Market View

Oil prices turn volatile as the members of the Organization of the Petroleum Exporting Countries (OPEC+) plan to extend production cuts voluntarily to stabilize oil prices. On the other hand, Canada’s gross domestic product (GDP) grew at an annualized rate of 1.7% in the first quarter, weaker than expected by most economists at 2.2%, raising the odds for a rate cut in June. The Canadian dollar was 73.14 cents USD. The U.S. S&P500 ended the week down 1.7%, while the TSX was down 0.7%.

Most sectors ended the week in red. Industrials gave up 2.5%, while real estate slid 2.1%. Consumer staples and technology edged lower by 1.2% each, while financials slipped 0.9% and consumer discretionary went down 0.7%. Energy and materials ended the week up 1.2% and 0.7%, respectively. The most heavily traded shares by volume were Lucara Diamond, Suncor Energy, and Canadian Imperial Bank of Commerce.

5 from 5i

Here are five reads we found interesting last week:

• The S&P 500 vs. the U.S. Economy, written and published by Ben Carlson of Ritholtz Wealth Management LLC
• The Problem with Concentrated Funds, by Joe Wiggins of Behavioural Investment
• Who’s to Blame For the Broken Housing Market?, published by Ben Carlson of Ritholtz Wealth Management LLC
• The good news, bad news economy, published by The Bonddad Blog
• When Life Forces Your Hand, written by Ben Carlson of Ritholtz Wealth Management LLC

Happy Reading & Stay Safe!

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