Last week’s pick, Alibaba Group (NYSE: BABA), went from US$162.29 on Monday, to a high of US$178.18 on Thursday (up 9.79%).
The S&P 500 was down last week due to weaker than expected jobs data. We note that this weakness will likely push the Fed to delay tapering/rate hikes. We continue to believe that corrections in equity markets are likely, when the Fed shifts to a hawkish stance (likely in Q4).
Prices of mainstream metals remained relatively flat. Nickel prices remain highly volatile amid rising demand for EVs, and fluctuating inventory levels.
Pfizer’s (NYSE: PFE) recent approval has not resulted in higher vaccination rates. Globally, 40.6% have received at least one dose vs 39.3% at the same time last week.
Last week, Canadian cannabis stocks outperformed U.S. cannabis stocks. We believe the recent report published by Hifyre, indicating cannabis retail sales growth of 36% YoY in August, and closing of HEXO’s (TSX: HEXO) $925M acquisition of Redecan, supported Canadian stocks last week.
Last week, the U.S. Drug Enforcement Agency (DEA) announced their intentions to increase psilocybin production significantly for research and clinical trial purposes.
