Canada’s main stock index ended the week with a slight dip, while U.S. markets saw a boost as American corporate heavyweights began reporting earnings.
Analysts had set a low bar for companies’ performance this earnings season in light of the economic jitters and U.S. trade turmoil, said Stephen Duench, vice-president and portfolio manager at AGF Investments Inc.
“We haven’t seen analysts’ estimates go down by such an extent going into (the) reporting period since COVID,” he said.
So even marginally good news in earnings reports had an outsized market reaction, he said.
“‘Not as bad as before’ is a positive development,” he said.
The S&P/TSX composite index was down 17.02 points at 24,710.51.
In New York, the Nasdaq composite gained 216.90 points at 17,382.94, while the Dow Jones industrial average rose 20.10 points at 40,113.50. The S&P 500 index was up 40.44 points at 5,525.21.
Next week, U.S. earnings season really…
