Canadian, U.S. markets close higher, capping off topsy turvy week
Canadian and U.S. stocks closed higher Friday, capping off a tumultuous week that saw nausea-inducing drops and intense spikes driven largely by tariff headlines out of the United States.
"It's been a topsy-turvy day, like every day," said Allan Small, senior investment adviser at the Allan Small Financial Group with iA Private Wealth.
"I don't recall seeing markets this jittery, this jumpy."
Canada's main stock index closed up 572.93 points, or 2.5 per cent, to 23,587.80.
In New York, the Dow Jones industrial average closed up 619.05 points at 40,212.71. The S&P 500 index rose 95.31 points to 5,363.36, while the Nasdaq composite was up 337.14 points at 16,724.46.
The Canadian dollar traded for 71.99 cents US compared with 71.35 cents US on Thursday.
Small said there were positive nuggets of news by week's end, such as better-than-expected U.S. inflation data, strong earnings reports from big American banks and comments from the U.S. Federal Reserve Bank of Boston's president that the Fed could step in if issues around market functioning or liquidity arise.
But Small said investors are much more closely watching the machinations around U.S. tariffs.
"The economic data, corporate earnings data, just doesn't hold a candle to politics," he said.
"Even the slightest rumour or conversation, whether or not it actually happens, can move markets far more than any of the economic data you're going to put in front of investors today."
Markets soared earlier in the week after U.S. President Donald Trump said he would pause some of the "reciprocal" tariffs against global trading partners, though he kept the 10 per cent baseline levy in place. Markets reversed course a day later as the U.S. trade war with China ramped up.
Small is advising everyday investors not to get hung up on the day-to-day swings, and instead scope out buying opportunities for quality stocks.
"A lot of those big names, leaders in their industry and sectors, have dropped significantly — leaders in tech, leaders in banks, leaders really right across the board. No matter what sector, it seems as though everything is taking a hit. So it is a good time to buy for the future," said Small.
"Don't look day to day. The numbers you see on the screen or on your statement, obviously they're real ... But it doesn't become reality until you sell ... The reasons why they're falling are skewing the real value of those shares."
The May crude oil contract settled up US$1.43 to US$61.50 per barrel and the May natural gas contract was down three cents US at US$3.53 per mmBTU.
The June gold contract was up US$67.10 at US$3,244.60 an ounce and the May copper contract was up 19 cents US at US$4.52 a pound.
This report by The Canadian Press was first published April 11, 2025.
Companies in this story: (TSX: GSPTSE, TSX: CADUSD)
Lauren Krugel, The Canadian Press
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
The Week That Was, The Week Ahead: Macro & Markets, June 8, 2025
Everything to Know about Macro and Markets Stocks clocked in large weekly gains, returning to positive territory year-to-date. The Dow Jones Industrial Average (DJIA) rose by 1.17%, the S&P 500 (SPX) increased by 1.50%, and the tech-heavy Nasdaq-100 (NDX) gained 1.97% for the week. The S&P 500 finished more than 20% above April's low, reclaiming the 6,000 mark first reached in February, although it remained about 2% shy of its record high. Confident Investing Starts Here: Macro Steers the Markets The week began on a positive note, losing some steam in the second half. The weakness in PMI reports – with the manufacturing activity contracting for a third month in a row and services activity shrinking for the first time in 11 months – infused some gloom. However, Friday saw stocks find their footing again on solid job gains, which allayed fears about an imminent economic downturn. U.S. jobs growth stayed strong in May, climbing 139,000 with unemployment unchanged at 4.2%. Although the March and April reports were revised downward, May's report reassured investors, as it reflected a very gradual cooling of the labor market. Still, diving into the job report's details, a stronger-than-expected wage growth continues to put a floor under inflation. This supports the Federal Reserve's 'wait and see' stance, despite President Trump's demands for a cut. According to the CME FedWatch Tool, the chances of a June cut are nil, and July's rate decrease looks increasingly improbable. Prices in interest rate futures markets imply that investors expect two quarter-point rate cuts by year-end, with the first cut not expected until September. Wrapping Up the Season Despite tariff headwinds and macro volatility, S&P 500 companies delivered solid results last quarter. Index members reported 12.9% year-over-year earnings growth – the second straight double-digit increase. 