Market Insights

[music] >> Hello, I'm Greg Bonnell. Welcome to MoneyTalk Live, brought to you by TD Direct Investing.

coming up on today show, Anthony Okolie is going to take us to the latest jobs reports on both sides of the border. We are going to hear from TD Asset Management's chief investment on the David Sykes on his outlook for the markets.

We are going to get a preview from what to expect from U.S. Bank earnings season from Stephen Biggar, and in our education section, Hiren Amin is going to show us how to use bubble charts on the Advanced Dashboard platform.

Forget all that, let's get you an update on the markets.

Not a great start to the week.

Pretty solid rally. 233 points to the upside, more than one full percent.

Seems some gold names are putting on points today. Let's check in on Barrick Gold right now.

It is up a little more than 23%.

Also notice the price of copper today, it at $8.89, you down a little more than 1%.

South of the border, the jobs came in much stronger-than-expected and the markets seem to be saying they're all good with it.

And the 4.8 magnitude earthquake is not going to knock it off its course, it's up 1.25%.

What about the NASDAQ, it is 1.3% the upside.

Amazon among the tech names rallying today. Let's check in on that name.

The e-commerce giant is up more than 3%.

And that is your market update.

While we did get a strong US jobs report, the same cannot be said about the situation here in Canada.

Joining us now to discuss is MoneyTalk's Anthony Okolie. Let's break down the numbers.

>> Disappointing number for Canada. We saw our unemployment rate jumped by three percentage points to 6.1% in March.

Employment was virtually unchanged in March. We lost just over 2000 jobs. The on employment rate ticked up month over month to 5.8%, that is the first drop in over one year.

The participation rate was flat again, sitting at 5.3%. This continues the trend over the last year when we have seen Canadian firms have been unable to absorb the strong population driven labour force growth and that is driving up the unemployment numbers over the last couple of months.

When you look back on March of this year, stats Canada said that Canada's population rose at an annual pace of 3.2% as of January 1, 2024.

That is the fastest annual growth rate since 1957.

When we break down the numbers by sector, job losses were concentrated in three industries.

One primarily led by accommodation and food services.

We did see some gains in healthcare and social assistance. When we look at average hourly earnings for permanent workers, came in at 5.1%, just a take higher versus the 5% in February.

What is a bit concerning in the Canadian jobs numbers is total hours worked fell 3% month over month, that is the first drop in four months.

Looking south of the border, we did see a stronger print in the United States.

They added just over 300,000 jobs in the months compared to estimates of just over 200,000, so a huge outperformance there.

We also saw an upper revision to the two prior months as well to the tune of 22,000 jobs.

In addition to that, the US unemployment rate edged down to 3.8% in March. Now, the good use in the US numbers was wage growth. Wage growth estate contained.

Average hourly earnings were up .3% month over month and that puts it at just over 4% versus one year ago and that is the slowest pace of wage growth since June 2021.

While we did have a strong number in the US, I think we can take some comfort in that wage growth is seeming to be contained and the federal be looking at when they look at the overall inflation picture.

>> Regarding inflation, you have to keep your eyes on wage growth.

Given the stall in Canada, strengthen the US and continued resilience, is it changing anybody's minds about what it the central banks will get up to?

>> It is unlikely that these reports will change the central bank minds. For the Bank of Canada, they are meeting next week, this report is unlikely to change anything. The BOC has made it clear that they need to see core inflation, which is stuck at the mid-3% level, improving to its 2% target, making the odds of pricing in a June rate cut as opposed to any change next week. Meanwhile, we have heard from the Fed this week, which reiterated their message that they are in no rush right now to cut interest rates. The fact is that the labour market in the US continues to remain resilient and the Fed has the luxury of waiting to monitor inflation data over the coming months.

Consensus is split between June and July for a Fed rate cut. If we see an upward surprise in the US CPI report next week that could push the rate cut out a bit further.

That will be a key point to watch nicely.

>> Interesting days indeed. Thanks for that.

>> My pleasure.

>> MoneyTalk's Anthony Okolie.

Right now, let's get you updated on the top stories in the world of business and take a look at how the markets are trading.

Apples joining the chorus of tech companies cutting jobs following a pandemic tech hiring boom. According to filings, the iPhone maker told some 600 workers across 8 Offices in California that they were being let go. It while post-pandemic layoffs in the tech industry have been commonplace for some time now, Apple had been an exception until now.

Closer to home, we have Laurentian Bank selling $2 billion of assets to a subsidiary of iA Financial Group.

