Powell comments push S&P higher

U.S. Fed Chief Jay Powell told Congress on Tuesday that keeping interest rates higher for longer could jeopardize economic growth. This signaled to markets that the Fed will cut rates at some point and helped lift the S&P to a new closing high, though only four points higher. Likewise, the Nasdaq added 26 points to reach its own high. In contrast, the Dow slipped 0.13%.

Most active were Nvidia, up 2.47%, and Tesla by 3.58%. Elsewhere, Albemarle closed -8.75%, Domino’s Pizza -4.5% and Corning 3.76%. The U.S. 10-year yield stayed below 4.3% while Bitcoin rose 2% to US$57,800.

In contrast, the TSX sank 0.39%. Only financials gained as industrials and energy led the other sectors lower. Major movers: Maple Leaf Foods 8.69%, CNQ -1.51%, Birchcliffe Energy -3.96%, Arc Resources -3.27% and TD 0.4% which was the most influential. Gold edged up to US$2,364 and WTI slipped 0.9% to US$81.60.

💾 NVIDIA Corporation (NVDA-Q) +2.47%

🚗 Tesla Inc (TSLA-Q) +3.58%

⛏ Albemarle Corp (ALB-N) -8.75%

🍕 Domino’s Pizza, Inc. (DPZ-N) -4.5%

🧬 Corning Inc (GLW-N) +3.76%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2%

🚚 Maple Leaf Foods (MFI-T) +8.69%

🛢 Canadian Natural Rsrcs (CNQ-T) -1.51%

🛢 Birchcliff Energy Ltd. (BIR-T) -3.96%

🛢 Arc Resources Ltd (ARX-T) -3.27%

🏛 Toronto Dominion (TD-T) +0.4%