Fed rally extends gains
A day after U.S. Fed Chair Jay Powell raised the idea of cutting interest rates in 2024, markets in New York and Toronto extended broad gains on Thursday. Though tech took a back seat and markets closed below their morning highs, the TSX still advanced 0.7%, the S&P 0.27%, the Nasdaq 0.19%, and the Dow 0.43% to make another all-time high. Notably, the U.S. 10-year yield broke below 4% to 3.92%.
Only two sectors lagged in Toronto, including consumer staples which plunged 30%, while financials, utilities, energy, materials and real estates made convincing gains. Royal and TD banks were the most active names and rose 1.74% and 2.13% respectively. Elsewhere, Transcontinental soared 10.56% and Hudbay Minerals popped 7.11%, though Pembina sank nearly 3%. Optimism extended to oil, which saw WTI rally 3.2% to $71.71 a barrel.
On Wall Street, Tesla rose 4.69%, Bank of America 5.84%, Ford 7.74% and Moderna 9.25%, though Adode slid 6.37% after offering disappointing full-year guidance the day before, despite beating its numbers. In contrast, Bitcoin was quiet, adding 0.2% to trade around $43,000.
🏛 Royal Bank (RY-T) +1.74%
🏛 Toronto Dominion (TD-T) +2.13%
🖨 Transcontinental Inc. (A) (TCL.A-T) +10.56%
⛏ Hudbay Minerals (HBM-T) +7.11%
🛢 Pembina Pipeline Corp (PPL-T) -3%
🚗 Tesla Inc (TSLA-Q) +4.69%
🏛 Bank of America (BAC-N) +5.84%
🚘 Ford Motor (F-N) +7.74%
💉 Moderna (MRNA-Q) +9.25%
💾 Adobe Systems (ADBE-Q) -6.37%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.2%