Stocks climb amid earnings, tariffs and inflation

Tech lead a rise in stocks Thursday as markets shrugged off January’s U.S. producer’s inflation numbers and after Trump announced reciprocal tariffs. Overall PPI came in higher than expected, but the core number was in-line with forecasts at 0.3% on […]

Banks lift TSX, CRM sinks Dow

Allan Tong Posted On May 30, 2024

Earnings moved Bay and Wall streets in different directions Thursday. The Canadian banks continued to report with Royal and CIBC announcing beats, which lifted their shares by 5.19% and 7.01% respectively. Similarly, EQB jumped 13.52%. Aside from financials, utilities also rallied, with Boralex advancing 7.05% and Innergex Renewable Energy popping 8.17%. All sectors but tech were in the green. Gold inched up to US$2,340 as WTI sank 1.7% to slip below US$78 a barrel. The TSX rebounded 0.73% and returned to 22,000 territory.

Meanwhile on Wall Street, Salesforce reported a miss and CRM shares tanked nearly 21%. ServiceNow sank about 12%. Elsewhere, Nvidia closed -3.93%, HP rallied 16.28% and BestBuy jumped about 13% after reporting. The S&P was flat for the day, while the Nasdaq gained 0.58% and the Dow sank 0.57%. Bitcoin rose 1.1% to $68,300 as the U.S. 10-year yield hovered around 4.532%.

🏛 Royal Bank (RY-T) +5.19%

🏛 Canadian Imperial Bank of Commerce (CM-T) +7.01%

🏛 Equitable Group (EQB-T) +13.52%

💡 Boralex Inc. (BLX-T) +7.05%

♻ Innergex Renewable Energy (INE-T) +8.17%

💨 SalesForce.com Inc. (CRM-N) -21%

💾 Servicenow (NOW-N) -12%

💾 NVIDIA Corporation (NVDA-Q) -3.93%

💻 Hewlett-Packard Co (HPQ-N) +16.28%

💳 Best Buy Company Inc (BBY-N) +13%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.1%