The deal is going to see about 16,000 client accounts move to a subsidiary of iA Financial.

Laurentian Bank, which has been working to streamline his business, says this sale is not expected to be material for the bank.

Johnson & Johnson says it has a deal to buy medical device company Shockwave Medical for $12.5 billion. The transaction will CJ and J had a device that breaks down plaque and heart vessels to its cardiac offerings. J&J flat on the news.

Let's check in on Bay Street, triple digit gain on our hands, 238 points to the upside, more than one full percent. South of the border, you have US stocks in rally mode as well after a shaky start to the week. Europe 66 points, almost 1.3%.

Of course, markets ran to record highs earlier this year. Investors are considering whether rate cuts are on the way. Earlier, MoneyTalk's Kim Parlee had the chance to speak with David Sykes, chief investment office at TD Asset Management on where he sees the markets going from here.

>> From the equity markets perspective, very strong start to the air. I'm not sure if I would count on that continuing.

Year to date, first quarter, S&P 500 up something like 10.5%, 11%, the Canadian market up 6%, 6.5%-- really, really strong.

If you think about annualizing those numbers, I wouldn't want to do that. I wouldn't want to get too carried away.

But I think one of the big impacts for the market in the first quarter was really about interest rates.

If you think about where we began this year, the Fed, from the market's perspective, was thinking about seven rate cuts during the course of 2024.

Now, as we sit here today looking at some of the incoming data, whether it's been GDP data, it's been employment data, or inflation data, it's not going to be seven.

We're looking at two or three cuts in 2024 that are priced in now to the market.

And so I think the tug of war here has really been about stronger growth and how that's been impacting the rates markets.

>> It's funny because if you think back six months, the world-- and I'm not talking you, but the people who are the retail, perhaps, audience-- obsessed with rates.

What are happening with rates? And I know many on your team rightfully have pointed out to me, what are earnings doing in terms of another data point? So what are you seeing in earnings?

Or what are you expecting for the next quarter?

>> Yeah. And I do think capital markets are right to obsess on rates, because rates, ultimately, are the price of money.

And that's the most important price in capital markets and in our world.

But I do think one of the fundamental things that was misunderstood was that, with higher rates, companies could still survive. Companies could still thrive.

And I think from an earnings perspective, that's really been the key for the equity market.

Last quarter's earnings were stronger than expected.

I think some of that was AI, but I think a lot of that was also if we look at just economic growth, the consumer in the United States is strong. Spending on the consumer level has been resilient.

If I think about government spending, we had the CHIPS Act in the United States, we had the infrastructure bill, and we had the Inflation Protection Act.

Now, that was all about a year and a bit ago. But that had some delayed spending impacts, and that's just starting to come through now.

And in addition to that, you've had a lot of corporate capex on things like AI-- things like graphics processing units, AI, the whole infrastructure. And if you add all that up, it's been quite strong.

And so the economy has outperformed expectations. So while not great for lowering rates, very, very good for economic activity and for corporate revenue.

And so I think the earnings side has really come through and helped the equity market rise to its all-new highs.

>> What about, just take a longer term look out-- it's interesting because we've had a huge rally in the markets.

Again, you wouldn't want to straight line that and assume what's going to happen.

Markets don't run up forever.

But when you think about the things that are coming in the upcoming, let's say, 6 to 12 months--you said the Fed will probably have some cuts coming, but less than we originally thought.

What about the Bank of Canada? What are you seeing there?

>> Yeah. So the data on the Canadian side has been interesting. So GDP here has been weaker.

Fourth quarter GDP ran about 1%.

We've just had the data for January and February.

And it's actually looking stronger than expected. We've also had two weaker-than-expected inflation prints in Canada.

So our best thinking would be that the Bank of Canada will also cut two or three times this year.

Of course, the overnight rate in Canada is a little bit higher than in the United States. I think we'd expect more cuts in Canada than in the United States.

And it's really due to the sensitivity of interest rates in Canada-- a lot of consumer debt, a lot of mortgage debt.

And you have seen a little bit of slowing-- I would argue more slowing of the Canadian economy than the United States.

And inflation is looking a little bit better in Canada than it is in the United States.

But those differences are not large. And I think you'll see maybe one more cut in Canada than you would expect in the United States.

