Combination of weak Walmart forecasts, higher jobless claims and further profit taking on tech stocks causes stocks to drop

By MoneyWay | Feb 18, 2021

Walmart reported worse than expected Q4 numbers, the stock fell over 6% so far this morning. The jobless claims numbers were the highest in a month, well above expectations, however, as the winter weather encloses the U.S. there will likely be bigger numbers next week. Big tech stocks such as Apple have fallen on profit taking and investors are looking at bond yields as well, slowly creeping up, still under the radar.

The USDCAD is basically unchanged, commodities are a mixed bag, but one thing of note is the price of lumber, it has doubled in the past three months. Canadian lumber companies will be selling as much as they are allowed into the U.S. and perhaps use up their inventories fairly quickly.

Expect a narrow range.

                                Currently             Close                     Range

USDCAD               1.2703                   1.2699                   1.2665-1.2730

EURCAD               1.5346                   1.5289                   1.5286-1.5360

GBPCAD               1.7730                   1.7591                   1.7583-1.7731

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