By Scotia Wealth Management - The Zukiwsky Group

Sponsored

Market Watch: April 6

Apr 11, 2023 | 10:22 AM

Big Picture

Investors ponder over economic data

North American equity markets finished mixed on Monday as investors considered how lower oil production might affect inflation and central bank actions. By the close, the Dow gained 327, the S&P 500 rose by 15, while the Nasdaq lost 32 points. In Canada, the TSX added 178 points with support of Energy sector.

On Tuesday, U.S. equity markets ended lower after JPMorgan Chase & Co. CEO Jamie Dimon indicated troubles in the U.S. financial services sector might not be over. By the day’s close, the Dow lost 199 points, the S&P 500 fell by 24, and the Nasdaq dropped 63. In Canada, the TSX fell by 3 points.

North American markets fell on Wednesday as investors digested relatively weak economic data and pondered the possibility of a global recession. The Dow climbed 80 points by close, while the S&P 500 fell by 10 and Nasdaq declined by 129 points, respectively. In Canada, the TSX saw a 116-point fall led by Information Technology sector.

Last seen March 31

Missing: Eugenie Headman, 66, of Maskwacis

20h ago

mayor hopes to meet housing minister this month

Alberta demands Ottawa back off on housing funding stripped from Red Deer

Apr 02, 2026

Last seen Jan. 15

Missing: Courtney Cattleman, 17, of Maskwacis

Apr 02, 2026

North American Indexes finish mixed

For the three trading days covered in this report, the Dow gained 209 points to close at 33,483, the S&P 500 lost 19 points to settle at 4,090, while the tech-heavy Nasdaq fell by 225 points to close at 11,997. In Canada, the TSX climbed 60 points to end at 20,160.

Strategy

Job openings fall below 10 million for the first time since May 2021

U.S. job openings fell by 632,000 in February to 9.9 million, lower than the median consensus estimate of 10.5 million, according to the Bureau of Labor Statistics (BLS). Industries that saw the largest declines include professional/business services (-278,000), healthcare (-150,000), and transportation/warehousing (-145,000). The total separations rate, including voluntary quits and layoffs, was little changed at 3.7 per cent. Within separations, voluntary quits increased slightly to 2.6 per cent from 2.5 per cent. Quits increased in professional/business services (+115,000), accommodation/food services (+93,000), wholesale trade (+31,000), and education (+18,000).

Meanwhile, the layoffs rate fell to 1.0 per cent from 1.1 per cent previously. In total, 1.5 million people were let go from their place of employment compared to 1.4 million this time last year. Although the decline in total openings is material, the U.S. job market remains tight. Total vacancies are approximately two times higher than their long-term historical average, the quits rate is elevated, and layoffs are relatively muted. Although some softness in labour market conditions can be seen in manufacturing, as per the latest ISM survey’s employment indicator, which fell further into contraction territory, hiring in services remains robust. Thursday’s ISM report will provide a more up-to-date picture of service sector hiring. Additionally, the BLS will release its monthly non-farm payrolls report this Friday.

Disclaimer

This report is provided to you for informational purposes only and is not intended to provide personal investment advice. This report does not include or constitute an investment recommendation and does not take into account the particular investment objectives, financial conditions, or specific needs of individual clients. Any statements regarding future prospects may not be realized. Before acting on this material, you should consider whether it is suitable for your particular circumstances and talk to your investment advisor.

The author(s) of the report and the supervisors of the Global Portfolio Advisory Group may own securities of the companies included herein.

Scotia Capital Inc. is what is referred to as an “integrated” investment firm since we provide a broad range of corporate finance, investment banking, institutional trading and retail client services and products. As a result, we recognize that there are inherent conflicts of interest in our business since we often represent both sides to a transaction, namely the buyer and the seller. While we have policies and procedures in place to manage these conflicts, we also disclose certain conflicts to you so that you are aware of them. Please note that we may have, from time to time, relationships with the companies that are discussed in this report.

The Global Portfolio Advisory Group prepared this report by analyzing information from various sources. Information obtained in the preparation of this report may have been obtained from the Equity Research and Fixed Income Research departments of the Global Banking and Markets division of Scotiabank. Information may be also obtained from the Foreign Exchange Research and Scotia Economics departments within Scotiabank. In addition to information obtained from members of the Scotiabank group, information may be obtained from the following third-party sources: Standard & Poor’s, Morningstar, Bloomberg, Credit Suisse AG, Perimeter Markets Inc., and FactSet. The information and opinions contained in this report have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness.

