Dow Tanks into Long Weekend

U.S. equities fell on Friday to cap their third straight weekly decline, after a solid August jobs report failed to ease fears that the Federal Reserve would keep aggressively hiking interest rates to fight inflation.

The Dow Jones Industrials index gave up big gains to fall erased a 370-point gain and finished the session lower by 337.98 points, or 1.1%, to 31,318.44.

The S&P 500 went south 42.59 points, or 1.1%, to 3,924.26, its lowest close since July.

The NASDAQ Composite dropped 154.26 points, or 1.3%, to 11,630.86, recording its first six-day losing streak since 2019.

All the major averages were lower to end the week, making it their third negative week in a row after slumping in the final days of August and giving up more than half of their summer rally. The Dow plumbed 3% and the S&P lost 3.3%, while the NASDAQ fell 4.2%.

Shares of retailer … Read more

Stocks Take Another Pounding

Investors betrayed nerves again Thursday, as the volatile stock markets again pointed south as resource issues faced downward pressure.

The TSX ended the day negative 188.09 points, or 1%, to 19,142,72

The Canadian dollar dropped 0.08 cents to 76 cents U.S.

Materials weighed the most on the market Thursday, with Ivanhoe Mines falling 52 cents, or 6.2%, to $7.92, while First Quantum Minerals boarded the “down” elevator $2.26, or 9.7%, to $20.98.

Energy stocks were also bruised, as Athabasca Oil gave back 15 cents, or 5.8%, to $2.44, while Secure Energy Services decreased 31 cents, or 5.4%, to $5.40.

Among gold stocks, Equinox Gold let go of 27 cents, or 5.9%, to $4.34, while Kinross Gold lost 22 cents, or 5.1%, to $4.09.

Consumer staples tried to reverse the downward trend, as Alimentation Couche-Tard gained $1.97, or 3.5%, to $58.41, while Empire Company hiked 62 cents, or 1.7%, to $38.03. … Read more

Canada Jobs Numbers End Shortened Week


U.S. and Canadian markets are closed for Labour Day



Economic Lookahead

S&P U.S. services PMI (final) (August)

ISM services index (August)

Featured Earnings

UiPath, Inc. (NYSE: PATH) (Q2) EPS projected for loss of 24 cents, compared to loss of 17 cents in the prior-year quarter.

Guidewire (NYSE: GWRE) (Q4) EPS projected for loss of 33 cents, compared to a gain of six cents in the prior-year quarter.

Coupa Software (NASDAQ: COUP) (Q2) EPS projected for loss of 65 cents, compared to 35 cents in the prior-year quarter.



Economic Lookahead

International trade balance (July)

Fed Beige Book

Featured Earnings

GameStop Corp. (NYSE: GME) (Q2) EPS projected for loss of 38 cents, compared to loss of 19 cents in the prior-year quarter.

Casey’s General Stores, Inc. (NASDAQ: CASY) (Q1) EPS projected for $3.32, compared to $3.19 in the prior-year quarter.

Academy Sports and Outdoors, Inc. (NASDAQ: ASO) … Read more