Market View

Concerns over the delta variant remained on the forefront this week and weighed on TSX. Consequently, gold rose on concerns over rising cases. US and European stock markets rose as corporate earnings strengthened investor confidence. Asian markets slagged due to declines in chip-related names. The US dollar and oil prices slipped lower. The Canadian dollar was 79.84. U.S. S&P500 ended the week up 0.6%, while the TSX ended the week up 0.5%.

It was a relatively calmer week despite a round of quarterly earnings reports. Healthcare added 2.3%, while materials gained 1.8%. Financials rose 1.4%, while energy and consumer discretionary edged higher by 1.2%, each. Technology, consumer staples, and utilities ended the week flat. The most heavily traded shares by volume were Enbridge, Fortis, and Manulife Financial.

5 from 5i

Here are five reads we found interesting last week:

• The impact of COVID-19 on South Asian Economies, by Uzair Younus of United States Institute of Peace
• US inflation is normalizing, authored by Matthew Klein of the Overshoot
• How millennial investors lost millions on Bill Ackman’s SPAC, by Michelle Celarier of Institutional Investor
• Blackstone’s moment, written by Marc Rubinstein of Net Interest
• Compounding crazy, posted on Not Boring by Packy McCormick

Happy Reading & Stay Safe!

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