Thursday was another negative day in the markets with the S&P 500 down 1.2% and Toronto down 0.4%.
Shopify was down 3.5%.
Stocks that managed small gains on the day included Toll Brothers. Fortis, Canadian Western Bank, Canadian Tire and Royal bank.
Aecon Group fell 12.1% after announcing more losses on their “legacy” projects. I have trouble placing any faith in this company. But I read their earnings release carefully and listened to the conference call and it does appear that they are finally close to putting much of their troubles behind them. I hold some shares and will stick it out at this point.
I added to my American Express position based on an order I had placed earlier. At this point I have a modest position and intend to hold it long term.
U.S GDP came in strong. But analysts still expect the FED not to increase interest rates next week. In Canada, worries are mounting about consumers having to cut back due to higher interest rates.
After the close Amazon reported very strong results. This may give a positive push to stocks on Friday.