Market View

Major index futures started to soar as May jobs report came in much better than feared for both the US and Canada. Canada added 289.6k jobs in May. OPEC moved up discussions on whether to extend production cuts to Saturday. The US dollar rose while gold was weighed down by gains in equities. The Canadian dollar was 74.6 cents. U.S. S&P500 was up 5.4% this week and the TSX ended the week up 4.4%.

Energy rose 18.0% this week, and financials and consumer discretionary jumped 9.0% and 8.5%, respectively. Consumer staples slid 0.5%, while technology ended the week flat. Enghouse systems reported a solid quarter. The most heavily traded shares by volume were Air Canada, Bombardier Inc, and Baytex Energy.

5 from 5i

Here are five reads we found interesting last week:

• Best 50-day rally ever, posted by LPL Research
• Investors greatly favour safer stocks, by Jason Goepfert of Sentiment Trader
• 92% of Canadian funds underperformed the index in 2019, posted by TEBI
• America’s reopening is dangerous. Canada has a better idea, posted on the Vox by Sigal Samuel
• The Joys of Compounding, published on the Rational Walk website

Happy Reading & Stay Safe!

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Disclosure: Please note that the author does not hold a financial or other interest stocks or funds mentioned.