Hot inflation cools Wall Street, TSX climbs
On Friday, U.S. PPI, producers’ inflation, came in hotter than expected for January, up 0.3% instead of the expected 0.1% and higher than December’s -0.1% print. This triggered selling on Wall Street that accelerated into the close after a comeback attempt. The S&P closed Friday -0.48% and about that much for the week, the Nasdaq -0.82% and -1.34% respectively, and the Dow -0.37% and -0.11%. The U.S. 10-year yield edged up slightly to 4.283% as Bitcoin held right below $52,000.
Key names were Alphabet (A class) at -1.58%, AMD -1.63%, Applied Materials rallying 6.35%, Dollar General 4.78% and Digital Realty Trust -8.34%.
Canadian stocks fared better as the TSX advanced 0.14% for the session to 21,252 and 1.17% for the week. All but three sectors rallied as materials and telcos rallied the furthest and tech sank the most. Major gainers on Bay Street included Enbridge up 1.42%, Ero Copper 7.76% and Capstone Copper 5.23%. However, Air Canada closed -6.54% and Nuvei -5.86%.
🧮 Alphabet Inc (GOOG-Q) -1.58%
💾 Advanced Micro Devices (AMD-Q) -1.63%
⚙ Applied Materials (AMAT-Q) +6.35%
🛒 Dollar General Corp. (DG-N) +4.78%
🏛 Digital Realty Trust (DLR-N) -8.34%
🛢 Enbridge (ENB-T) +1.42%
⛏ Ero Copper Corp (ERO-N) +7.76%
⛏ Capstone Copper Corp (CS-T) +5.23%
🛫 Air Canada (AC-T) -6.54%
💾 Nuvei Corp (NVEI-T) -5.86%
