Market View

Top US and China officials meet today to discuss plans for China to buy more US farm products, but in return, China wants cancellation of some planned and existing U.S. tariffs on Chinese imports. Canadian futures remain unchanged and US futures slid following disappointing results from Amazon. The Canadian dollar was 76.12 cents. U.S. S&P500 was up 0.9% this week and TSX was down 0.1%.

S&P500 hit a record high today, despite many sectors seeing a slid this week. Telecommunications slid 5.0%, followed by consumer staples, which slipped 1.6% and real estate, down 1.2%. Healthcare rose 2.5%, followed by materials and industrials, which were up 2.1% and 1.4%, respectively. Agnico Eagle Mines reported better-than-expected profit posting $76.7 million in net income, four-times the amount last year. This was helped by gold prices as they rose 22% in the third quarter from a year ago. Canadian Pacific Railway, also, posted a market-beating quarterly profit of $640 million, up 8.7% from a year before. Another company beating estimates is Teck Resources, helped by strength in its energy and zinc units. Canadian National Railway cut its profit forecast for the year as it expects the first half of 2020 to be “challenging”. Rogers Communications cut its full-revenue forecast after the company saw a dip in its total postpaid wireless subscriber additions. The most heavily traded shares by volume were Yamana Gold, Zenabis Global, and Aurora Cannabis.

5 from 5i

Here are five reads we found interesting last week:

-Companies to watch in 2020

-Leading sectors in the US year-to-date

-Uninverted yield curve

-Adam Neumann and his billion dollars

-Buybacks and their meaning

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Disclosure: The author does not hold positions in any stocks or funds mentioned.