>> A couple more questions-- one just on AI. I think there's been so much excitement-- I'm not going to say hype, I'm going to say excitement-- on AI in terms of the chip makers and those types of things too. And I know you've talked about maybe you want to see longer term the AI impact on the earnings-- how companies utilize AI, productivity, those types of things. Are we starting to see that? When do you start to expect to see that?

>> So, look, I think it's fair to say we are seeing that.

So, look, I think it's fair to say we are seeing that.

But just take a step back here. When we talked about last year in equity markets being very strong, in my mind, 2023 was really about technology, the Mag Seven.

But it was really about AI-driven companies that would enable AI to happen-- so I think specifically about chips, semiconductors, things that allow the AI magic to happen, if I can phrase it that way.

I think 2024, or 2025, '26, and beyond is about adopters.

What companies adopt that technology? And if I think at its most basic level, to me, AI is really just analyzing massive, massive data sets, picking out a pattern or trying to find a particular piece of information, and then making processes more efficient.

And if I think about that from a corporate perspective, that's very, very powerful.

Because if you can increase productivity, wow, that almost is the Holy Grail.

And so to me, AI is real. But let's remember something.

AI is absolutely, in my mind, in its infancy.

Someone over the weekend sent me a funny little note, a video from 1994.

And it was a talk show talking about the internet, and what was the internet, and what is this "at" symbol.

That was 30 years ago. And you think about back then, retailers didn't have a digital website.

But fast forward to today, and look at what that's done for productivity, corporate earnings, et cetera.

I think we're in the same phases with AI.

This is going to be clearly, right across the economy, whether we're talking about medicine, agriculture, if we're talking about finance-- this has implications that are so broad and so big.

I don't really see the impact of this in 2024. I see it over the next five, 10, 15 years.

And in my mind, this is real. And it's about cost savings and productivity.

And I think that's going to be very, very helpful for earnings.

>> Let me ask just quickly. As you think about some of the political, geopolitics-- you know, those are probably closer than 15 years out. So you've got this massive trend with AI kind of helping the productivity.

But then you've got US elections, the Middle East.

You name it. Everything's coming out. What are you watching for to understand what's material to markets?

>> Yeah. I think the big thing in the United States, as it goes with the election, it's really going to be about not just the occupier of the Oval Office, but how does Congress shape out?

If you have a full Republican slate or a full Democratic slate, that's going to really shape policy. And I think that will drive capital markets.

Unfortunately, we're going to have to wait and see.

On the geopolitics side, I'm very happy to see, today as an example, that President Xi and President Biden had a phone call.

People are talking. And I think that's the first step to avoiding consequences that we don't want to see.

But I think the biggest difficulty for me and for people who are trying to invest is that we don't know what the next thing will be.

And so for that reason, you talk about asset allocation.

You talk about portfolio construction and how to make sure you have proper diversification because those events will surely come, but we don't know, unfortunately, what they are.

>> Now, we have the Wealth Asset Allocation Committee, where you look with your team about potential opportunities that are out there.

You've just talked about a whole bunch of things that are happening in the markets.

How does that play out? And let's start with fixed income. What do you see?

>> Yeah. So I think from a fixed income perspective, the Wealth Asset Allocation Committee meets monthly.

And we discuss and debate how our positioning should be from an overall portfolio perspective.

I think for fixed income, I think we're feeling quite optimistic about fixed income, I think largely for two reasons.

One, yields today are much, much different than they were two, three, four years ago.

For so long, rates were so, so low.

Today, if you look at government bonds, you can get yields in the 3% to 4% range.

If you look at corporate bonds and high yield, you can get yields in the 5%, to 6%, to 7% range.

You package all that together, I think that's going to give you a nice, consistent yield that you can count on 12 to 18 months into the future.

But also, as I mentioned in the previous segment, you're going to see some rate cuts, we believe-- probably in the back half of this year. But that'll give you a little bit of a tailwind as well. So we think you could expect mid to high single-digit returns in fixed income.

>> Equities?

>> So equities, it really depends geographically. I think equities overall-- on one hand, as I've mentioned, equities have moved up a lot. Globally since probably the end of October of last year, equities are up about 25%. So let's be realistic. That's probably not going to carry on for the rest of this year.

But I think you have seen all-time highs in Europe.

You've seen all-time highs in North America.

One area we're not particularly optimistic on would be China. I think there's some issues going on in their housing market, debt, et cetera.

So I think we probably underweight China.

But North American markets look good. The issue just fundamentally becomes that valuations are starting to get a little bit stretched at 21, 22 times.

