Oil and tech leads markets higher
The trading week ended on a positive note as rallies in energy and tech lifted markets in Toronto and New York. Crude oil continued its streak as WTI rose another 0.55% to touch $80 a barrel. Energy, materials and industrials were the strongest sectors on the TSX while real estate was among the three that lagged.
Key movers were Baytex spiking 9.24%, Osisko Mining 7.42%, AltaGas 4.22% after a beat, though TC Energy sank 4.33% and Laurentian Bank slid 6%. The TSX finished the week -0.26%.
Wall Street rebounded from Thursday’s weakness. The S&P closed nearly 1% higher on Friday and 0.85% for the week, the Nasdaq jumped 1.9% and gained 1.67% over the week, and the Dow finished 0.5% on Friday and 0.65% for the week. Earnings continued to drive the market, particularly tech stocks such as Intel which spiked 6.41%. Also, Tesla rallied nearly 4%, Meta 4.17%, Newell Brands 7.56% and Ford -3.53%. The U.S. 10-year yield ticked below 4% while Bitcoin climbed 0.3% to $29,300.
🛢 Baytex Energy Corp (BTE-T) +9-24%
⛏ Osisko Mining (OSK-T) +7.42%
🛢 Altagas Ltd (ALA-T) +4.22%
🛢 TC Energy (TRP-T) -4.33%
🏛 Laurentian Bank (LB-T) -6%
💾 Intel (INTC-Q) +6.41%
🚗 Tesla Inc (TSLA-Q) +4%
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) +4.17%
🛍 Newell Brands Inc (NWL-N) +7.56%
🚘 Ford Motor (F-N) -3.53%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.3%
