Markets drift down to end the week
The NYSE and Nasdaq observed a moment of silence to memorialize the victims and honour the heroes of the 9/11 World Trade Center attacks 20 years ago. Markets themselves extended losses from earlier this week with the S&P closing -0.77%, the Dow -0.78% and the Nasdaq -0.87%. Worries over inflation continue to dog investors while others interpret the past week as the markets taking a breather from making several record highs in recent weeks. The Nasdaq retreated 1.6% for the week while the S&P declined 1.24%. To put this in perspective, the S&P has climbed 19% so far in 2021.
Pressuring American markets was Apple which tumbled 3.31% after a court ruled mostly sided with Epic Games’ anti-trust lawsuit, decreeing that Apple must let developers of mobile apps steer customers to outside payment methods. In other words, open the App Store to competition. In contrast, Affirm Holdings soared over 34% after the company updated its revenue forecast. Other big movers: United Airlines -4.81%, Las Vegas Sands -4.19% and Seagate at -3.92%.
In Canada, the TSX closed -0.35% even though crude oil rebounded with WCS jumping over 2% past $69 per barrel and WCS popping 3.3% to nearly $58. As tech was flat, the other major sectors except energy suffered losses. Notable stocks included Air Transat, diving 2.87% on a downgrade and cannabis stocks like Hexo losing 4.55%. On the upside were Cameco up 6.79%, Teck Resources at 3.59% and Hudbay Minerals jumping 5.76%. The TSX retreated 1.3% for the week. Meanwhile, Bitcoin slipped 2% and gold 0.6%
🍎 Apple -3.31%
💿 Affirm Holdings +34%
🛫 United Airlines Holdings -4.81%
♠ Las Vegas Sands Corp. -4.19%
💾 Seagate Technology -3.92%
🛫 Transat AT Inc. -2.87%
🌿 Hexo Corp -4.55%
🧱 Cameco Corporation +6.79%
⛏ Teck Resources Ltd. (B) +3.59%
⛏ Hudbay Minerals Inc. +5.76%
🅱 The Bitcoin Fund -2%