 4-for-1 stock split. The shares increased even though the split adds no actual value to the stock.

Ford, which said it has 20,000 reservations for its new electric F-150 pickup, … Read the rest

TSX Retreats on Day, Hikes on Week

Stocks in Toronto tottered much of the day Friday, en route to the first long weekend of the summer, before wallowing into the red, as real-estate and consumer stocks both moved lower.

The TSX let go of gains and forfeited 15.65 points to end Friday at 19,527.30,, even so, hanging onto a gain on the week of 162 points, or 0.83%.

The Canadian dollar dipped 0.14 cents to 82.88 cents U.S.

Markets in Canada will be shuttered for Victoria Day.

Real-estate proved the biggest anchor around the necks of the market, with units of Dream Industrial REIT sinking 41 cents, or 2.9%, to $13.73, while First Service Corporation sliding $5.31, or 2.7%, to $192.78.

Among consumer staples, George Weston lost $1.85, or 1.6%, to $117.51, while Alimentation Couche-Tard shares dropping 48 cents, or 1.1%, to $43.79.

Among resource stocks, Turquoise Hill skidded 50 cents, or 2.4%, to $20.23, while First … Read the rest

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Though our country’s economy has over the last couple of decades relied heavily on its oil production, we must find ways to diversify our economy and avoid the over reliance on oil.

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Shortened Week Ahead in Canada

Monday

U.S.

Featured Earnings

Nordson Corporation (NASDAQ:NDSN) (Q3) EPS estimate of $1.62, compared to $1.58 in the prior-year quarter.

Agora Inc. (NASDAQ:API) (Q1) EPS estimate for loss of one cent, compared to loss of $1.20 in the prior-year quarter.

America’s Car Mart (NASDAQ:CRMT) (Q4) EPS estimate of $2.69, compared to $1.35 in the prior-year quarter.

Canada

Canadian markets are shuttered for Victoria Day

Tuesday

U.S.

Economic Lookahead

CoreLogic Case-Shiller national home price index (March)

Consumer confidence index (May)

New home sales (April)

Featured Earnings

Intuit Inc. (NASDAQ: INTU) (Q4) EPS estimate of $5.39, compared to $4.18 in the prior-year quarter.

Agilent Technologies Inc. (NYSE: A) (Q2) EPS estimate of 82 cents, compared to 71 cents in the prior-year quarter.

AutoZone, Inc. (NYSE:AZO) (Q3) EPS estimate of $18.62, compared to $14.39 in the prior-year quarter.

Canada

Featured Earnings

Allegiant Gold (T.AUAU) (Q4) EPS estimate for loss of one cent, compared to … Read the rest

TSX Ends Slump, with Help from Tech, Staples

Equities in Toronto ended their slump most emphatically Thursday, with muscle being lent by tech and consumer staple stocks.

The TSX muscled up 125.92 points to conclude Thursday at 19,547.95.

The Canadian dollar sprang up 0.05 cents to 82.94 cents U.S.

The largest percentage gainer on the TSX was Lightspeed POS, which jumped $10.42, or 15%, to $80.03.

Elsewhere in techs, Tecsys jumped $1.64, or 4%, to $42.31.

In consumer staples, North West Company piled on $1.07, or 3%, to $36.83, while SunOpta grabbed 46 cents, or 3%, to $15.68.

Canadian Pacific Railway rose $2.30, or 2.4%, to $97.35, after reiterating its commitment to buy Kansas City Southern and asked the U.S. railroad operator to reject rival Canadian National Railway’s takeover offer.

ATA Automation climbed $1.76, or 6.1%, to $30.56.

Energy prove the only downer, with Crescent Point Energy down 15 cents, or 3.1%, to $4.74, and Enerplus 21 cents … Read the rest

Dow Ends Wild Session Way off Lows

U.S. stocks cut sharp losses and ended the wild session far off their lows on Wednesday as cryptocurrency prices largely recovered, but the weakness in speculative pockets of the market still weighed on sentiment.

