Base metals helped Canada’s main stock index eke out a gain Friday, while U.S. stock markets were down, led by the Nasdaq’s almost one per cent loss.
Markets had a lot of economic data to digest this week, mainly on inflation, said Kevin Headland, chief investment strategist at Manulife Investment Management.
It wasn’t straightforward — some reports came in stronger than expected, others weaker. Adding to the pile on Friday was a report from the University of Michigan showing consumer sentiment fell unexpectedly in March.
As the tech sector weighed on stocks Friday, markets were also seeing higher volumes and volatility because of the “triple witching,” said Headland — a day where “a lot of derivative contracts … index options and futures are all scheduled to mature at once.”
“In those periods, the markets tend to get whipsawed a little bit,” he said, adding there’s likely some profit-taking on stocks…
