Oil and stocks climb on earnings week
A busy trading week began positively with both crude oil and stocks rising. WTI jumped 2.4% to nearly $79 a barrel as energy led gains on the TSX. The Canadian exchange advanced 0.15% as real estate also rallied, but utilities and consumer discretionary lagged.
The Wall Street rally continued to broaden beyond tech as the Dow rose 0.52% to almost 35,500. Financials, for instance, continued to show strength. The Dow outperformed the Nasdaq which inched up 0.19% to stay above 14,000, and outpaced the S&P which climbed 0.4%. Key movers included Tesla, up 3.4%, Intuitive Surgical slipping 3.93%, Bank of America rising 1.84%, and Becton Dickinson jumping 5.89%. However, AMC soared 32.73% after a court blocked the theatre chain from converting preferred equity shares into regular ones. Plus, there were tailwinds from strong opening weekends for heavily marketed movies, Barbie and Oppenheimer. Meanwhile, the U.S. 10-year yield inched up to 3.874% though Bitcoin sank 3.35% to $29,000. Investors will be busy this week processing key earning reports from megatech stocks such as Microsoft and the latest Fed decision on Wednesday.
🛢 Cenovus Energy (CVE-T) +2.74%
🛢 Imperial Oil (IMO-T) +2.69%
🌿 Nutrien Ltd. (NTR-T) +2.67%
👗 Aritzia Inc. (ATZ-T) -3.88%
🛢 TC Energy (TRP-T) -2.57%
🚗 Tesla Inc (TSLA-Q) +3.4%
🧫 Intuitive Surgical Inc. (ISRG-Q) -3.93%
🏛 Bank of America (BAC-N) +1.84%
👨⚕️ Becton Dickinson (BDX-N) +5.89%
🎞 AMC Entertainment Holdings Inc. (AMC-N) +32.73%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.35%