U.S. stocks posted solid gains on Monday as investors looked ahead to a busy week of earnings results, including key names like Apple, Amazon and Google parent Alphabet.
By Monday’s close, the Dow had surged more than 400 points, while the S&P 500 and Nasdaq rose 44 and 93 points, respectively. The TSX also ended the day higher, but gains were tempered by sharp losses in copper prices.
U.S. stock indexes rose again on Tuesday, propelled by better-than-expected earnings and tumbling bond yields, which fell in response to data showing U.S. home-price growth had slowed sharply. Tuesday’s rally sent the Dow to a six-week high, while the interest-rate-sensitive Nasdaq also had a strong showing. In Canada, the TSX rose 179 points, buoyed by shares of cannabis producers, including Canopy Growth Corp., which jumped more than 25% Tuesday.
The Bank of Canada (BoC) on Wednesday increased its benchmark interest rate by 50 basis points, moving the policy rate up to 3.75% for the first time since early 2008. Financial markets had been anticipating a larger hike of 75 basis points.
In the U.S., falling tech stocks dragged the Nasdaq and S&P 500 lower Wednesday after disappointing earnings reports from Google parent company Alphabet and Microsoft. Although the Dow finished flat, the S&P 500 lost 28 points, while the Nasdaq surrendered 228 points, or 2%. In Canada, the TSX rallied in light of the BoC’s smallerthan-expected rate hike.
U.S. stocks were mixed on Thursday, driven by continued uncertainty about the pace of interest rates and a new batch of corporate earnings. The latest GDP data showed that the U.S. economy grew at a 2.6% annual rate last quarter, the most recent sign that the economy is doing better than many had forecast. Fresh data also showed that the jobs market is holding up well. However, there continue to be disappointing earnings from key tech names like Facebook parent Meta Platforms, which fell 24% in afternoon trading after announcing disappointing results after Wednesday’s close. In Canada, the TSX rose 72 points to cap off a strong week
Dow, S&P 500 and TSX Register Gains; Nasdaq Drifts Lower
For the four trading days covered in this report, the Dow rose 951 points to close at 32,033, the S&P 500 added 54 points to settle at 3,807, while the tech-heavy Nasdaq dropped 68 points to close at 10,792. In Canada, the TSX jumped 491 points to end at 19,352.
source https://rosenbergdri.ca/earnings-take-centre-stage-as-investors-try-to-gauge-economys-health/
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