Doesn't mean we're going to have a colossal fall from here, but I wouldn't get too, too carried away about multiple expansion from here.

We'll see earnings growth. We'll see upside. But let's also be realistic.

We haven't had a 5% or 10% pullback in a while. You're going to have one.

And I think that would be the moment when then you have to steel yourself for this moment to say, a good 7%, 8%, 9% pullback, that'd be a great entry point for equities for the rest of the year.

>> Get your list out, the ones you like, and then watch when it happens.

>> That's right.

>> Alternatives.

>> Yeah.

So for us, alternatives really are an amazing building block for a portfolio because they're not nearly as correlated with fixed income and equities.

And so we love that diversification. And remember, alternatives, it's not just real estate, although we do like our industrial real estate, our multi-unit residential.

It's things like infrastructure.

We have a global infrastructure fund, which we're hugely proud of. It's also commercial mortgages.

It's also private debt. Those opportunities, I think, look very, very strong.

There's some issues around office in Canada and office in North America because of back to work and COVID and those implications still working their way through.

But we would say a 10%, to 15%, to 20% smattering of alternatives across the portfolio is a place that you'd want to be as an investor.

>> And finally, cash and equivalents.

>> Yeah, so cash sometimes gets a very bad knock. And I think it's very important to say that cash does have a place in a portfolio.

Now, maybe that should be 1% or 2% or 3%.

You like that cash for an optionality.

As we discussed, we can't predict the future. No one can. I wish I could, but I can't.

It's nice to have that cash with that optionality if you see an opportunity in the market. But what I'm afraid I'm seeing too much of are folks that have portfolios with 15% or 20% or 25% cash.

And if you see a 43-year-old individual who's saving for retirement at age 60 or 65 sitting on that much cash, there's a lot of missed opportunity cost there. And so cash is important, but we'd have a small smattering of cash at the moment.

>> It's a tough one, I think, for a lot of people right now, just because they've seen the volatility in the markets.

And to your point, I think a lot of people just worried that they can't predict. I guess, how do you steel that mentality to make sure you're properly allocated?

>> Yeah. And it is difficult because, obviously, this is real money. This is a very tangible item for people.

But I think what people would miss is I can get that guaranteed return for a year or for two years, but think about what those rates of return will look like versus, say, a broader equity basket over the next 10, 15, 20 years, especially with all the positive things that we've talked about in terms of AI and productivity and corporate growth.

And I think that's really the honest conversation someone has to have to say, look, this money is for a long-term usage.

And I'd rather let that work for me and compound away as opposed to sitting in a relatively low-yielding vehicle just to play it safe.

>> That was David Sykes, chief investment of 30 at TD Asset Management.

Now, let's get our educational segment of the day.

One of the tools available for investors with an Advanced Dashboard is the bubble chart. Joining us now with and explain on how they work, Hiren Amin, senior client education instructor with TD Direct Investing. Always great to see you.

Let's talk about bubble chart. What are they, how can investors use them?

>> Great to be back.

It can be a bit difficult if you're looking at numbers to be able to analyse what the trends are, try to figure out where the numbers are going. That is where the bubble charts come in. They make a visual comparison. We look at the major indexes and members of those indexes and it helps us analyse and see the general trends according to different measures.

Let's jump into our Advanced Dashboard platform. I have been up on the screen so everyone can see.

Where you are going to find the bubble chart section is a preset layout that most folks should have.

It is under the Market Pulse's tab and you will see the bubble chart popped up. You can see first of all, a lot of nice colours, it is in graph form.

We have four different data sets are allocations we can look at.

First, if we start from the top, you can pick out which index you want to look at.

Our Canadian ones will be towards the top of this list here, major Canadian indexes, I think the one we have loaded up as the TSX 60 to begin with.

But you could also look at a sector breakdown and the US ones as well. You can see the one we have right now is we've got on the X axis we've got rank and on the y-axis we have it set to performance.

You can see there is also various other gauges to tweak and look at two different things were two unrelated things as well if you want to look at it from that standpoint.

Let's just say for example we want to look at your today performance over here.

I'm going to switch over to your today performance and compared to when we performance and you can see we have the ability to do that.

Not only that but if you look at the visual itself on the chart, you can see the bubbles according to different sizes and you have the ability to know also choose what and how they get sized and right now we have it as market capitalization is the default.

I went to switch back and one less thing I will mention on the bubble charts is you can click to see the finer points of the data.

