Last updated: Jun-19-2018

Market wrap June 30, 2017: Stocks slide on the week, closing a lackluster June
6/20/2018 7:09:36 AM
HOME : FEATURES : COLUMNS : Market wrap June 30, 2017: Stocks slide on the week, closing a lackluster June
Show Printable Version Download Plain Text
Fund Library News
News, announcements, and updates from Fund Library

By Fund Library News Wire  | Friday, June 30, 2017


By Mike Keerma

Stock markets in Canada and the U.S. posted a losing week, to cap off a month of lacklustre performance. Toronto’s S&P/TSX Composite Index ground down nearly -1% on the week, led by losses in the financial and energy sectors. The broad Canadian benchmark posted a monthly retreat of -1.1% in June overall, its second straight monthly decline, and is now down -2.4% for the year to date. U.S. benchmark indices didn’t do much better, as the S&P 500 Composite Index declined -0.6% on the week, for a marginal gain of 0.5% on the month. Meanwhile, the Nasdaq Composite Index lost -2.0% on the week as technology shares retreated, putting the index -1.0% underwater for the month. Still, the Nasdaq is ahead 14% year to date, while the S&P 500 is up 8%. Crude oil gained 7.3% on the week, but continues to hover below US$50 per barrel, posting a near -5% loss in June, with a -14% decline year to date. Gold slipped -1% on the week for a -2.1% loss in June, but remained ahead 7.8% year to date.

Helping cushion selling ahead of the long weekend was a 0.1% increase in U.S. consumer spending rose for May. U.S. inflation, meanwhile, declined -0.1% in May from April (with the headline consumer price index at 1.9%, and the core at 1.7%). The inflation numbers contributed to a delcine in U.S. bond yields as traders weighed whether the Fed would now delay another rate hike until later in the year.

In Canada, gross domestic product grew 0.2% in April from March (a 3.3% annual rate). Bond yields rose as The Bank of Canada’s Governor Stephen Poloz suggested the Bank favors a rate hike above the Bank’s current 0.5% target overnight rate, possibly as early as July, as employment picks up and slack in economy tightens.

In company news, Empire Co. (TSX: EMP.A), which owns grocery chains Sobey’s and Safeway, saw something of a turnaround in its fortunes with better-than-expected earnings in its fourth quarter. After some difficulty digesting the Safeway acquisition four years ago, with nearly $3 billion in writedowns, Empire reported earnings of $29.5 million ($0.11 per share) in its fourth quarter, compared with a net loss of $942.6 million ($3.47 per share) in the same period last year. The company last month announced a three-year turnaround plan to save $500 million per year by 2020.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.


© 2017 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

Find a Stock

(Leave blank for all)
Symbol   Name
Forgot your password?
Register now
Tech Support
For general inquiries, please email the Librarian.
Home |  Features |  Member Services |  Tools |  Funds |  About Us
For any questions or problems with this site, please contact the Librarian.
Page ID: 20:40:1051:00016263:9/12/2017:4:10:55 PM Duration of this visit: 0 sec.