AI and materials slide, oil surges
It was a volatile Thursday on the markets as disappointing forecasts from Meta and SpaceX stoked fears over AI spending. Though both names reported quarterly beats, their shares tumbled 6.98% and 9.14%, respectively, and dragged the Nasdaq down 2.6%. While the Dow inched up a handful of points, the S&P sank 1.21%. Elsewhere on Wall Street, Netflix regained 3.09%, Moderna cratered 17.57% while the two most-active names, Intel and Nvidia fell 8.04% and 4.4%. Also declining was the U.S. 10-year yield, which slipped below 5%. Not even Bitcoin was immune, shedding 4% to US$81,260.
Investors flocked out of tech and into the safe havens of dividend stocks. On the TSX, telcos and real estate were the top performers and Telus was the most-active Canadian name, rallying 5.01%. Materials dragged down the TSX, finishing -0.95% or nearly 350 points. Gold slid over US$110 to US$4,024, silver plunged close to 6% to US$54.45. Other key names: Ivanhoe Mines -3.67%, Americas Gold & Silver -11.29%, Celestica -12.04% and Mullen Group 11.5%. Finally, crude oil surged again, with WTI jumping 2.2% to US$99.25.
🕵️♀️ Meta Platforms, Inc. (META) -6.98%
💾 SpaceX (SPCX) -9.14%
📺 Netflix Inc. (NFLX) +3.09%
💉 Moderna (MRNA) -17.57%
💾 Intel (INTC) -8.04%
💾 NVIDIA Corporation (NVDA) -4.04%
🅱 Bitcoin (BTCUSD) (BTC-USD) -4%
📱 Telus Corp (T.TO) +5.01%
⛏ Ivanhoe Mines Ltd (IVN.TO) -3.67%
⛏ U.S. Silver & Gold (USA.TO) -11.29%
🧬 Celestica Inc (CLS.TO) -12.04%
🚚 Mullen Group Ltd (MTL.TO) +11.5%