Market View

Job openings in the US rose unexpectedly in April, increasing to 10.1 million from 9.7 million in the prior month and topping estimates of 9.375 million. At 11.27 million barrels a day, the US sold more petroleum abroad in March than ever. The debt ceiling bill has made its way through the US Senate. The US dollar saw its largest weekly fall since mid-January. The Canadian dollar was 74.36 cents USD. The U.S. S&P500 ended the week up 3.2%, while the TSX was up 0.3%.

Many sectors saw a reversal mid-week ending the week closer to where the week began. Materials gained 0.8%, followed by energy at 0.6%. Industrials added 0.5%, while consumer discretionary edged up by 0.3%. Healthcare gave up 2.3%, while consumer staples slid by 1.0%. Technology ended the week down 0.3%. The most heavily traded shares by volume were Suncor Energy, Baytex Energy, and Canadian Natural Resources.

5 from 5i

Here are five reads we found interesting last week:

• The S&P500’s gains are almost entirely from just five companies, by Matt Phillips of Axios Markets
• How major asset classes performed in May 2023, published on the Capital Spectator
• Dividend investing is dead, authored by Roger Nusbaum of Random Rogers Portfolio & Retirement Lab
• Chart of the week – Concentration risk in stocks, written by Cullen Roche of Discipline Funds
• AI Investing boom is not new to tech giants (at least not their VC arms), by Chris Metinko of Crunchbase news

Happy Reading & Stay Safe!

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