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Corporate earnings influence investors’ decisions

Market Watch – April 28, 2023

May 17, 2023

North American equity markets finished mixed on Monday as investors worked through mixed economic data and focused on upcoming earnings announcements this week. By the close, the Dow gained 66, the S&P 500 rose by 4, and the Nasdaq lost 35 points. In Canada, the TSX declined by 16 points led by the Information Technology sector.

On Tuesday, U.S. equity markets fell sharply amid a negative reaction to mixed earnings results. By the day’s close, the Dow lost 345 points, the S&P 500 dropped by 65, and the Nasdaq dropped 238. In Canada, the TSX fell by 237 points.

North American markets finished mixed on Wednesday as investors remained concerned about the banking sector, while the technology-related stocks were boosted by strong earnings from Microsoft Corp. and Alphabet Inc. The Dow lost 229 points by the close, the S&P 500 fell by 16 points while the Nasdaq gained 55 points. In Canada, the TSX saw a 73-point fall led by the Industrials sector.

U.S. equity markets surged higher on Thursday as weaker-than-expected U.S. economic growth suggested the U.S. Federal Reserve Board might be nearing the end of its rate-hiking cycle. By the close, the Dow climbed by 524, the S&P 500 by 79, and the Nasdaq by 288 points. In Canada, the TSX gained 156 points led by the Health Care sector.

North American Indexes end the week mixed

For the four trading days covered in this report, the Dow gained 17 points to close at 33,826, the S&P 500 rose by 2 points to settle at 4,135, and the tech-heavy Nasdaq gained 70 points to close at 12,142. In Canada, the TSX fell by 171 points to end at 20,523.

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