Markets shrug off Trump threats to hit highs

The trading week began with the U.S. Department of Justice threatening to indict U.S. Fed Chair Jerome Powell. Many on Wall Street perceive this as Trump escalating his threats against Powell for not cutting interest rates fast enough, though Trump has denied direct involvement in this subpoena. Further, several former fed chairs have publicly condemned the DOJ’s move and insist on the independence of the Fed chair. Initially, markets in the U.S. sank on the news, but closed positive: the S&P up 0.2% to 6,977 the Dow up 0.17% to 49,590, both record highs. Meanwhile, the Nasdaq rose 0.3%. Also, Trump threatened the banks and credit card companies to cap interest rates at 10%, something that many wonder is even legal. Nonetheless, the credit card companies got slammed with American Express down 4.27%. Other big movers: Western Digital 5.82%, Seagate 5.75%, Albemarle 4.98% and Intel -3.27%. Bitcoin climbed 0.85% to US$91,395 while the U.S. 10-year yield hovered around 4.187%.

Throughout the day, the TSX rallied, closing at a record high of 32,874 or 274 points higher. All but utilities gained ground. Healthcare and materials outperformed all sectors. Key names: Aya Gold & Silver 12.2%, Emera -2.4%, Curaleaf 8%, Lithium Americas 6.68% and First Majestic Silver 6.58%. Precious metals also reached new highs: silver added US$5 to US$85.60 and gold jumped 2.25% to US$4,592. WTI crept up 0.58% to US$59.45

🏛 American Express (AXP-N) -4.27%

💾 Western Digital (WDC-Q) +5.82%

💾 Seagate Technology (STX-Q) +5.75%

⛏ Albemarle Corp (ALB-N) +4.98%

💾 Intel (INTC-Q) -3.27%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.85%

⛏ Aya Gold & Silver (AYA-T) +12.2%

💡 Emera Inc (EMA-T) -2.4%

🌿 Curaleaf Holdings Inc (CURA-T) +8%

⛓ Lithium Americas Corp (LAC-T) +6.68%

🥈 First Majestic Silver (AG-N) +6.58%