For example, we can see this large bubble which is Royal Bank. If I hover over the bubble, you will see that it gives me the ranking on their, it gives me the one we performance as well as the market cap numbers and it tells me what sectors it's part of because your colouring these bubbles and and it is listed by the various sectors and you will notice there is a bubble colour section over here so while we have it set for sectors, you can do it based on industry, performance, whichever one you want to do that is going to help you analyse this data much better.

The last thing I will mention on here is you can also parse out the data that you want to see. For example, say you want to remove the energy and utilities out of this data. I can come down to the sector, unplug energy and unplug utilities and now I have admitted those companies out of my data set when I'm analysing the bubble charts. That's a quick rundown on bubble charts.

>> Now that we understand them and what they are all about, one of the things I like an Advanced Dashboard is I like to link things together. Can you link the bubble charts to other pieces of information?

>> You absolutely can.

That's one of the beauties of using this platform.

On this preset layout that we have, if we go back to the actual layout, it's a split screen that we see over here.

Where this might be useful is for example let's say on the bubble charts you have this quadrant or section here which allows you to link and synchronize different parts of the platform together.

You can see on the bubble charts we have selected, we can choose any colour that's available, this one it's already done, it's orange and checked the sandbox. I'm just going to go across and what we want to do is pretty much match up that colour so we won't have a chart, we click on this area where we have the configuration and I want to make sure that the checkbox is checked off beside the corresponding colour on receive.

If I go back and click on one of the stocks, it will load up that chart automatically rather than having to type it in there.

That's one way of doing that synchronization.

>> Great stuff as always. Thanks for that.

>> My pleasure.

>> Hiren Amin, senior client education instructor with TD Direct Investing.

Live, interactive master classes and upcoming webinars, live, interactive master classes and upcoming webinars.

We are about a week away from the kickoff to U.S. Bank's earnings season, so how's the sector fair? Stephen Biggar, director of financial institutions research at Argus Research join me earlier to discuss.

>> So, well, we're a bit better of a start in 2024 than we were in 2023, that's for sure. The 500 was up 24% last year.

Financials were only up 10%. And those regional banks just had a really tough year, down 26% There was just a host of problems. last March, of course, we had the Silicon Valley Bank failure.

We had a lot of concerns about just deposit outflows.

We had some questions about regulation throughout the year, and then, of course, we had some rising delinquencies and charge-offs. So that kind of really put a damper on the group. But this year, a little bit better.

The S&P is up 10 through the first quarter, financials up 12-- they're actually beating. Regional banks are up 7.

So they're kind of holding their own. And I think people are taking a fresh look at banks so far this year.

>> Yeah. So it's an interesting time, as you said, compared to last year.

Let's start breaking down some of the lines of business. In this environment, it looks like so far the pundits are convinced, or at least feeling comfortable with, the no-recession scenario.

So what does loan growth look like in this environment?

>> Yeah. Well, that's very important for banks, obviously, this no-recession scenario.

They don't fare very well in downturns-- of course, very deep downturns. They're cyclical plays.

Loan growth has slowed. It's been very anemic. And that's kind of what the Fed is doing.

They've raised interest rates quite a bit here. And that has slowed loan growth. So loan demand is really just down to a trickle.

So we're hoping by the end of this year, if we do get some pullback on interest rates, that we'll get a little bit better loan growth.

And some segments are doing a little bit better than others. Housing is not doing very well.

Obviously, there's not a lot of turnover-- mortgage banking business not doing well for banks.

You still have a fair amount of credit card, lending which is actually not a great thing for consumers because it's very high interest rate loans.

But that has been a source of loan growth for banks.

>> All right, so they're starting to see some signs there that, perhaps, things will pick up.

You said, of course, so much of everything depends on the Fed right now. When I think about banking, it can be such a complicated business.

And it is, but at it's heart, it's those net interest margins, right?

The deposits you're taking in, what are you getting in terms of the loans? What is the state of net interest margins right now?

>> Yes. Well, margins have been improving over the course of the past year.

And most of that, of course, is the yield on interest rates, right?

And banks are kind of naturally interest rate-sensitive or asset sensitive-- which means basically their lending book reprices faster to interest rates than the funding or deposit book.

So higher interest rates or rising rates are generally beneficial.

There's been some offset with rising deposit costs, of course.

And frankly, we think net interest margins here have probably peaked for this cycle.

They tend to get some benefit from the year-over-year situation.

But I think quarter-over-quarter now, the sequential quarters, we're about at a peak at this point.

