On Wall Street, the Nasdaq and S&P continue to rally and make fresh record highs, driven by a mix of expectations for a new stimulus package, though Washington reports no news; trade officials in Washington and Beijing affirming their commitment to phase one of the China-US trade deal; encouraging news on the COVID front as AstraZeneca begins early phase tests of a treatment; and pure momentum from investors.
The S&P rose 0.35% and Nasdaq climbed 0.76%, but the Dow closed -0.21%. Consumer names like the Gap soared 10.45% after Citi doubled its price target, and Starbucks rallied 5.13%. In contrast, Best Buy slid 4.03%. It reported that online sales rocketed 242% in Q2, but its cautious outlook pressured the stock down 4.03%. Tech continued its streak. AMD, for instance, rallied 3.94%.
In contrast, Bay Street had a far less dramatic session Tuesday, slipping only six points as financials made gains and most sectors wavered. Canadian bank earnings season began Tuesday as BMO reported record earnings in capital markets and wealth management. The stock leapt 5.7%. On the flipside, the Bank of Nova Scotia announced a record for soured-loan provisions in fiscal Q3. Its international banking unit reported its first quarterly net loss in 18 years. BNS closed -0.67%. WTI rose over 1.7% while the price of WCS popped 3.2%.