TORONTO — Canada's main stock index ticked upward Thursday with mixed results among sectors, while U.S. markets also posted gains to end the short trading week.
The S&P/TSX composite index was up 37.14 points at 20,196.69.
In New York, the Dow Jones industrial average was up 2.57 points at 33,485.29. The S&P 500 index was up 14.64 points at 4,105.02, while the Nasdaq composite was up 91.09 points at 12,087.96.
This week has been marked by an “aggressive rotation” away from growth stocks and toward more defensive holdings, said Mike Archibald, vice-president and portfolio manager with AGF Investments Inc.
Thursday began with more of the same, he said, but the trend reversed a little as the day went on. The Nasdaq, led by some of the big tech names, outperformed its U.S. peers, gaining 0.76 per cent on a steady rise throughout the day.
“It has been a ... challenging week for many of the market leaders on a year-to-date basis,” he said.
U.S. jobs data coming Friday is expected to show slower growth in payrolls, said Archibald, the latest in a string of economic data releases showing the economy is weakening.
“I think what we’ve seen this week just with respect to the economic data is that things have rolled over ... a little bit quicker than many were expecting, myself included,” he said.
Meanwhile, jobs data in Canada released Thursday was still strong, but the Bank of Canada is widely expected to continue its rate pause when it announces its decision next week, said Archibald.
Next week will also be marked by new inflation data in the U.S. alongside a handful of other key economic figures, he said, while Friday will bring the beginning of second-quarter earnings in the U.S. starting with some large-cap financial firms.
“The macro has really taken over here with the banking crisis, and obviously with the weakness in economic data, but I do think earnings are going to continue to be very, very important,” said Archibald.
The Canadian dollar traded for 74.19 cents US compared with 74.31 cents US on Wednesday.
The May crude contract was up nine cents at US$80.70 per barreland the May natural gas contract was down 14 cents at US$2.01 per mmBTU.
The June gold contract was down US$9.20 at US$2,026.40 an ounceand the May copper contract was up three cents at US$4.02 a pound.
This report by The Canadian Press was first published April , 2023.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)
Rosa Saba, The Canadian Press