78% of firms – above the five-year average – exceeded EPS estimates. However, the number of companies issuing negative EPS guidance (68) was also above the average. In Q1, the Healthcare sector reported the highest earnings growth, 43%, leaving the Magnificent Seven cohort's 27.7% increase in the dust. In fact, Mag 7's earnings growth rate was below the average (32.1%) of the previous three quarters. Still, three members of the Magnificent bunch – Alphabet (GOOGL), Amazon (AMZN), and Nvidia (NVDA) – are among the top five contributors to earnings growth for the S&P 500 for the first quarter. Interestingly, Bristol Myers Squibb (BMY) and Gilead Sciences (GILD) were the other top contributors. Stocks That Made the News ▣ Tesla (TSLA) lost nearly 15% over the week following the ugly social media spat between Elon Musk and President Donald Trump. The feud flared up over the impending budget bill, with Musk calling it 'disgusting', and followed by Trump's threat to take away billions of dollars in government subsidies and contracts awarded to Musk's businesses. Although shares rebounded on Friday as Musk and Trump moved to cool tensions, the spat cost Tesla over $150 billion loss in market cap. ▣ Broadcom (AVGO) fell on Friday, wiping out its weekly gain, after the chip giant only narrowly surpassed analyst revenue and expectations. In addition, its current quarter revenue guidance was also just above consensus. Solid, but not a blowout quarter and outlook, weighed on shares that recently hit all-time highs. Still, the company delivered on the AI narrative, reporting surging demand and upping AI networking revenue guidance. ▣ Microsoft (MSFT) continued its climb, hitting a fresh record on Friday as analysts raised price targets on acceleration in Azure and AI-related revenue growth. According to Goldman Sachs, Microsoft's cloud revenue could more than double by 2029. The tech leader's market cap has reached $3.5 trillion, surpassing that of Nvidia (NVDA) and making MSFT the largest company in the world. ▣ Lululemon (LULU) shares dove by 20% on Friday, capping large weekly losses, despite earnings beat. The apparel retailer cut guidance on macroeconomic uncertainty and the impact of tariffs that might force LULU to increase prices. ▣ DocuSign (DOCU) was another notable decliner, sinking nearly 19% post earnings. The company reported a strong financial performance, but a miss on billings raised investor fears about future growth. The Q1 2025 earnings season is practically over, but several notable earnings releases are still scheduled for the next few days. These include Casey's General (CASY), Oracle (ORCL), Chewy (CHWY), and Adobe (ADBE).
Yahoo
an hour ago
- Yahoo
Cathie Wood sells $22.8 million of hot stock near all-time highs
Cathie Wood sells $22.8 million of hot stock near all-time highs originally appeared on TheStreet. Cathie Wood has long been aggressive in hunting tech stocks that she believes will have a 'disruptive' impact on the future world. However, she sometimes sells a stock when it is high to secure gains. In the past week, the head of Ark Investment Management sold a popular AI stock that has surged nearly 70% year-to-date. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵 Cathie Wood's investments have had a volatile ride this year, swinging from strong gains to sharp losses, and now back to outperforming the broader market. In January and February, the Ark funds rallied as investors bet on the Trump administration's potential deregulation that could benefit Wood's tech bets. But the funds stumbled in the following weeks, underperforming sharply as several of its top holdings —especially Tesla, its largest position — declined amid macroeconomic and trade policy uncertainties. Now, the fund is regaining momentum. As of June 6, the flagship Ark Innovation ETF () is up 6.11% year-to-date, outpacing the S&P 500's 2.02% gain. Wood gained a remarkable 153% in 2020, which helped build her reputation and attract loyal investors. Still, her long-term performance has made many others skeptical of her aggressive style. As of June 6, Ark Innovation ETF, with $5 billion under management, has delivered a five-year annualized return of negative 0.5%. In comparison, the S&P 500 has an annualized return of 15.18% over the same period. Wood's investment strategy is straightforward: Her Ark ETFs typically buy shares in emerging high-tech companies in fields such as artificial intelligence, blockchain, biomedical technology and robotics. Wood says these companies have the potential to reshape industries, but their volatility leads to major fluctuations in Ark funds' Ark Innovation ETF wiped out $7 billion in investor wealth over the 10 years ending in 2024, according to an analysis by Morningstar's analyst Amy Arnott. That made it the third-biggest wealth destroyer among mutual funds and ETFs in Arnott's ranking. Wood said the U.S. is coming out of a three-year 'rolling recession' and heading into a productivity-led recovery that could trigger a broader bull market. In a letter to investors published on April 30, she dismissed predictions of a recession dragging into 2026, as she expects "more clarity on tariffs, taxes, regulations, and interest rates over the next three to six months." "If the current tariff turmoil results in freer trade, as tariffs and non-tariff barriers come down in tandem with declines in other taxes, regulations, and interest rates, then real GDP growth and productivity should surprise on the high side of expectations at some point during the second half of this year," she wrote. She also struck an optimistic tone for tech stocks. "During the current turbulent transition in the US, we think consumers and businesses are likely to accelerate the shift to technologically enabled innovation platforms including artificial intelligence, robotics, energy storage, blockchain technology, and multiomics sequencing," she said. But not everyone shares Wood's bullish outlook. Her flagship Ark Innovation ETF has seen $2.23 billion in net outflows over the past year through June 5, including nearly $154 million in the last month alone, according to ETF research firm VettaFi. From June 2 to June 5, Wood's Ark funds sold 179,846 shares of Palantir Technologies () , which was valued at roughly $22.8 million. Palantir is known for providing AI-driven data analytics software to the U.S. government, military, and commercial clients worldwide, including JPMorgan Chase, Airbus, and Merck. The company reported stronger-than-expected first-quarter revenue in early May and raised its full-year outlook as demand for AI tools increased. 