Markets extend selling, but tech recovers
Tuesday began with stocks selling across the board. The Nasdaq plunged as much as 2%, but by late afternoon had climbed into the positive a few times and finished just below the flatline. The S&P and Down finished -0.87% and -1.36% while the TSX wound up -0.49%.
Remember that these indices made all-time highs just last Friday. It appeared to be another session of investors rotating out of tech, but the Nasdaq’s recovery surprised many. Many tech names closed positive for the first time since Friday. PayPal and Twitter rallied 2% while Activision Blizzard rose 2.33% and Baidu 3.42%. Energy, utilities and financials lagged. Occidental Petroleum sank nearly 8%, Lennar slid 4.18% and Home Depot lost 3%.
In Toronto, only materials closed in the positive as the miners outshone all other sectors. Fortuna Silver Mines rallied over 4% and Capstone popped 5.44%. Beyond minerals, Shopify gained 3% and Polaris Infrastructure 3.33%. In contrast, energy names like Suncor, down 2%, and CNQ, down 2.36%, lost ground. Aritzia slid 4.48%, after it reported a Q4 net revenue decline, but an 81% jump in e-commerce revenue. Curaleaf reported an impressive beat and looked like it would sell, but closed up 3.17%. GOld was flat, but WCS jumped 2% and WTI rose nearly 1%.
💳 PayPal Holdings Inc. +2%
🐦 Twitter, Inc +2%
🎮 Activision Blizzard +2.33%
🈲 Baidu.com +3.42%
🛢 Occidental Petroleum Corp -8%
🏛 Lennar Corp. -4.18%
🛠 Home Depot -3%
🥈 Fortuna Silver Mines +4%
⛏ Capstone Mining Corp. +5.44%
🛍 Shopify Inc. +3%
💡 Polaris Infrastructure +3.33%
🛢 Suncor Energy Inc -2%
🛢 Canadian Natural Rsrcs -2.36%
👗 Aritzia Inc. -4.48%
🌿 Curaleaf Holdings Inc. +3.17%