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On Wednesday, rails lifted the TSX to a record close of 20,689, up 0.52%, while tech pushed the Nasdaq to new heights of 15,309, up 0.33%. The S&P was flat and the Dow was modestly down.
In Canada, the battle of Kansas City Southern (leaping 3.84% on Wall Street) heated up as CP shares rallied 5.14% and CN 3.77%. U.S. regulators rejected CN’s bid while CP set a Sept.12 deadline for its offer. Other winners that fueled the TSX included Birchcliff Energy, jumping 6.45%, Lightspeed up 3.76% and Cameco at 3.69%. Down were Great-West Lifeco which finished -2.18% in heavy trading, and Hexo at -2.26%. Industrials and tech rallied while materials lagged. Meanwhile the price of WTI slipped 25 cents per barrel while WCS gained that much.
Back on Wall Street, industrials showed weakness as the Dow components were mixed. Abbvie slid 7% after the FDA ordered the drugmaker to add a warning label to its much-touted arthritis drug, Rinvoq. Also struggling were Wells Fargo, plunging 5%, and Devon Oil down 4.43%. In contrast, Netflix advanced 2.26%, Moderna 3.52% and PVH shot up 15%. Bitcoin added nearly 2% but remained below $49,000.
🚂 Kansas City Southern +3.84%
🚂 Canadian Pacific Rail +5.14%
🚂 Canadian National R.R. +3.77%
🛢 Birchcliff Energy Ltd. +6.45%
💿 Lightspeed Commerce Inc +3.76%
🧱 Cameco Corporation +3.69%
🏛 Great-West Lifeco -2.18%
🌿 Hexo Corp -2.26%
🧫 AbbVie Inc. -7%
🏛 Wells Fargo -5%
🛢 Devon Energy Corp -4.43%
📺 Netflix Inc. +2.26%
💉 Moderna +3.52%
👚 PVH Corp +15%
🅱 The Bitcoin Fund +2%
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