Tech partially recovers
Following Monday’s rout triggered by the sudden success of Chinese AI company, DeepSeek, to threaten ChatGPT’s dominance, tech stocks on Tuesday mounted a rebound.
Many beaten up stocks recovered some of their losses, starting with bellwether Nvidia, which rallied 8.93%. Meanwhile, Apple extended its gains by advancing another 3.65%, Royal Caribbean surged 12%, but Lockheed Martin slid 9.18% and GM fell 8.89%. The Nasdaq rose 2.03%, the S&P 0.92% and the Dow 0.31%. The U.S. 10-year yield edged up to 4.534% while Bitcoin gave back US$300 to US$101,000.
In Toronto, tech outstripped all sectors and outweighed losses in energy and utilities to lift the TSX 0.52% higher (or 130 points). Key names: Shopify up 9.62%, Celestica 8.23%, BlackBerry 6.37%, CNQ -1.68% and Royal Bank adding 0.48% as the most influential name. Gold increased US$22 to US$2,763 an ounce while WTI climbed over 1% to US$74 a barrel. Investors are waiting for the latest earnings from several of the Magnificent 7 tech giants in the days to come.
💾 NVIDIA Corporation (NVDA-Q) +8.93%
🍎 Apple Inc (AAPL-Q) +3.65%
🚢 Royal Caribbean Cruises (RCL-N) +12%
✈ Lockheed Martin (LMT-N) -9.18%
🚘 General Motors Corporation (GM-N) -8.89%
🛍 Shopify Inc. (SHOP-T) +9.62%
🧬 Celestica Inc (CLS-T) +8.23%
📱 BlackBerry (BB-T) +6.37%
🛢Canadian Natural Rsrcs (CNQ-T) -1.68%
🏛 Royal Bank (RY-T) +0.48%