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Sector Scopes February 2024 Update & BMO Equal Weight Banks Index ETF (ZEB.TO)

Global equity markets show a mixed picture, with Chinese markets rebounding due to stimulus measures, while U.S. markets, particularly the NASDAQ, indicate a slowing momentum. Sector performance varies, with Energy leading gains and Technology facing declines. As we approach key economic updates, including Canadian banking sector earnings, investors face a critical period. In this edition of Equity Leaders Weekly, we take our monthly look at Sector Scopes and at recent trends in the Canadian banking sector ahead of next week’s earnings reports.

Palo Alto Networks Inc (PANW)

Palo Alto Networks, Inc. (PANW) experienced a significant downward reaction, despite beating earnings expectations. The company’s forward guidance disappointed investors, leading to a 28.4% drop in share price in a single day. This plunge moved PANW from the Green Favored Zone directly to the Red Unfavored Zone, falling 68 spots to 74th in the SIA NASDAQ 100 Index Report.

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