The trading week ended with markets in Toronto and New York flat, but down for the week, largely pressured fears of future interest rate hikes and concerns over weakness in China’s economy. The TSX added 0.13% but slipped 2.5% over the week. Most sectors were positive on Friday, however, led by energy and utilities which were rebounding this week after sliding earlier.
Key movers included Northland Power up 5.27%, Nuvei at 4.04%, Lightspeed 3.53%, Manulife -2.82 and IA Financial -2.25%. WTI oil added nearly 1% to trade around $80.65.
On Wall Street, the S&P was basically flat, remaining below 4,400, but sank 2% for the week. The Nasdaq slipped 0.2% to remain below 13,300, and shed 2.25% for the week. Meanwhile, the Dow was also flat for the day and lost 2.2% over the week. Notable names included Deere at -5.25%, Keysight Technologies -14.04%, Ross Stores 4.92%, Applied Materials 3.46% and Alphabet (A class) -1.81%. The U.S. 10-year yield was 4.254% while Bitcoin plunged over 6% to $26,000.