Markets rally on U.S. CPI data
Thursday’s American consumer inflation data was eagerly awaited and did not disappoint, coming in line with expectations and signalling a weaker inflation. Though markets reacted tentatively at first, stocks on both sides of the border climbed throughout the day. The S&P closed 0.34% further and above 4,000, the Nasdaq 0.64% to top 11,000, and the Dow added 0.64% to surpass 34,000.
Airlines and travel led the rally as American Airlines soared 9.81%, United Airlines 7.13% and cruise liner Royal rose 5.63%. Tech also rallied with Meta up 2.91% and semis like Nvidia jumping 3.02%. While the U.S. 10-year yield inched down 3.431%, Bitcoin leapt 8.5% to $19,000.
The TSX also enjoyed healthy gains, up 0.75% to stay well above 20,000. Most sectors were positive, starting with energy and materials, but staples sank. Weed stocks bounced with Tilary up 8.37% and Canopy adding 6.91%. The banks also climbed as TD added 2%, and Meg Energy advanced 6.95%. However, Algonquin Power slid 4.22%. WTI oil rose 1% to $78.50.
🛫 American Airlines Group (AAL-Q) +9.81%
🛫 United Airlines Holdings (UAL-Q) +7.13%
🚢 Royal Caribbean Cruises (RCL-N) +5.63%
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) +2.91%
💾 Nvidia Corp (NVDA-Q) +3.02%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +8.5%
🌿 Tilray Inc. (TLRY-Q) +8.37%
🌿 Canopy Growth Corp. (WEED-T) +6.91%
🏛 Toronto Dominion (TD-T) +2%
🛢 MEG Energy Corp (MEG-T) +6.95%
💡 Algonquin Power & Utilities Corp (AQN-T) -4.22%