Ironically, however, though, again, at this point in the cycle, it tends to be where loan demand starts to get hurt where lower rates will actually start to be more beneficial for banks.

If it stimulates, again, loan growth a little bit stronger here, and banks can still take advantage of I would say relatively high interest rates, because kind of in the year or two after the pandemic, rates were just rock bottom.

And those interest margins are just getting killed.

So we're at a better place in net interest margins. We just don't expect additional expansion from here.

>> Now, you talked about, obviously, that the Fed and what it gets up to this year is going to be pretty important.

The market is anticipating cuts. Even the Fed themselves saying, we will be in a position to cut.

But they're preaching patience. It seems that they're sort of putting us off of our expectations of an imminent cut.

What could that all mean for the banks?

you talked about delinquencies earlier, right?

If rates stay at this level for much longer, can the consumer hold out?

>> Well, that's the wild card. And I think that's why banks have done better when interest rates are kind of pulling off the peak here, because, sure, it makes it difficult to refinance.

That's a problem for homeowners that have adjustable rate mortgages.

Now, a lot of customers have fixed rate, and they haven't been hurt by the higher rates.

But some have adjustable. It also hurts on the new purchases.

Anybody taking out a mortgage loan today, very, very high, and those refinancing.

So sometimes you have, particularly business loans, that are coming due-- and in the office property market, in particular, for commercial real estate.

So that has put a damper.

Where the real kind of degradation in credit quality has been lately has been on the consumer side, and particularly the credit card space, as I mentioned.

Auto loans have moved up, but not quite as far.

So it really indicates to us that the lower income consumer, the folks that kind of use credit cards to get from paycheck to paycheck, and just the rising cost of living that inflation has produced for, really, just basic goods, things you can't do without-- food, housing, clothing, and utilities, that sort of thing-- have really put lower income consumers in a bind.

So we're watching these credit card delinquencies, in particular, very closely.

>> All right, so that will be important as the earnings season comes up on us.

We're always looking at loan loss provisions, delinquencies.

What else are you going to be watching for this earnings season when it comes to the big banks?

>> Well, of course, the big swing factor for the large banks would be the capital markets segment.

So there's a lot of crosscurrents in that space.

I think that'll be one of the largest ones.

Commentary about the office market, particularly for the regional banks-- it's a smaller proportion for the large global banks.

So that clearly is going to be a question mark for bank managements.

And also, deposit flows-- that has, again, a year ago, was a big concern.

Clearly as the rest of '24 went on, that became less of a concern. But it's still important.

It's a very important source of financing for banks.

And we'll be listening intently to what the deposit betas are.

That's how much banks have had to increase deposits in order to retain, or how much they've increased relative to, say, the Fed funds rate or other interest rates.

And so how they're going about, basically, retaining the solid deposit base that they need to fund their loans.

>> That was Stephen Biggar, Dir. of financial institutions research at Argus Research.

Now, let's get you updated on the markets.

We are having a look at TD's Advanced Dashboard, a platform designed for active traders available through TD Direct Investing.

Let's get into the heat map function, get a view of the market movers. Solid green on the screen when it comes to the top line number, the TSX Composite Index.

Let's go to the TSX 60 and see what's putting those points on the table. The price of gold up another 34 bucks, hitting new highs. If you look in the materials basket, Barrick Gold is up 3.5%. Kinross keeping track on the same pace for gains and a lot of the other miners in the green. More of a mixed picture in the financial space today but you also have crude oil making continued gains with the geopolitical risks that we are facing right now so you do have names like CNQ, Suncor and Cenovus all getting bids on that higher price of US crude.

South of the border, it was a bit of a rocky start to the week, this was the start to the second quarter. But we have some solid topline green among the S&P 500, the NASDAQ. Beneath the surface, as we hone in on the S&P 100, we can see chipmakers putting points on the table today, Nvidia up almost 2.5%, AMD up 3.5%.

Intel has its own issues due to how much money they are losing and chairs have been under pressure. Amazon to the upside.

Tesla taking up a lot of real estate, down 2.5%.

As always, make sure you do your own research before making any investment decisions.

Stay tuned. On Monday, Brad Simpson, chief wealth strategist with TD Wealth is going to be our guest, taking your questions about market strategy.

You can get those questions in ahead of time for Brad, just email moneytalklive@td.com. That's all the time we have for the show today. On behalf of me and Anthony in front of the camera and everyone behind the scenes who brings you the show every day, thanks for watching and we will see you on Monday.

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