Weak economic data sinks stocks

Following a sharp rally, Thursday’s markets pulled back after the latest U.S. economic data was released. From June to July, PMI manufacturing data decreased while jobless claims rose and fell further that estimated. Though markets did not close on weakness, they sank for most of the day, led by tech: the Nasdaq -2.33%, S&P -1.43% and the Dow -1.29%. At the same time, the U.S. 10-year yield fell below 4%.

Once again, Nvidia was the most traded name, rising at first but plunged to a -8.11% close. Meta reported and rallied 4.34%, but AMD finished the session -8.26%, Moderna -21.01% and MGM Resorts -13.22%. The VIX jumped 16.25% amid volatility, while Bitcoin sank 1.8% to fall below US$63,500.

Likewise, the TSX closed -1.66%. Notable names: Suncor -3.08%, Manulife -3.15%, Cenovus -5.93%, First Majestic Silver -13.35% and NFI Group soared 11.25%. WTI slid 2% to nearly US$77 a barrel as gold slipped US$ to US$2,443.

💾 NVIDIA Corporation (NVDA-Q) -8.11%

🕵️‍♂️ Meta Platforms Inc / Facebook (META-Q) +4.34%

💾 Advanced Micro Devices (AMD-Q) -8.26%

💊 Moderna (MRNA-Q) -21.01%

♠ MGM Resorts International (MGM-N) -13.22%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.8%

🛢 Suncor Energy Inc (SU-T) -3.08%

🏛 Manulife Financial (MFC-T) -3.15%

🛢 Cenovus Energy (CVE-T) -5.93%

🥈 First Majestic Silver (AG-N) -13.35%

🚌 NFI Group Inc (NFi-T) +11.25%