Market View

US election week made the market swing from negative to positive, and then to negative again. Rising coronavirus numbers did not help any continent. The resilient US dollar touched its lowest level in over two months, while oil prices slipped as well. Gold rose while both Canada and the US await October employment data. The Canadian dollar was 76.53. U.S. S&P500 ended the week up 6.4%, while the TSX ended the week up 3.9%.

As companies continued to report quarterly earnings, all sectors rose considerably this week. Healthcare jumped 14.7% this week, followed by technology as it rose 7.7%. Materials rose 5%, and each of consumer discretionary, consumer staples, and industrials rose in the mid-4% range. Financials gained 3.3% and energy added 2.5%. The most heavily traded shares by volume were Aurora Cannabis, HEXO Corp, and Aphria Inc.

5 from 5i

Here are five reads we found interesting last week:

• A viral market update XIV: A wrap on the COVID-market, premature or not, written by Aswath Damodaran of Musings on Market
• Do we need to regulate YouTube? By David Turner of Penny Fractions
• Market definitions and tech monopolies, authored by Benedict Evans
• The pandemic forced Joe Biden to think bigger, meet the economists who got him there, written by Kara Voght of Mother Jones
• When a VIX spike doesn’t equal volatility, posted on RCM Alternatives

Happy Reading & Stay Safe!

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Disclosure: Please note that the author does not hold a financial or other interest stocks or funds mentioned.