While the information provided is believed to be accurate and reliable, neither Scotia Capital Inc., which includes the Global Portfolio Advisory Group, nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Neither Scotia Capital Inc. nor its affiliates accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents.

Nothing contained in this report is or should be relied upon as a promise or representation as to the future. The pro forma and estimated financial information contained in this report, if any, is based on certain assumptions and analysis of information available at the time that this information was prepared, which assumptions and analysis may or may not be correct. There is no representation, warranty or other assurance that any projections contained in this report will be realized.

Opinions, estimates and projections contained herein are those of the Global Portfolio Advisory Group as of the date hereof and are subject to change without notice. For that reason, it cannot be guaranteed by The Bank of Nova Scotia or any of its subsidiaries, including Scotia Capital Inc. This report is not, and is not to be construed as: (i) an offer to sell or solicitation of an offer to buy securities and/or commodity futures contracts; (ii) an offer to transact business in any jurisdiction; or (iii) investment advice to any party. Products and services described herein are only available where they can be lawfully provided. Scotia Capital Inc. and its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities and/or commodities and/or commodity futures contracts mentioned herein as principal or agent.

Trademarks are the property of their respective owners.

Copyright 2023 Scotia Capital Inc. All rights reserved.

This report is distributed by Scotia Capital Inc., a subsidiary of The Bank of Nova Scotia. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

® Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management® consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. Private banking and International private banking services are provided in Canada by The Bank of Nova Scotia. Estate and trust services are provided by The Bank of Nova Scotia Trust Company. Portfolio management is provided by 1832 Asset Management L.P. and 1832 Asset Management U.S. Inc. Insurance services are provided by Scotia Wealth Management Insurance Services Inc. Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of Scotia Capital Inc. International investment advisory services are provided in Canada by Scotia Capital Inc. Financial planning services are provided by The Bank of Nova Scotia, 1832 Asset Management L.P., and ScotiaMcLeod, a division of Scotia Capital Inc. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Scotia Wealth Insurance Services Inc. is the insurance subsidiary of Scotia Capital Inc., a member of the Scotiabank group of companies. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Insurance Agents (Financial Security Advisors in Quebec) representing Scotia Wealth Insurance Services Inc.

Scotia Wealth Management consists of a range of financial services provided, in The Bahamas, by Scotiabank (Bahamas) Limited and The Bank of Nova Scotia Trust Company (Bahamas) Limited. International private banking services are provided in The Bahamas by Scotiabank (Bahamas) Limited, an entity registered with The Central Bank of The Bahamas. International investment advisory services are provided in The Bahamas by Scotiabank (Bahamas) Limited, an entity registered with The Securities Commission of The Bahamas. International wealth structuring solutions are provided in The Bahamas by The Bank of Nova Scotia Trust Company (Bahamas) Limited, an entity registered with The Central Bank of The Bahamas.

Scotia Wealth Management consists of international investment advisory services provided, in Barbados, by The Bank of Nova Scotia, Barbados Branch, an entity licensed by the Barbados Financial Services Commission.

Scotia Wealth Management consists of a range of financial services provided, in the Cayman Islands, by Scotiabank & Trust (Cayman) Ltd. International private banking services, international investment advisory services and international wealth structuring solutions are provided in the Cayman Islands by Scotiabank & Trust (Cayman) Ltd., an entity licensed by the Cayman Islands Monetary Authority.

Scotia Wealth Management consists of international private banking services provided, in Peru, by Scotiabank Peru S.A.A, an entity supervised by the Peru Superintendence of Banking and Insurance.

Scotia Wealth Management® in Chile consists of services provided by Scotiabank Chile (Bank), Scotia Corredora de Bolsa Chile Limitada (Brokerage) and Scotia Administradora General de Fondos Chile S.A. (Asset Management), entities supervised by the Comisión para el Mercado Financiero de Chile (Financial Market Commission). ® Registered trademark of The Bank of Nova Scotia, used under license.