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After opening strong, markets in Toronto and New York rode a choppy session Wednesday. The Dow closed modestly up by 0.14% to make a record high while the S&P finished -.03% and the Nasdaq -0.33%. Cannabis stocks helped drive the TSX to 0.22%. In fact in the U.S., weed stocks were sparked by Reddit-inspired buying as well as the ongoing pro-pot vibe wafting from the Joe Biden White House.
Tilray soared nearly 51% on Wall Street and Aurora jumped 21.2%. In Toronto, Organigram rocketed 37.55% while Aurora popped 21.32%. The TSX was also driven by energy stocks which was the strongest sector. U.S. oil inventories fell 6.6 million barrels vs. an estimated 177,000 drop. Cenovus leapt 7.6%. Meanwhile, Cameco advanced 8.52% after their earnings call. However, Ballard Power slid 13%, Keyera fell 4.83% and Kinaxis slipped 3.16%.
Similarly, the picture was mixed on the Dow as Walgreens surged 3.14% while Cisco Systems slid 2.6% on a disappointing quarter and forecast. In contrast, Twitter leapt 13.2% on a strong Q4, and Chevron rose 1.72%. Despite the surge in energy names, the price of WTI was flat while WCS retreated over 1%. Gold was flat while Bitcoin sank 5.5% though still hovered around $44,700. Overall, trading volumes continued to be lighter than usual.
🌿 Tilray +51%
🌿 OrganiGram Holdings Inc. +37.55%
🌿 Aurora Cannabis +21.32%
🛢 Cenovus Energy +7.60%
☣ Cameco Corporation +8.52%
🔋 Ballard Power Systems -13%
🛢 Keyera Corp -4.83%
💾 Kinaxis -3.16%
💊 Walgreen Boots Alliance +3.14%
📱 Cisco -2.6%
🐦 Twitter, Inc +13.2%
🛢 Chevron Texaco +1.72%
🅱 The Bitcoin Fund -5.5%
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