Canadian banks, utilities rally, U.S. tech fades
Despite Trump tariffs looming, the TSX gained 0.21% or 52 points on Tuesday, lifted by green energy and bank stocks. Making headlines was the Caisse de dépôt buying Innergex Renewable, which sent those shares rocketing 54.76%, and lifted other Canadian green energy names, including Boralex by 7.46%. Meanwhile, bank earnings season week began with the Bank of Montreal and the Bank of Nova Scotia both beating. However, BMO’s credit losses came in lower than expected and its shares jumped 4.73%, while BNS’ credit losses clocked in higher, which pressured those shares by 1.15%. Eight of the 11 TSX sectors gained, led by real estate, staples and utilities, while energy lagged. WTI sank US$1.50 to US$69.20, while gold declined US$35 to US$2,916.
On Wall Street, tech dragged the Nasdaq down 1.35%, though the index was off the worst levels of the day. The S&P shed 0.47% and the Dow gained 0.37% or 159 points. All eyes remain on Nvidia which reports tomorrow. NVDA shares sank 2.8%, though also higher than the lows of the day. Following NVDA as the most active names were Tesla at -8.39%, Super Micro Computer -11.76% and Palantir -3.13%. Bitcoin was not immune to the tech malaise as it lost US$5,800 to sink to US$88,120. The U.S. 10-year yield continued to slip, down to 4.3%.
♻ Innergex Renewable Energy (INE-T) +54.76%
♻ Boralex Inc. (BLX-T) +7.46%
🏛 Bank of Montreal (BMO-T) +4.73%
🏛 Bank of Nova Scotia (BNS-T) -1.15%
💾 NVIDIA Corporation (NVDA-Q) -2.8%
🚗 Tesla Inc (TSLA-Q) -8.39%
💾 Super Micro Computer (SMCI-Q) -11.76%
💾 Palantir Technologies (PLTR-Q) -3.13%
