Market View

North American indices showed a reversal mid-week despite a still-hot US labor market and a hawkish Federal Reserve. Private payrolls came in better than expected, gaining 235,000 jobs while the street expected 153,000. Gold showed some resistance after a strong rally while the US dollar steadied. The Canadian dollar was 74.12 cents USD. The U.S. S&P500 ended the week up 1.7%, while the TSX was up 2.0%.

All but one sector ended the week in green. Healthcare gained 8.7%, followed by consumer discretionary, which added 4.2%, and technology, which edged up 2.5%. Consumer staples and industrials added 2.0%, each. Energy gave up 3.7%. The most heavily traded shares by volume were Suncor Energy, Athabasca Oil Corp, and Algonquin Power & Utilities Corp.

5 from 5i

Here are five reads we found interesting last week:

• The year tech giants fell to earth, by Benjamin Powers of Grid
• 5 ETF predictions for 2023, written by Nate Geraci of the ETF Educator
• The Nokia risk, authored by Herman Mark Schwartz of Phenomenal World
• The year EVs outgrew Tesla, by Rebecca Heilweil of Vox
• World says goodbye to negative-yielding debt as BOJ shift bites, by Garfield Reynolds of Bloomberg

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.