U.S. markets finished a holiday-shortened week higher, even though they were closed Friday for Independence Day. For the week, the S&P 500 gained 1.8%, the Nasdaq rose 2.1%, and the Dow climbed 2.0%, with the Dow closing Thursday at a record high.
The biggest story was rotation. The Dow benefited from strength in traditional sectors, while the Nasdaq was held back late in the week by weakness in semiconductor and AI stocks. A softer June jobs report — only 57,000 jobs added — reduced fears of another Fed rate hike and helped support investor sentiment.
In Canada, the TSX remained open Friday and finished strong. The S&P/TSX Composite rose 0.9% Friday to 35,274.84, helped by gold, copper, and mining stocks. For the week, the TSX gained 0.8%.
The lesson: leadership is broadening. AI is still important, but this week reminded investors that banks, industrials, commodities, utilities, and dividend-paying companies still matter.
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