AI stocks drag market down for the week

Despite a late-day rally, markets in New York and Toronto finished the week in negative territory. On Friday, markets climbed out of the red and into the green by the closing bell, leaving the S&P up a modest 0.13%, the Dow 0.16% and the TSX 0.08% or 24 points. However, the Nasdaq closed -0.21%. For the week, the S&P was -1.6%, the Nasdaq -3.05%, Dow -1.2% and the TSX -1.15%. The cause for this underperformance was the market fretting over the high valuations of AI tech stocks and sold off for several sessions.

In New York, key names included Tesla which finished Friday -3.68%, Take-Two Interactive -9.08%, Block -7.73%, Expedia up 17.55%, and Albemarle rallying 6.49%. Toronto movers included ARC Resources at -8.71%, Baytex Energy up 4.44%, Algonquin Power surging 7.79% after reporting, Altus Group -12.03% and Celestica -6.18%. Gold remained elevated at US$4,001 after adding US$25, WTI increased half-a-dollar to US$59.90 while Bitcoin regained US$2,340 to US$103,470.

🚗 Tesla Inc (TSLA-Q) -3.68%

💾 Take-Two Interactive Softwar (TTWO-Q) -9.08%

💾 Block Inc (SQ-N) -7.73%

✈ Expedia (EXPE-Q) +17.55%

⛏ Albemarle Corp (ALB-N) +6.49%

🛢 Arc Resources Ltd (ARX-T) -8.71%

🛢 Baytex Energy Corp (BTE-T) +4.44%

💡 Algonquin Power & Utilities Corp (AQN-T) +7.79%

🏛 Altus Group (AIF-T) -12.03%

🧬 Celestica Inc (CLS-T) -6.18%