Markets flat, Reddit trade returns
For another session, the TSX cracked 20,000 points, but settled lower and slightly in the negative. The main Wall Street indices followed suit, but rose into the green with the S&P closing at 0.15% Wednesday. For the Canadian market especially, crude oil drove gains with the price of WTI climbing 1.55% and WCS 2.39%.
Real estate and tech also gained on the TSX, despite Shopify closing -2.07%. The battle over Inter Pipeline continued to rage as Brookfield raised its offer. IPL leapt 7.19% as Brookfield Asset Management slipped 0.69%. However, the Reddit short trade continued to roar as BlackBerry rocketed over 31% to $18.25 in Toronto. That gain overshadowed the moves made by several cannabis names, such as Organigram by 8.17%.
On Wall Street, the Redditers nearly doubled AMC shares to $62.55 which were boosted just the day before by the same crowd. Even immediately after the closing bell, AMC shares continued to rise by 4%. Energy, healthcare and tech moderately lifted the Dow. Few stocks saw outsized gains or losses, though Etsy jumped 7.15% and Nucor slid 5.16%. Tesla lost 3% while Nvdia advanced a little more than that. Bitcoin bounced 5.5% to nearly $38,000 while gold inched up by 0.34% to stay above $19,000 per ounce.
🛍 Shopify Inc -2.07%
🛢 Inter Pipeline +7.19%
♻ Brookfield Asset Management Inc. -0.69%
📱 BlackBerry +31%
🌿 OrganiGram Holdings Inc. +8.17%
🎞 AMC Entertainment Holdings Inc. +4%
🛍 Etsy Inc. +7.15%
⛏ Nucor Corp. -5.16%
🚗 Tesla Motors Inc -3%
💾 Nvidia Corp +3.16%
🅱 The Bitcoin Fund +5.5%