AI slump pressures markets, oil spikes
The ongoing sell-off in AI stocks accelerated with China unveiling its Moonshot model which is challenging American models and rattling American investors. Negative sentiment sent the Nasdaq down 1.4% on Friday and nearly 3% lower for the week. Meanwhile, the S&P sank 1.01% for the day and fell 1.55% over the week, and the Dow shed 0.77% on Friday and lost nearly 1% for the week. The TSX fared relatively better, down 0.22% for the session and was modestly negative for the week.
Key names in New York: Nvidia -2.21%, Intel -2%, Intuitive Surgical -14.15% and the SMH semis ETF -2.18%. Netflix tumbled 7.26% after beating profits, but disappointing in outlook. In Toronto: BlackBerry -1.87%, CNQ 2.03%, MDA Space -4.08%, Stella-Jones -3.69% and Wesdome Gold 4.2%. Energy rallied the most while tech lagged the furthest as only four sectors rose. Silver gained 0.8% to US$55.85, gold added US$33 to US$4,010 and WTI leapt 4.2% to US$82.25 as war raged between the U.S. and Iran. The U.S. 10-year yield declined to 4.553%.
💾 NVIDIA Corporation (NVDA) -2.21%
💾 Intel (INTC) -2%
🧫 Intuitive Surgical Inc. (ISRG) -14.15%
🧬 HOLDRs Semiconductor (SMH) -2.18%
📺 Netflix Inc. (NFLX) -7.26%
📱 BlackBerry (BB.TO) -1.87%
🛢 Canadian Natural Rsrcs (CNQ.TO) +2.03%
🧬 MDA Space Ltd. (MDA.TO) -4.08%
🌲 Stella-Jones Inc. (SJ.TO) -3.69%
🥇 Wesdome Gold Mines Ltd. (WDO.TO) +4.2%
