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Market Update Riley Friesen Market Update Riley Friesen

Market Update: Shaky Start

North American markets saw one of their worst weeks post-pandemic from Jan. 17th to 21st and the bleeding has continued into this week with markets opening deep in the red on Monday. Investor’s sentiment is currently cautious/bearish due to the impending rate hikes from Central banks, Q4 earnings season, inflation numbers, and heightened tensions in Ukraine.

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Banks Add Almost $300B in Cash 

The cash position of Canada's domestic banks, which typically grows at a few percent a year as the carefully tuned balance sheets of banks keep up with economic growth, almost doubled in the first few months of 2020, growing from $310 billion at the end of 2019 to $604 billion at the end of April.

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S&P 500 Opens Above 3,000

Today's trading was positive, with the Dow Jones Industrial Average gaining almost 2% from its previous close, and the S&P TSX Composite gaining 0.5%. The big news, however, was the S&P 500 opening above 3000 and closing at 3036.25.

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