On Friday, markets were sharply higher erasing most or all of the loss from Thursday. The S&P 500 rose 1.1% and Toronto was up 1.0%.
Most stocks were up on the day.
Oil is continuing to be strong with a price of U.S. $73.63 indicated as of Sunday at 1:20 eastern time. That’s a highly profitable price for most of the Canadian oil producers. Alberta oil production volume is strong but remains below peak levels.
This week, Q2 earnings reports will start to come in from U.S. companies with Canadian reporting coming mostly towards the end of July. The U.S. system reports earlier but it does so without full details. They do a press release early but then the official report follows later (often two weeks later). In Canada we get the press release and full details including management discussion and analysis and the financials statements all at once. But we have to wait a bit longer for it. Some U.S. companies (Berkshire Hathaway in one) do it similar to the Canadian rules giving the full report all at once with no advance press release.