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Equities make up for Losses – Big Time!

Canopy, Lightspeed in Focus

Whatever weakness still lay in equity markets at the end of last week were more than overcome Monday, the last session of the month, powered mostly by tech and health issues.

The S&P/TSX Composite leaped 356.54 points, or 1.7%, to conclude Monday at 21,098.29.

The Canadian dollar added 0.28 cents at 78.64 cents U.S.

Techs flourished, with Lightspeed Commerce towering $3.81, or 10.3%, to $40.71, while Shopify rumbled ahead $101.82, or 9.1%, to $1,215.80.

The health-care sector was solidly in the green, with pot producer Canopy Growth galloping 84 cents, or 9.1%, to $10.12, while Well Health Technologies raced ahead 35 cents, or 8.3%, to $4.57.

In the gold patch, Novagold hiked 53 cents, or 2%, to $27.51, while Oceanagold Corporation inched up eight cents, or 4.3%, to $1.94.

Communications were in the red, however, with Rogers down 70 cents, or 1.1%, to $64.44, while Shaw dropped nine cents to $37.87.

On the economic front, Statistics Canada’s industrial product price index rose 0.7% on a monthly basis in December and was 16.1% higher than in December 2020, while its raw materials price index fell 2.9% on a monthly basis in December, but posted a 29.0% year-over-year increase.

Canada will temporarily withdraw non-essential Canadian employees and remaining dependents from its embassy in Ukraine, amid an international standoff over Russian troops massed on the country's borders.


The TSX Venture Exchange thundered higher 20.32 points, or 2.4%, to 858.65 Monday.

All but one of the 12 TSX subgroups were back in the green on the day, with information technology muscling up 4.6%, health-care soaring 4.4%, and gold making headway 2.3%.

Only communications missed the party, scaling back 0.1%>


Stocks bounced for a second day Monday to wrap up a rough January, as investors snapped up some of the tech shares that have been battered all month.

Despite the two-day relief rally, both the S&P 500 and the NASDAQ Composite posted their worst months since the onset of the pandemic, as investors braced for the Federal Reserve to raise interest rates multiple times this year starting soon.

The Dow Jones Industrials screamed higher 406.39 points, or 1.2%, by the close Monday at 35,313.86. That helped it cut its loss for the month to 3.3%, as it benefited from its underweighting in tech shares.

The S&P 500 picked up 83.7 points, 1.9%, to 4,515.55, cutting its loss for the month to 5.2%. That’s still its worst month since the 12.5% loss in March 2020, and its worst January since 2009.

The NASDAQ popped 469.31 points, or 3.4%, to 14,239.88. The index is still ended down 8.9% for January, also its worst month since March 2020.
Netflix surged 13% and Spotify surged more than 11%, on Monday upgrades from Citi. The firm cited this month’s pullback as an attractive time to buy. Netflix is still down nearly 30% this month, and Spotify is off by 17%.

Tesla, which is down 11% in January, gained more than 10% on Monday after Credit Suisse upgraded the electric car maker’s stock. The firm said Tesla had been unfairly caught up in the market decline. Other EV makers rose too, with Rivian racing 11% and Lucid adding about 6%.

Nvidia shares climbed 7% after being hit hard in January. The chip stock finished the month down 16.7%.

Outside of tech, Boeing was the top gainer in the Dow, rising 5% after the airline won a deal with Qatar Airways worth $34 billion.

Investors have a big week for economic data and some important earnings reports from some of the market’s biggest tech names, including Alphabet, Meta Platforms, Amazon and more. About one-third of S&P 500 companies have reported fourth-quarter earnings and 77% have beaten Wall Street’s earnings expectations

Prices for 10-year Treasurys gained ground, lowering yields to 1.78% from Friday’s 1.79%. Treasury prices and yields move in opposite directions.

Oil prices acquired $1.50 to $88.32 U.S. a barrel.

Gold prices hiked $12.90 to $1,799.50 U.S. an ounce.