First, the good news. Canadian manufacturing data, the PMI, rose from 55.1 to 65 in September, beating the expected 54.1. The TSX rose 0.39% and powered by tech real estate and, to a lesser exent, materials. The only weakness came from energy, down 4%.
Lithium Americas was among the biggest winners, soaring 9.45% and Ballard Power jumped 8.65%. Nutrien, however, slid 3.1% and Suncor surrendered 4.67%. CAE bounced 4.41% on an analyst upgrade by RBC. While gold and the Canadian dollar stayed flat, the price of WTI oil tumbled nearly 4% and WCS by 5.5%.
Now, the bad news, or rather mixed news. The Dow had a choppy session, barely closing positive, while the S&P closed slightly up at 0.53%. Investors were bouncing between pessimistic and hopeful reports about Washington agreeing on the next stimulus bill. The talks continue without a firm deal in sight, but hope remains. Add to this fears that the U.S. recovery may be stagnating, plus the ever-present worry of a second wave of Covid. As always when uncertainty reigns, investors flock to tech, so the Nasdaq rallied 1.42%. Giants like Amazon climbed 2.3%, but the biggest winner on Wall Street was Bed Bath & Beyond which soared 25% after reporting a surprise sales gain, a sign that its turnaround story is working.