Market View

US President Joe Biden signed an executive order to ban US entities from investing in Chinese companies that allegedly have ties to defense or surveillance technology sectors. Major US indices had little news while the TSX hit a record high on the back of rising oil prices. Meme stocks such as AMC and Blackberry saw another busy week. The US dollar gained leading to steady gold prices. The Canadian dollar was 82.72. U.S. S&P500 ended the week up 0.3%, while the TSX ended the week up 0.5%.

It was a mixed week for TSX sectors despite a record high. Energy added 7.4% this week, while technology gained 2.7%. Telecommunications inched up 0.8% while consumer discretionary, financials, and healthcare ended the week flat. Consumer staples declined 1.0%, while materials gave up 0.6%. The most heavily traded shares by volume were Blackberry, Bombardier Inc, and Great-West Lifeco.

5 from 5i

Here are five reads we found interesting last week:

• Guesstimating the future of GameStop and AMC, by Leonard Kostovetsky of the Blindfolded Chimpanzee
• Crypto mining booms on cheap, subsidized energy in Argentina, written by Scott Squires of Bloomberg
• What are the 10 biggest mistakes made by fund investors? Authored by Joe Wiggins of Behavioural Investment
• ARK’s Cathie Wood: ‘Innovation is inherently controversial’, interviewed by Dave Nadig of ETF Trends
• What is a supply chain attack? By Andy Greenberg of Wired

Happy Reading & Stay Safe!

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