NATIONAL BANK OF CANADA Market Review
January 4, 2023
EQUITY INDICES | LAST | CHANGE | %CHG | 52 WK-HIGH | 52 WK-LOW | YTD |
DOW JONES INDUSTRIAL AVERAGE | 33,269.77 | 133.40 | 0.40% | 36952.65 | 28660.94 | 0.37% |
S&P 500 | 3,852.97 | 28.83 | 0.75% | 4818.62 | 3491.58 | 0.35% |
NASDAQ COMPOSITE | 10,458.76 | 71.78 | 0.69% | 15852.14 | 10088.83 | -0.07% |
S&P/TSX COMPOSITE | 19,588.83 | 145.06 | 0.75% | 22213.07 | 17873.18 | 1.05% |
STOXX EUROPE 50 | 3,780.07 | 49.12 | 1.32% | 3872.11 | 3279.47 | 3.51% |
FTSE 100 | 7,585.19 | 31.10 | 0.41% | 7687.27 | 6707.62 | 1.79% |
DAX PERFORMANCE-INDEX TR | 14,490.78 | 309.11 | 2.18% | 16285.35 | 11862.84 | 4.07% |
CAC40 | 6,776.43 | 152.54 | 2.30% | 7384.86 | 5628.42 | 4.68% |
Nikkei 225 Index | 25,716.86 | -377.64 | -1.45% | 29388.16 | 24681.74 | -1.45% |
HANG SENG INDEX | 20,793.11 | 647.82 | 3.22% | 25050.59 | 14597.31 | 5.11% |
Shanghai SE Composite Index | 3,123.52 | 7.00 | 0.22% | 3628.26 | 2863.65 | 1.11% |
Market Review
Fed officials aligned to scale back upcoming rate hikes.
U.S. equity markets reversed early losses today, as investors looked past a set of weak economic data and focus squarely on the Federal Reserve's December meeting minutes released in the afternoon. The readout showed all officials at the Federal Reserve's Dec. 13-14 policy meeting agreed the U.S. central bank should slow the pace of its aggressive interest rate increases, allowing them to continue increasing the cost of credit to control inflation but in a gradual way meant to limit the risks to economic growth. Officials also acknowledged they had made "significant progress" over the past year in raising rates enough to bring inflation down. "Most participants emphasized the need to retain flexibility and optionality when moving policy to a more restrictive stance," the minutes said, indicating officials may be prepared to scale back to quarter-percentage-point increases as of the Jan. 31- Feb. 1 meeting, but also remained open to an even higher than anticipated "terminal" rate if high inflation persists. Indeed, the minutes put a premium on explaining that the decision to move to smaller rate increases should not be construed by investors or the public at large as a weakening of its commitment to bring inflation back to the central bank's 2% target. "No participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023," the minutes said. In Canada, the main stock index rose for the second straight session today on gains in gold miners but the energy sector, however, capped gains on the index, declining more than 1% as concerns over weakening global demand weighed on crude prices. Among individual stocks, Canadian Imperial Bank of Commerce gained after the lender planned to appeal a New York judge's order to pay $848 million in damages to private equity firm Cerberus Capital Management in a contract dispute tied to the 2008 global financial crisis. Apple Inc and Tesla Inc bounced back from a searing drop in the previous session while Microsoft Corp dropped more than 4% following a downgrade on worries over slowing growth for its cloud services and Office suite.
S&P/TSX: LEADERS | LAST | CHANGE | %CHG |
Equinox Gold Corp | $5.35 | $0.47 | 9.63% |
Canopy Growth Corp | $3.40 | $0.26 | 8.28% |
Dye & Durham Ltd | $18.36 | $1.39 | 8.19% |
Torex Gold Resources Inc | $17.25 | $1.27 | 7.95% |
BlackBerry Ltd | $4.90 | $0.36 | 7.93% |
S&P/TSX: LAGGARDS | LAST | CHANGE | %CHG |
Nexgen Energy Ltd | $5.63 | -$0.36 | -6.01% |
ECN Capital Corp | $2.77 | -$0.12 | -4.15% |
Algoma Steel Group Inc | $8.28 | -$0.28 | -3.27% |
Cameco Corp | $30.34 | -$1.02 | -3.25% |
Athabasca Oil Corp | $2.18 | -$0.07 | -3.11% |
S&P/TSX INDUSTRY | LAST | CHANGE | %CHG | YTD |
ENERGY | 225.06 | -3.81 | -1.66% | -7.38% |
MATERIALS | 340.51 | 5.72 | 1.71% | 3.92% |
UTILITIES | 301.35 | 0.58 | 0.19% | 2.10% |
FINANCIALS | 358.32 | 4.60 | 1.30% | 1.79% |
INDUSTRIALS | 387.71 | 2.24 | 0.58% | 1.65% |
HEALTH CARE | 20.53 | 0.81 | 4.11% | 5.72% |
CONS. DISCRETION. | 256.87 | 1.51 | 0.59% | 1.92% |
CONS. STAPLES | 828.42 | -2.16 | -0.26% | 0.65% |
INFO TECH. | 140.85 | 2.10 | 1.51% | 3.26% |
COMMUNICATION SVS | 188.35 | 1.23 | 0.66% | 1.24% |
REAL ESTATE | 309.07 | 5.18 | 1.70% | 2.72% |
GOVERNMENT BONDS | 2YR | 5YR | 10YR | 30YR |
CANADA (YLD%) | 3.99% | 3.29% | 3.14% | 3.15% |
U.S. (YLD%) | 4.36% | 3.84% | 3.68% | 3.81% |
COMMODITIES/ FX | LAST | CHANGE | %CHG | YTD |
CRUDE OIL WTI | $73.21 | -$3.72 | -4.84% | -8.78% |
NATURAL GAS | $4.16 | $0.17 | 4.31% | -7.14% |
GOLD | $1,855.10 | $15.40 | 0.84% | 1.95% |
COPPER | $3.74 | -$0.03 | -0.66% | -1.81% |
CAD / USD | $0.7417 | $0.0103 | 1.41% | 0.53% |
CAD / EUR | €0.6991 | €0.0061 | 0.88% | 1.44% |
USD / EUR | €0.9425 | -€0.0050 | -0.53% | 0.90% |
USD / JPY | ¥132.68 | ¥1.68 | 1.28% | 1.20% |
Source: Refinitiv
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- The information contained herein was obtained from sources which we believe to be reliable, however we cannot represent that it is accurate or complete.
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National Bank of Canada published this content on 04 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2023 22:17:05 UTC.
