S&P/TSX composite index up more than 200 points, U.S. markets drift amid retail data
BNN Bloomberg
Canada’s stock market gained ground Tuesday, while major U.S. indexes were mixed.
“It feels like generally, the momentum has been moving away from mega-cap tech and AI more into the cyclical parts of the market,” said Mona Mahajan, head of investment strategy at Edward Jones.
“I think Canadian equities have benefited on both sides of the equation. On days when areas like energy and materials are strong, Canada has an overweight concentration in those areas and on days where areas like tech are strong, they can continue to show some stability and move higher.”
Helping to push the technology sector higher was Shopify Inc., which gained 7.41 per cent on the day and is scheduled to report financial results for the fourth quarter on Wednesday.
With more corporate earnings coming this week, Mahajan said she expects to see similar trends across companies in Canada and the U.S.
“For the full year, we expect double-digit earnings growth for the TSX as well as the S&P 500,” she said.
Relief is ripping through financial markets after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war, despite Iran’s denials.
Asset management giant BlackRock’s CEO Larry Fink urged clients to stay invested despite ongoing market volatility, and highlighted that artificial intelligence is reshaping investment strategies and the broader economy.
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Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.