Market Insights

Last month saw divergence among major North American equity indexes, with two increasing and two decreasing in value. The NASDAQ gained more than Canada’s TSX lost – plus almost 6% against minus 5%. The S&P 500 and the Dow delivered performance with a gap of nearly 4% – plus 0.25% versus minus 3.5%, respectively.

Last Month in the Markets: April 3–28, 2023. What happened in April? Last month demonstrated the resiliency of equity markets. After a quick rise to begin the month, North American indexes suffered a hiccup. The indexes then repeated this same pattern twice before the month ended successfully for most. The NASDAQ finished the month where it began, but the TSX, S&P500 and Dow each increased by 2.7%, 1.5% and 2.5%, respectively.

Last month was difficult to endure for investors concentrated in North American equities, especially those with significant holdings in financial services, which includes many Canadians. By the end of March, the TSX finished almost where it began the month, and the U.S. equities indexes rose 2 to 6½ percent.

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With the exception of a few peaks, last month delivered mostly negative results for investors concentrated in equities. Canada’s TSX and the U.S. S&P 500 fell by almost the exact percentages of 2.63% and 2.61%, respectively, in February.