“Winning isn’t getting ahead of others, it’s getting ahead of yourself” – Roger Staubach
Major North American Markets Finish Positive
The Toronto Stock Exchange posted a gain of 62.65 points (0.39%) on Friday to finish the week with a modest gain of 71 points. The industrials sector pushed the TSX upwards on Friday, as did financials.
While the major US markets all suffered small pullbacks Friday, they all managed to scrape out positive weeks overall. Global equities overall pulled back over weak Chinese growth data, stoking fears of slowing global growth. Domestically, strong US retail numbers propped up the Greenback.
The price of a barrel of crude oil dropped from $54.35 USD per barrel on Monday down to $52.51 USD per barrel to close Friday, continuing its recent downward trend following the recent peak experienced on April 23rd ($66.02 USD). You may have noticed lower prices at the pump compared to a six weeks ago.
The Gulf of Oman was the site of two attacks on oil tankers, leading to a bump in oil prices; however, the overall trend downward has been led by fears of soft demand, due – again – by fears of slowing growth.
Toronto Raptors Break Canadian “Major 4” North American Championship Drought
In non-financial news, you may have heard car horns honking on Thursday night. Depending on where in the country you were, you may have also witnessed people flooding into the streets in celebration.
There was good reason for it: the Toronto Raptors, Canada’s lone National Basketball Association (NBA) franchise, defeated the Golden State Warriors 114-110 in Game 6 of the NBA Finals, and with the victory, they won the final series 4 games to 2. In doing so, the Raptors captured the franchise’s first Larry O’Brien trophy, awarded to the NBA Champion each year. This is Toronto’s, and Canada’s, first NBA title.
Most Canadians know that basketball was invented by a Canadian – Dr. James Naismith – in December of 1891 in Springfield, Massachusetts. However, fewer people will know that the first NBA game was actually played in Canada too. On November 1, 1946, the Toronto Huskies hosted the New York Knickerbockers in a game that the NBA confirms as the first in its history.
Truly, the game of basketball came full circle on Thursday, June 13, 2019.
The last Canadian winner of a “major 4” title was the Toronto Blue Jays’ 1993 World Series victory over the Philadelphia Phillies. Thus, the country’s title drought ends at just short of 26 years, or 9,364 days.
Weekly Update – By The Numbers
- The TSX closed at 16,302, up 71 points or 0.44% over the past week. YTD the TSX is up 82%.
- The DOW closed at 26,090, up 106 points or 0.41% over the past week. YTD the DOW is up 84%.
- The S&P closed at 2,887, up 14 points or 0.49% over the past week. YTD the S&P is up 16%.
- The Nasdaq closed at 7,797, up 55 points or 0.71% over the past week. YTD the Nasdaq is up 51%.
- Gold closed at 1,345, changed 35 points or 0.00% over the past week. YTD gold is up 67%.
- Oil closed at 52.51, down -1.48 points or -2.74% over the past week. YTD oil is up 58%.
- The USD/CAD closed at 0.7457, down -0.0071 points or -0.94% over the past week. YTD the USD/CAD is up 76%.
- The MSCI closed at 2,131, up 4 points or 0.19% over the past week. YTD the MSCI is up 05%.
- The Euro Stoxx 50 closed at 3,379, up 1 points or 0.03% over the past week. YTD the Euro Stoxx 50 is up 60%.
- The FTSE closed at 7,346, up 14 points or 0.19% over the past week. YTD the FTSE is up 19%.
- The CAC closed at 5,368, up 4 points or 0.07% over the past week. YTD the CAC is up 46%.
- DAX closed at 12,096, up 51 points or 0.42% over the past week. YTD DAX is up 56%.
- Nikkei closed at 21,117, up 232 points or 1.11% over the past week. YTD Nikkei is up 51%.
- The Shanghai closed at 2,882, up 54 points or 1.91% over the past week. YTD the Shanghai is up 56%.
- The 10-Yr Bond Yield closed at 2.09, up 0.01 points or 0.48% over the past week. YTD the 10-Yr Bond Yield is down -22.30%.
Sources: Yahoo! Finance, Advisor.ca, Globe Investor
This information is provided for general information purposes only. It does not constitute professional advice. Please contact a professional about your specific needs before taking any action.