Stocks, led by tech, bounced back Thursday after three days of sharp selling which was triggered by surprisingly strong inflation data. Optimism came from a new pandemic-era low in U.S. jobless claims of 473,000, which was lower than expected. Except energy, all the Dow components rallied.
JPMorgan jumped 2.57%, Home Depot rose 2.66% to recover from its recent sell-off and 3M climbed 2.28%. Tech heavyweights like Apple regained some ground lost in recent sessions, advancing 1.79%. However, Airbnb slid 3.21% during the session then another 4% after hours as its quarterly report hit the street. Likewise, Disney slid 4% after the bell following its own report. However, those losses paled next to Bitcoin, which tanked 10% after Elon Musk announced that Tesla will no longer accept the cryptocurrency to purchase his e-cars.
The TSX gained 0.29% led by industrials and financials, while energy and tech lagged. The TSX faded into the close. Earnings season is well underway in Canada with Canadian Tire popping 10.6% in a blowout report, led by super e-commerce numbers. Likewise, WSP’s Global positive report raised its shares by 9.22%. Even though Canada Goose reported an earnings beat, the street interpreted it guidance and spending plans as lackluster hampered in part by a weak recovery in tourism. The GOOS plunged 9%. Energy stocks took a hit as Suncor fell 2.73% and Crescent Point by 6.52%, driven down by the price of WCS tanking over 3% and WCS by more than 4%.
🏛 JP Morgan Chase & Co +2.57%
🛠 Home Depot 2.66%
💾 3M Co. +2.28%
🍎 Apple +1.79%
🏡 Airbnb -3.21%
👸 Walt Disney -4%
🅱 The Bitcoin Fund -10%
🛒 Canadian Tire Corporation Ltd +10.6%
🏛 WSP Global Inc. +9.22%
🧣 Canada Goose -9%
🛢 Suncor Energy Inc -2.73%
🛢 Crescent Point Energy Corp -6.52%