Market View

After some disappointing results from south of the border, major North American indices slipped this week. The Chinese lockdown continues to weigh on corporate earnings. Gold prices jumped slightly, while the US dollar retracted from recent highs. The Canadian dollar was 78.06 cents USD. U.S. S&P500 ended the week down 1.5%, while the TSX also ended the week down 0.3%.

It was a mixed bag of sector returns this week. Energy gained nearly 9.7%, followed by small positive returns (less than 1%) for the consumer staples, materials, and consumer discretionary sectors. Healthcare declined by 2.8%, while financials slid by 1.1%. Technology ended the week down 0.6%. The most heavily traded shares by volume were Baytex Energy, Suncor Energy, and Cenovus Energy.

5 from 5i

Here are five reads we found interesting last week:

• This doesn’t look very recessionary, posted on TKer by Sam Ro
• With the pullback in IPOs, shareholders in private companies are selling, by Hannah Zhang of Institutional Investor
• The Amazonification of the American workforce, authored by Jason Del Rey of Vox
• Sorry, collectibles are terrible investments, by Alan Cole of Full Stack Economics
• Why Netflix is a victim of its own success, written by Matthew Zeitlin of Grid

Happy Reading & Stay Safe!

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