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Earnings extend rally

Allan Tong Posted On July 21, 2022
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U.S. earnings continued to fuel this week’s rally even as oil fell on Thursday. Closing on strength, the S&P rose nearly 1%, the Dow half that and the Nasdaq 1.36%. Energy lagged while tech thrived.

Tesla released earnings the day before and popped almost 10%. Also rallying were Thermo Fisher up 6.75%, Danaher by 9% and CSX 4.24%. In contrast, AT&T tumbled 7.62%, Carnival sank 11.18% (after issuing more common shares) and American Airlines slid 7.43% after releasing a disappointing quarter. The U.S. 10-year yield bubbled right below 3% while Bitcoin gave back 2% to $23,000.

Crude oil had a weak session as WTI and WCS tmbled $3.50 per barrel to $96 and $76 respectively. The TSX had a see-saw day but eventually climbed 40 points past 19,000. Telcos showed mild weakness, but the other sectors (ex-energy) were all in the green. Cannabis gave back recent gains as Canopy slid 9.16% and Aurora shed over 7%. Also sliding were Baytex down nearly 6% and Cenovus losing 2.45%. Air Canada sinking 3.79%. However, Shopify rallied 4.77% while Spin Master jumped 3.87%.

🚗 Tesla Motors Inc (TSLA-Q) +10%
🧬 Thermo Fisher Scientific (TMO-N) +6.75%
🔩 Danaher Corp. (DHR-N) +9%
🚚 CSX Corp (CSX-Q) +4.24%
📱 AT&T (T-N) -7.62%
🚢 Carnival Corp. (CCL-N) -11.18%
🛫 American Airlines Group (AAL-Q) -7.43%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2%
🌿 Canopy Growth Corp. (WEED-T) -9.16%
🌿 Aurora Cannabis (ACB-T) -7%
🛢 Baytex Energy Corp (BTE-T) -6%
🛢 Cenovus Energy (CVE-T) -2.45%
🛫 Air Canada (AC-T) -3.79%
🛍 Shopify Inc. (SHOP-T) +4.77%
🧸 Spin Master Corp (TOY-T) +3.87%

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