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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.

S&P 500 Index (SPX.I) & CBOE Interest Rate 10-Year

This week’s Equity Leaders Weekly highlights the S&P 500’s historic breach of 5,000 amidst market volatility and speculative trades, particularly in tech sectors and cryptocurrencies. Despite these highs, concerns loom with unexpected earnings reactions and investor responses to inflation, profiling caution. Upcoming earnings from Nvidia and Booking Holdings, alongside this month’s options expiry, may further influence market dynamics. Notably, the recent rebound in 10-year Treasury yields offers a key point of focus, signaling potential shifts in investor sentiment and market direction.

Crude Oil Continuous Contract (CL.F) & S&P/TSX Composite Index (TSX.I)

Markets fluctuated in January 2024, ending with modest gains for NASDAQ and declines in China’s markets. Crude Oil and Copper resisted the downtrend. The S&P 100 excelled, while the Russell 2000 struggled. Investors appear to be shifting focus, favoring less risky assets as central banks maintain a tight monetary stance. Despite mixed earnings reports, with some notable sell-offs, the markets are now eyeing major tech and energy firms’ upcoming financial disclosures. The S&P/TSX Composite Index hints at a rebound, particularly in Financials and Energy.

S&P 500 Index (SPX.I) & Dow Jones Utilities Average (DJU.I)

This week, while the Dow topped 38,000 and the S&P 500 set records, narrow market gains and lagging sectors like Financials and Real Estate hint at caution. China’s temporary economic boost and mixed earnings add uncertainty. Investors watch central banks closely, as interest rate decisions could pivot market sentiment.

Sector Scopes Update January 2024 & United States Dollar Versus Canadian Dollar (USDCAD)

In this edition of Equity Leaders Weekly, we take out monthly look at Sector Scopes and consider what forces are driving trading in USDCAD along with their wider implications.

S&P 500 Index (SPX.I) & Russell 2000 Index (RLS.I)

In December, the equity market recovery broadened out and participation increased dramatically with the small and mid cap troops finally following the large cap generals higher. In particular, the Russell 2000 Index (RLS.I) staged a very strong rally, climbing up from a successful retest of its October 2022, and driving up through all of the trading range that has prevailed for the last eighteen months and snapping a downtrend line.

December Sector Scopes Update & S&P/TSX Composite Index (TSX.I)

In this edition of Equity Leaders Weekly, we look at what the Sector Scopes are telling us about market sentiment and sector performance and also at recent action in the S&P/TSX Composite Index.

NASDAQ Composite Index (NASD.I) & iShares Real Estate ETF (IYR)

In this edition of Equity Leaders Weekly, we look at a big breakout by the NASDAQ and a resurgence in interest in the real estate sector.

Crude Oil Continuous Contract (CL.F) & S&P 100 Index (OEX.I) vs Russell 2000 Index (RLS.I)

In this edition of Equity Leaders Weekly, we look at the current state of the oil price and at capital rotation between large cap and small cap stocks in the US.

BMO Equal Weight Banks Index ETF (ZEB.TO) & Gold Continuous Contract (GC.F)

In this edition of Equity Leaders Weekly, we look at the Canadian banking sector moving into its earnings week, and at what recent gains in the gold price may be telling us about investor sentiment.

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