Post-election rally, yields spike
Following tradition, the U.S. stock market rallied after the Presidential election. The S&P jumped 2.53%, the Nasdaq 2.95% and the Dow 3.57% with many stocks enjoying pronounced gains, particularly in tech and financials. Major movers were Nvidia which popped 4.07% to new highs, Tesla 14.75%, Bank of America 8.43%, CVS 12.74% and Nucor 15.99% in anticipation of Trump tariffs that will likely benefit the steel company. However, Super Micro Computer continued to slide, sinking another 18.05%. Meanwhile, Bitcoin vaulted 10% to US$76,000. However, the U.S. 10-year yield also leapt, rising to 4.435%.
Gains were lower across the border as the TSX advanced 1% or 250 points. Sectors were mixed. Energy and tech rallied the most with names like Celestica rallying 7.87%. Also rising were TFI International at 11.2% and Algoma Steel by 7.6%. Lagging the most were healthcare stocks such as Tilray, which fell 12.24%, and materials. Elsewhere, Stella-Jones tumbled 14.08%. Gold sank US$83 to US$2,660 while WTI edged down 0.2% to US$71.85.
