Pfizer pill and strong earnings push stocks to new highs
It was a record-breaking Friday to end a record-breaking week. As positive earnings continued to flow through American and Canadian markets, Pfizer announced that it had produced a pill that effective treats Covid patients, following Merck’s footsteps earlier this fall and sparking talk over the end of Covid. Markets were already climbing new heights this week when the Pfizer news fueled the rally even further. Throw in a stronger-than-expected U.S. jobs report to enhance momentum. Wall Street indices rose a quarter- to a half-percent higher Friday as the S&P settled at 4,697, the Dow at 36,327 and the Nasdaq just 29 points shy of 16K. The TSX climbed 0.53% to 21,455.
Naturally, Pfizer shares soared 10.86% along with travel and leisure names. Expedia and Live Nation both surged more than 15%. Air Canada climbed 6.21%, Chorus Aviation leapt 10.67% and American Airlines rose 5.74%. Theatre chains Cineplex advanced 7% while AMC added 4.12% while MGM Resorts rallied 6.27%, Airbnb popped 3% and Norwegian Cruise Line rallied 7.83%.
Crude oil rebounded as WTI surged over 3% to top $81 per barrel while WCS gained half a percent to top $60. Many energy names topped the TSX, such as Enbridge by 3% and Arc Resources at 7.52%. However, not everything shone on Friday. Lockdown darling Peloton lowered its outlook and tanked 35% while Canopy Growth plunged 11.68% after delaying its profitability target. Despite the strong U.S. jobs numbers, the U.S. 10-year yield settled around only 1.45%.
💉 Pfizer Inc (PFE-N) +10.86%
✈ Expedia (EXPE-Q) +15%
🎟 Live Nation Entertainment Inc. (LYV-N) +15%
🛫 Air Canada (AC-T) +6.21%
🛫 Chorus Aviation Inc (CHR-T) +10.67%
🛫 American Airlines Group (AAL-Q) +5.74%
🎟 Cineplex Inc (CGX-T) +7%
🎞 AMC Entertainment Holdings Inc. (AMC-N) +4.12%
🏢 MGM Mirage (MGM-N) +6.27%
🏠 Airbnb (ABNB-Q) +3%
🚢 Norwegian Cruise Line Holdings (NCLH-N) +7.83%
🛢 Enbridge (ENB-T) +3%
🛢 Arc Resources Ltd (ARX-T) +7.52%
🚲 Peloton Interactive (PTON-Q) -35%
🌿 Canopy Growth Corp. (WEED-T) -11.68%