Market View

The US’s weekly jobless claims fell more than forecast, showing 233,000 initial jobless claims in the week ending August 3, down from 250,000 in the previous week, assuring the health of the US labour market. On the other hand, the Canada Manufacturing Purchasing Managers’ Index (PMI) fell to 47.8 in July from 49.3 in June, marking the weakest level in 2024, as production and new orders fell at a sharp rate. The Canadian dollar was 72.76 cents USD. The U.S. S&P500 ended the week down 1.4%, while the TSX was down 4.0%.

Most sectors ended the week in red. Materials gave up 8.4%, while energy slid 5.1%. Financials and industrials edged lower by 4.8% and 4.4%, respectively, while technology slipped 4.0%, and consumer staples gave up 3.7%. Consumer discretionary and real estate ended the week down 3.7% and 1.3%, respectively. The most heavily traded shares by volume were Bitfarms, Baytex Energy and Enbridge.

5 from 5i

Here are five reads we found interesting last week:

•  3 Thoughts About the Market Correction, published by Ben Carlson of Ritholtz Wealth Management LLC
• The “Three-Legged Stool” of Retirement Is Missing a Leg, by John Rekenthaler of Morningstar
• Antitrust expert: here’s what’s going to happen to Google next, written by Rani Molla, J. Edward Moreno of Sherwood News
• Big tech is spending more than ever – thanks to AI, by Rani Molla of Sherwood News
• A Few Thoughts On the Selloff, published by Michael Batnick of The Irrelevant Investor

Happy Reading & Stay Safe!

Disclosure: The analyst(s) responsible for this report do not have a financial or other interest in securities mentioned.