It was another record close for the Dow on Tuesday after markets were closed Monday in both Canada and the U.S. The Dow climbed 64 points, while the S&P and Nasdaq recorded minor losses. In Canada, the TSX was up 32 points, yet another record high, boosted by the energy sector and cannabis equities.
Markets were slightly off during Wednesdays trading as the Nasdaq and TSX both slipped on the technology sector weakness, while the Dow added 90 points, and the S&P was flat. Despite some inflation concerns, gold prices fell 1.5% to drop for a fourth consecutive session.
Falling technology shares dragged down markets once again Thursday, along with a downbeat U.S. jobs report showing that new jobless claims rose last week to more than 860,000. Although the U.S. labour market continues to struggle, U.S. retail sales jumped 5.3% in January from the previous month.
In Canada, the jobs picture was also dour, as Canada lost more than 230,000 jobs in January, the largest loss since last May. By Thursday’s close, there were red numbers all around. The Dow was off by 120 points, with the S&P and Nasdaq dropping 17 and 100, respectively. In Canada, the TSX surrendered 100 points.
Finally, U.S. bond yields continue to rise, hitting 1.31% this week – levels not seen since before the pandemic began.
source https://richarddri.ca/technology-shares-weigh-on-markets-in-shortened-trading-week/
Dri Financial Group 