The Dow Jones Industrials came off their lows of the day, but still submerged 164.62 points below breakeven to 33,896.04

The S&P 500 still lost 12.15 points, to 4,115.68, as nine out of 11 sectors registered losses.

The NASDAQ fought its way back to within 3.9 points of breakeven to 13,299.74, as some of the major tech stocks reversed higher including Facebook, Netflix, Microsoft and Alphabet.

The major averages briefly added to their losses in afternoon trading after the Federal Reserve’s minutes from its April meeting hinted at reconsidering its asset purchase programs in upcoming meetings.

The Fed’s minutes said a strong pickup in economic activity would warrant discussions about tightening monetary policy in the coming … Read the rest

The Downfall Of An Economy

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Techs Turn Negative, Dow Goes South

Major U.S. stock indexes wiped out earlier gains and closed at their session lows on Tuesday as Big Tech stocks reversed lower, while data showing housing starts dropped sharply last month also weighed on sentiment.

The Dow Jones Industrials tumbled 267.13 points to 34,060.66.

The S&P 500 skidded 35.46 points to 4,127.83.

The NASDAQ gave up earlier gains and slid 75.41 points to 13,303.64, as Apple, Amazon, Facebook and Alphabet all rolled over and fell more than 1% on the day.

Investors also digested better-than-expected earnings from big retailers. Walmart shares jumped more than 2% after reporting strong grocery sales and e-commerce growth for the quarter. Macy’s posted a surprise profit and hiked its full-year outlook, but its shares erased earlier gains and dipped 0.4%.

Home Depot reported earnings of $3.86 a share for the previous quarter, much higher than the $3.08 expected by analysts. Net sales surged 32.7%, more … Read the rest

Triple-Digit Gains for TSX

Equities in Canada’s largest centre gained ground Monday, with resource stocks leading the way.

The TSX zoomed 107.96 points to close Monday to 19,474.65.

The Canadian dollar gained 0.31 cents Monday to 82.87 cents U.S.

Gold was the champion of the day, with Equinox Gold triumphing 88 cents, or 8.7%, to $10.97, while Iamgold picked up 29 cents, or 7.2%, to $4.34.

In other resource issues, Endeavour Silver charged ahead 79 cents, or 10.9%, to $8.02, while First Majestic Silver improved $1.51, or 7.8%, to $20.92.

In energy, Whitecap Resources ballooned 32 cents, or 5.7%, to $5.93, while Vermilion Energy gained 48 cents, or 5.1%, to $9.85.

Industrials cast the biggest pall on the market, with Badger Daylighting sliding $1.41, or 3.4%, to $40.30, while Canadian Pacific dumped $3.02, or 3.1%, to $93.99.

Tech issues also finished negative, with Hut 8 Mining descending 58 cents, or 10.4%, to $5.01, while … Read the rest

S&P Jumps as Tech Rebounds, Ends Wild Week

U.S. stocks jumped on Friday, rebounding for a second day led by technology shares and reopening trades after Wall Street started the week with big losses.

The Dow Jones Industrials soared 360.62 points, or 1.1%, to 34,382.07.

The S&P 500 gained 61.36 points, or 1.5%, to 4,173.86.

The NASDAQ jumped 304.99 points, or 2.3%, to 13,429.98.

The major averages experienced a roller-coaster week that saw the blue-chip Dow drop nearly 1,200 points from Monday to Wednesday. The S&P 500 lost 4%, and the NASDAQ fell 5% during that period.

The indexes have since rebounded from the steep selloff, but they still posted modest losses for the week as inflation fears hit sentiment.

The Dow and the S&P 500 fell more than 1% each this week, while tech stocks got hit especially hard, pulling the NASDAQ down over 2.3% for the week.

Tech stocks were the biggest outperformers Friday. Tesla gained … Read the rest