5 from 5i: Will US stocks set speed record for recovering a large loss?

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Market View

The escalating Sino-US tensions continued this week as major indexes fell at open. Gold rose while the US dollar declined slightly. The Canadian dollar was 72.87 cents. U.S. S&P500 was up 2.4% this week and the TSX ended the week up 1.1%.

All top five banks reported this week driving up financials by 7.2%. Consumer discretionary jumped by 3.8%, followed by consumer staples at 2.4%. Healthcare and energy declined by 1.6% and 0.9%, respectively. Canadian Imperial Bank of Commerce reported a 70% drop in quarterly profit. TD Bank Group set aside more money to cover loan losses due to the pandemic and saw a 52% fall in quarterly profit. Bank of Montreal’s net income fell to $689 million in the second quarter from $1.49 billion a year ago. National Bank of Canada saw a 32% decline in quarterly profit while Royal Bank of Canada’s quarterly profit slumped 54%. The most heavily traded shares by volume were Suncor Energy, Bombardier Inc and Torstar Corp.

5 from 5i

Here are five reads we found interesting last week:

 

ICYMI

- Five blockbuster deals that would inject some excitement into markets during quarantine, by Peter Hodson on the Financial Post

 

Happy Reading & Stay Safe!

 

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

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