Cylicals rally amid stimulus headlines and GDP data
U.S. markets reversed script from previous days as cyclicals rose and tech slipped. The S&P closed flat at 0.07% but the Dow gained 0.38% while the Nasdaq finished -0.29%, though it made a new intraday high. Small-caps continued to rally as the Russell 2000 broke 2,000 and finished up 0.87%. U.S. markets shrugged off Trump‘s threat to veto the long-awaited stimulus bill, even though his own administration helped draft it. Meanwhile, president-elect Joe Biden will seek a third round of stimulus cheques in the new year when he takes office.
Energy enjoyed strong gains on Wall Street, up 2.18%, while the banks continued to climb after given permission to buy back shares. JPMorgan, for instance, rallied 2.79%. Despite fears of more lockdowns, travel names bounce. Norwegian surged 6.15%. However, stay-at-home mainstays Netflix closed -2.44% and Etsy -3.65%.
A slight Canadian GDP beat in October and rising oil prices lifted the TSX by 0.23%. The price of WTI gained over 2% and WCS by 3.5%. Energy soared over 4%. MEG Energy surged 9.41% and Crescent Point jumped nearly 9%. However, the day’s big gainer was Village Farms International, popping 14.61%. On the downside, tech sank 3.68% as Shopify plunged 6.47% and Constellation Software slid 4.88%. A partial trading day follows before markets celebrate Christmas
🏛 JP Morgan Chase & Co +2.79%
🚢 Norwegian Cruise Line Holdings +6.15%
📺 Netflix Inc. -2.44%
🛍 Etsy, Inc. -3.65%
🛢 MEG Energy Corp +9.41%
🛢 Crescent Point Energy Corp +9%
🌿 Village Farms International, Inc. +14.61%
🛍 Shopify Inc. -6.47%
💾 Constellation Software Inc. -4.88%