Market monitor: TSX posts best week in a year

U.S. indexes gain on the week, but tech downdraft casts a shadow

The S&P/TSX Composite Index posted its best week in about a year, gaining 3.2% week-over-week, even though Friday’s session ended in the red. A rebound in technology issues and banks propelled the weekly gain, but the advance was broad-based with all sectors ending in the black for the week. Absent any headline macro-economic drivers investor sentiment remained generally bearish ahead of next week’s flood of quarterly earnings announcements, as tech company Snap Inc. (NSD: SNAP), the parent of social media platform SnapChat, missed second-quarter revenue estimates significantly, and its share price dropped 23% on Friday. Still, the S&P 500 Composite Index gained 2.5% on the week, led by strength in the consumer discretionary, materials, and industrial sectors. The Nasdaq Composite Index rallied 3.3% on the week overall, despite a near-2% retreat on Friday as tech shares felt the effects of Snap’s gloomy second-quarter financials along with Twitter Inc.’s (NSD: TWTR) earnings miss. Crude oil sank 2.5% on the week, while gold gained 2.1%.

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Disclaimer

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.