Market Watch: June 16, 2023
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Big Picture
Corporate earnings influence investors’ decisions
Canadian equity markets climbed on Monday to start a week that included important interest-rate decisions by the U.S. Federal Reserve Board and the European Central Bank. By the close, the Dow gained 190 points, the S&P 500 went up by 40 points, and the Nasdaq gained 203 points. In Canada, the TSX finished 29 points higher, with losses in the Energy sector offset by gains in the Information Technology sector. On Tuesday, North American equity markets climbed to extend the previous session’s gains as investors eagerly anticipated the interest-rate decision by the U.S. Federal Reserve Board (Fed) on Wednesday. By the day’s close, the Dow gained 146 points, the S&P 500 gained 30 points, and the Nasdaq increased by 111 points. In Canada, the TSX rose 69 points, led by the Financials sector. On Wednesday, The Fed maintained the federal funds rate target rate at 5%-5.25%, pausing it’s tightening campaign after ten consecutive hikes. The decision allows the Fed to evaluate the economic consequences of previous rate increases, with potential rate hikes resuming in July. The Dow lost 233 points by the close, the S&P 500 went up by 4 points, and the Nasdaq increased by 53 points. The TSX saw a 25-point increase in Canada, led by the Information Technology sector. North American equity markets gained on Thursday. The European Central Bank (ECB) raised interest rates by 25 basis points at its June meeting. With inflation running above target, the move marked the eighth consecutive rate increase and came a day after the U.S. Federal Reserve Board paused interest-rate increases. ECB President Lagarde hinted another rate increase might come in July. By the close, the Dow increased by 429 points, the S&P 500 by 53 points, and the Nasdaq by 156 points. In Canada, the TSX increased by 12 points.
North American Indexes end the week higher
