Tech leads rally on Fed optimism
The week began stocks rallying across the board on expectations that the U.S. Fed will raise interest rates by only 25 basis points next week. Economic indicators point to easing inflation and a lower chance of a recession. Tech led gains on Wall Street as the Nasdaq jumped 2%, the S&P 1.2% to top 4,000, and the Dow 0.77%.
Upgrades pushed the semiconductor names higher as AMD soared 9.3%, Nvidia 7.66% and Western Digital 8.58%. The most-traded stocks were Tesla up 7.59% and Apple at 2.36%. The U.S. 10-year yield inched up 3.52% while Bitcoin rose another 1% to $23,000.
The TSX also rose, adding 0.58% as all sectors were up except staples and telcos. Tech and real estate led. Major gainers were Ballard Power up 9.74%, Shopify 8.77%, Nuvei 6.64% and Lightspeed 6.38%. However, Tourmaline Oil fell 3.47%. WTI oil was flat at $81.65 a barrel.
💾 Advanced Micro Devices (AMD-Q) +9.3%
💾 Nvidia Corp (NVDA-Q) +7.66%
💿 Western Digital (WDC-Q) +8.58%
🚗 Tesla Motors Inc (TSLA-Q) +7.59%
🍎 Apple Inc (AAPL-Q) +2.36%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1%
🧬 Ballard Power Systems (BLDP-T) +9.74%
🛍 Shopify Inc. (SHOP-T) +8.77%
💻 Nuvei Corp (NVEI-T) +6.64%
🏛 Lightspeed Commerce Inc (LSPD-T) +6.38%
🛢 Tourmaline Oil Corp (TOU-T) -3.47%
