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Dow Edges Up as Tech Stumbles and Oil Prices Break $100

  Markets saw a mixed performance today as the Dow managed a modest rise while the S&P 500 and Nasdaq slipped, pressured largely by weakness in chip stocks and a surge in crude oil prices above $100.   Market Overview Dow Jones Industrial Average: Posted a slight gain of +0.11% , supported by select blue‑chip strength.  S&P 500: Fell 0.39% , reflecting broader market caution amid rising energy costs.  Nasdaq Composite: Dropped 0.73% , weighed down by chipmakers and tech giants facing renewed selling pressure.  Key Drivers Chip Stocks Slide Semiconductor shares were among the hardest hit, contributing significantly to the Nasdaq’s decline. Concerns around demand and sector volatility continued to pressure valuations.  Oil Surges Above $100 U.S. crude oil prices climbed past the $100 mark, intensifying inflation worries and adding strain to consumer‑sensitive sectors. This spike also influenced investor sentiment across equities.  ...
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TSX set to end the year on a positive note amid global recovery hopes

The Toronto Stock Exchange (TSX) is expected to open higher on Friday, the last trading day of 2023, as investors remain optimistic about the global economic recovery from the pandemic.

The TSX closed at a record high of 23,456.78 on Thursday, boosted by gains in energy, financials, and materials sectors. The index has risen more than 20% this year, outperforming its U.S. peers, as Canada’s economy rebounded from the COVID-19 crisis.

The positive sentiment was also supported by the latest data showing that Canada’s GDP grew by 0.4% in October, beating expectations of a 0.2% increase. The growth was driven by the services sector, which expanded by 0.6%, while the goods-producing sector contracted by 0.1%.

On Friday, the TSX futures were up 0.3% at 7:30 a.m. ET, indicating a higher open for the cash market. The Canadian dollar was trading at 79.32 U.S. cents, slightly lower than Thursday’s close of 79.36 U.S. cents.

Meanwhile, the U.S. stock futures were also pointing to a higher open, as Wall Street looked to end the year with record highs. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite have gained 18.7%, 26.9%, and 21.4% respectively this year, as the U.S. economy recovered from the pandemic-induced recession.

The U.S. markets will close early at 1 p.m. ET on Friday, while the TSX will close at its regular time of 4 p.m. ET. Both markets will be closed on Monday, January 1, 2024, for the New Year’s Day holiday.

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