Earnings season kicks off rally
The start of U.S. earnings season sparked a strong rally Wednesday with shares rising into the close. The S&P climbed 1.12%, the Nasdaq jumped over 2% and the Dow added 1%. Delta Airlines reported a positive earnings surprise, highlighted by strong consumer demand, that galvanized investor sentiment. DAL shares soared 6.21% while American Airlines came along for the ride, up 10.62%. Tech were also major movers: Amazon up 3.11%, Chipotle 3.82%, Zoom Video 7.8% and Tesla 3.57%.
Laggards included AbbVie -5%, JPMorgan -3.22% and PayPal -2.85%. Meanwhile, the U.S. 10-year-yield slipped to 2.7% though Bitcoin climbed more than 4% above $41,000.
The TSX advanced 0.56% on the back of rising crude prices as Russian oil production declines. WTI crude leapt 3.66% above $104 a barrel while WCS rose above $91. In Toronto, only financials and staples showed weakness. Big gainers included Precision Drilling up almost 9%, Organigram Holdings at 8.61%, Teck Resources 7.14% and Meg Energy 5.1%. Losers: TransAlta Renewables -3.72%, BSR REIT -3.66% and Goodfood -3.29%.
🛫 Delta Air Lines Inc (DAL-N) +6.21%
✈ American Airlines Group (AAL-Q) +10.62%
📦 Amazon.com (AMZN-Q) +3.11%
🌶 Chipotle Mexican Grill (CMG-N) +3.82%
📹 Zoom Video Communications Inc. (ZM-Q) +7.8%
🚗 Tesla Motors Inc (TSLA-Q) +3.57%
🧫 AbbVie Inc. (ABBV-N) -5%
🏛 JP Morgan Chase & Co (JPM-N) -3.22%
💳 PayPal Holdings Inc. (PYPL-Q) -2.85%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +4%
🛢 Precision Drilling (PD-T) +9%
🌿 OrganiGram Holdings Inc. (OGI-T) +8.61%
⛏ Teck Resources Ltd. (B) (TECK.B-T) +7.14%
🛢 MEG Energy Corp (MEG-T) +5.1%
💡 Transalta Renewables (RNW-T) -3.72%
🏛 BSR REIT (HOM.UN-T) -3.66%
🍱 Goodfood Market Corp. (FOOD-T) -3.29%