'We are delivering the operating system for the modern enterprise in the era of AI,' CEO Alex Karp said. While many tech stocks have struggled this year, Palantir has stood out. Its shares are up roughly 69% in 2025 and just hit a record close of $133.17 on June of the recent momentum comes from its government work. Back in May 2024, Palantir won a $480 million, five-year U.S. Army contract to build its Maven Smart System, which is a battlefield AI prototype. Last month, the Defense Department modified the contract, increasing the licensing ceiling from $480 million to $1.275 billion. Palantir's Foundry platform has been adopted by at least four federal agencies, including the Department of Homeland Security and the Department of Health and Human Services, according to a New York Times report published May 30. Fannie Mae also announced a partnership with Palantir in May to work on AI-based fraud detection. However, the New York Times article also raised concerns about the company's relationship with the Trump administration, alleging that the U.S. president could use Palantir's technology to target immigrants and political opponents. The article also claimed that some Palantir employees felt uncomfortable with the company's decision to work with the Trump administration and that it "risks becoming the face of Mr. Trump's political agenda." Palantir responded in a June 3 post on X, denying the accusations. More Palantir Palantir gets great news from the Pentagon Wall Street veteran doubles down on Palantir Palantir bull sends message after CEO joins Trump for Saudi visit 'The recently published article by The New York Times is blatantly untrue,' the company wrote. 'Palantir never collects data to unlawfully surveil Americans.' Palantir remains a core position for Wood even after recent trims. The stock is now the 9th largest holding in the ARK Innovation ETF, accounting for 4.54%. Wood's latest trades in the past week include buying shares of Advanced Micro Devices () , () , Guardant Health () and Veracyte () . At the same time, she trimmed positions in Tesla () , Roblox () , Robinhood () , and Meta Platforms () .Cathie Wood sells $22.8 million of hot stock near all-time highs first appeared on TheStreet on Jun 8, 2025 This story was originally reported by TheStreet on Jun 8, 2025, where it first appeared.
New York Post
an hour ago
- New York Post
AMC Theatres announce shocking change that people aren't thrilled about: ‘That's already excessive'
Moviegoers at AMC Theatres are in for a rude awakening starting next month. A few commercials and coming attractions before a movie begins are expected — however, soon enough, AMC Theatres will be delaying the start times of movies even more. On July 1, AMC Theatres — the largest theatre chain in the U.S. and Europe — will be adding one additional commercial on top of the many that they already play after upcoming movie trailers and before the start of a movie. Advertisement Buckle up moviegoers — you're in for a long ride before your movie even begins, starting next month. Christopher Sadowski And people are not happy about this news. The news comes as part of a new deal with American cinema advertising company National CineMedia Inc., according to Bloomberg. Advertisement It's an opportunity for AMC to make some dough — as the movie theater chain will get a cut of the ad sales, as reported on by the outlet. 'While AMC was initially reluctant to bring this to our theaters, our competitors have fully participated for more than five years without any direct impact to their attendance,' AMC said in a statement, according to The Hollywood Reporter. 'This is a strong indication that this NCM pre-show initiative does not negatively influence moviegoing habits.' Advertisement The deal is a win-win for both AMC and NCM, as it serves as an opportunity for each company to earn back some of the revenue they lost during the pandemic, when all theatres were shut down. 'For the past five years, AMC has sought out crucial revenue that is not reliant on the increase of base ticket prices,' said an AMC rep in a statement to Deadline. 'We've done this through more and better moviegoing enhancements like our significant expansion of PLFs, a greater selection of food and beverage offerings, and the introduction of movie-going merchandise like popcorn buckets and other collectible concession vessels,' the statement explained. Although this news isn't the end of the world — and frankly, could be worse — people on X (formerly Twitter) are acting like it is. Advertisement 'I show up to every movie 30 minutes after the 'start time', and it is always exactly as the movie is starting. That's already excessive,' said one person. 'How could they possibly run more?' a grumpy X user wrote. 'Gee, great! So, more people will arrive 30 minutes after 'start' time and climb over people in the dark, at the beginning of a film, to avoid the trailers and additional ads! This is why I treasure my aisle seat. I will be arriving much later now,' quipped someone else. 'Glad my area only has Regals,' commented another unhappy person.
