Earnings and data lift markets to new highs
Earnings from U.S. companies and positive economic data lifted the indices on both Wall and Bay streets to new highs Thursday. America’s latest weekly jobless claims decreased as June’s retail sales beat expectations. The S&P rallied 0.54% to 6,297 and the Nasdaq jumped 0.74% to 20,884, both record closes. Meanwhile, the Dow gained 0.52% to approach its own high.
Pepsi was among the companies reporting good earnings; it was rewarded with a 7.45% rally. Meanwhile, the Bank of America rose 2.15% as most of the U.S. banks reported positive results in recent days, Warner Bros. Discovery climbed 2.07%, Albemarle popped 7.57% though Elevance Health slid 12.22%. Bitcoin added US$1,250 to US$118,725 while the U.S. 10-year yield hovered around 4.453%.
In Canada, the TSX made yet another record close, advancing 0.88% or 239 points to 27,392. Outsized gains in tech, helped by discretionary and staples, led the rally as eight sectors rose. Alimentation Couche-Tard scrapped its mammoth 7-Eleven deal and saw its shares rebound 8.31%. Elsewhere, Shopify leapt 6.15%, Gildan 5.65%, Denison Mines 4.33% though Superior Plus sank 8.33%. Gold declined US$7 to US$3,339 while WTI increased US$1.20 to US$67.60.
🧃 PepsiCo (PEP-Q) +7.45%
🏛 Bank of America (BAC-N) +2.15%
📺 Warner Bros. Discovery (WBD-Q) +2.07%
⛏ Albemarle Corp (ALB-N) +7.57%
👨⚕️ Elevance Health Inc (ELV-N) -12.22%
🍱 Alimentation Couche-Tard (ATD-T) +8.31%
🛍 Shopify Inc. (SHOP-T) +6.15%
👕 Gildan Activewear Inc. (GIL-T) +5.65%
⛏ Denison Mines Corp (DML-T) +4.33%
🚚 Superior Plus Corp (SPB-T) -8.33%
