AI reversal revives markets

Fears that AI will takeover the software industry banished Tuesday after Thomson Reuters announced that is developing its on AI model and stressed its proprietary legal data and expert content as a moat. TRI soared 11.38% and helped lift the TSX 0.57% or 193 to a record close of 33,970. Materials, industrials and discretionary led the rally while staples was among the four lagging sectors. Other notable names: Lithium Americas 9.9%, Torex Gold 8.46%, B2Gold 6.37% and Energy Fuels 8.41%. Commodities gave back recent gains: silver was down 1.29% to US$87.05 while gold slipped US$71 to US$5,155. WTI held at US$66.25.

In New York, the S&P rose 0.77%, the Nasdaq 1.04% and the Dow 0.76%. Adobe was among the software names which enjoyed a bounce, up 3.44%. Keysight Technologies soared 23.05%, PayPal rallied 6.74%, Intel 5.71% while AMD leapt 5.71% after announcing it would supply chips to Meta. Bank of America sank 1.29%. The U.S. 10-year yield held at 4.035%, but Bitcoin continued its slump, sinking US$490 to US$64,070.

The route in software stocks, friven by fears.

⛏ Lithium Americas Corp (LAC-T) +9.9%

🥇 Torex Gold Resources (TXG-T) +8.46%

🥇 B2Gold Corp. (BTO-T) +6.37%

⛏ Energy Fuels Inc. (EFR-T) +8.41%

💾 Adobe Systems (ADBE-Q) +3.44%

🧬 Keysight Technologies Inc. (KEYS-N) +23.05%

💳 PayPal Holdings Inc. (PYPL-Q) +6.74%

💾 Intel (INTC-Q) +5.71%

💾 Advanced Micro Devices (AMD-Q) +5.71%

🏛 Bank of America (BAC-N) -1.29%