Although U.S. markets were closed for the July 4th holiday, Canada’s TSX index rose on Monday, led by the energy sector, which gained 2.7% as crude prices climbed more than 2% on concerns of tightening supply due to cutbacks by OPEC.
Looking back on Q2, the TSX fell nearly 14%, its biggest quarterly decline since Q1 of 2020.
On Tuesday, the Nasdaq and S&P 500 closed higher after a late-day rally, while the Dow declined 129 points. Meanwhile crude oil prices tumbled below US$100 a barrel on concerns that slowing economic growth could dampen demand for oil. That was bad news for the TSX, which shed 194 points, dragged down by plummeting energy and materials shares.
It was a volatile session Wednesday on Wall Street with all three indexes recording minor gains, as investors sifted through the minutes from the latest Federal Reserve meeting. It was another down day for the TSX, however, as weakness in oil and gold prices once again weighed on the index.
In news from the U.K. Thursday, Boris Johnson said he would step down as prime minister after a tidal wave of key government officials resigned from his government. News of Johnson’s exit was good news for the pound, which registered gains following the news.
Back on Wall Street, U.S. indexes closed the day higher in a broad-based rally that included everything from financials to consumer staples. By Thursday’s close, the Dow was up 347 points, while the S&P 500 and Nasdaq added 57 and 259, respectively. In Canada, it was a bounce-back session for the TSX, which saw a strong rebound in commodity prices, raising the index 333 points.
North American Indexes Gain Ground
For the four trading days covered in this report, the Dow added 287 points to close at 31,384, the S&P 500 rose 77 points to settle at 3,902, while the tech-heavy Nasdaq jumped 493 points to close at 11,621. In Canada, the TSX gained 202 points to end at 19,063.
source https://richarddri.ca/volatile-week-for-tsx-as-commodity-prices-seesaw-nasdaq-gaining-momentum/
Dri Financial Group 