Nvidia, tariffs pressure markets
Despite reporting a top and bottom line beat and upbeat forecast, Nvidia sold off by 8.48% with losses accelerating into the close. The momentum dragged down Super Micro Computer, which slid 15.97% and sank the Nasdaq by 2.78% or 530 points. The S&P fell 1.59% and the Dow declined 0.45%. Other key names: Warner Bros. Discovery 4.76%, Palantir -5.08% and Tesla -3.04%. Bitcoin gave back US$570 to US$83,900, while the U.S. 10 year yield inched up to 4.269%.
After reversing himself again, Trump stated that he would slap tariffs on Canada and Mexico on March 4, after all. The news cast a cloud over Bay Street and pushed the TSX down by 200 points or 0.79%. Nearly every sector declined, while energy was flat. Materials, tech and real estate saw the deepest sell-offs. B2Gold closed the session -6.1%, First Majestic Silver -5.16% and IAMGOLD -5.75%. Bank earnings continued with Royal reporting a profit decline from an impairment charge, and RY shares sank 2.86%. However, Veren reported a beat and soared 9.39%. Speaking of which, WTI crude rose US$1.50 to US$70.15 while gold declined US$41 to US$2,879.
💾 NVIDIA Corporation (NVDA-Q) -8.48%
💾 Super Micro Computer (SMCI-Q) -15.97%
📺 Warner Bros. Discovery (WBD-Q) +4.76%
💾 Palantir Technologies (PLTR-Q) -5.08%
🚗 Tesla Inc (TSLA-Q) -3.04%
🥇 B2Gold Corp. (BTO-T) -6.1%
🥈 First Majestic Silver (AG-N) -5.16%
🥇 Iamgold Corp (IMG-T) -5.75%
🏛 Royal Bank (RY-T) -2.86%
🛢 Veren (VRN-T) +9.39%
