Oil surges to lift TSX
Crude oil continued to rally with WTI jumping 2.6% to nearly $86 a barrel. This helped lift the TSX by 1.25% Friday, well past 20,500 and to end the week 3.58% higher. All sectors except telcos rallied, led by staples, industrials and, of course, energy.
Notable names included Canadian Western Bank which bucked the trend of its peers and reported a convincing beat. CWB soared 11.45%. Similarly, Lululemon jumped 6% on the Nasdaq after reporting a beat and offering rosy guidance. Meg Energy rose 5.63%, Tamarack Valley Energy 5.48% and Whitecap Resources 4.8% to ride oil’s rally.
Things were more sedate on Wall Street with the Nasdaq and S&P closing basically flat on Friday, though the Dow advanced 0.33%. Tech names such as Intel rose 4.18% and Hewlett Packard Enterprises 5.83%, though Tesla sank 5.06%. Streamers continued to struggle as Paramount Global slid 9.54% and Warner Bros. Discovery sank 12.02%. For the week, the S&P added 2%, the Nasdaq 2.46%, and the Dow 1.15%. The U.S. 10-year yield held around 4.181%, while Bitcoin slipped nearly 1% to $25,700.
🏛 Canadian Western Bank (CWB-T) +11.45%
🛍 LuLulemon Athletica (US) (LULU-Q) +6%
🛢 MEG Energy Corp (MEG-T) +5.63%
🛢 Tamarack Valley Energy (TVE-T) +5.48%
🛢 Whitecap Resources (WCP-T) +4.8%
💾 Intel (INTC-Q) +4.18%
💻 Hewlett-Packard Co (HPQ-N) +5.83%
🚗 Tesla Inc (TSLA-Q) -5.06%
🎞 Paramount Global (PARA-Q) -9.54%
📺 Warner Bros. Discovery (WBD-Q) -12.02%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1%