Profit-taking, virus and Twitter pressure markets
After hitting record highs last week, markets on both sides of the border slipped to begin the week. Reasons included Covid worries, old-fashioned profit-taking and Twitter. Late Friday, Twitter announced it was banning Trump permanently for inciting violence. More fallout from last week’s siege of Washington: Marriott, Dow and American Express joined the growing list of companies suspending donations to Republican lawmakers who challenged Biden’s election victory.
Amid this turbulence, the Nasdaq closed -1.25%, the S&P -0.66% and the Dow -0.29%. Twitter itself fell 6.41% though big tech as a whole sold off. Apple was down 2.32% and Facebook lost 4%. That was nothing compared to Bitcoin which plunged as much as 21% Monday. Despite that, gold slipped 0.25%. In contrast, Eli Lilly soared 11.74% after releasing positive test results of its Alzheimer’s drug. ODP Corporation jumped nearly 20% after Staples announced it would buy its parent, Office Depot.
The TSX slipped 0.6%, dragged down by industrials, materials and tech. Busmaker NFI Group was among the day’s big gainers, jumping over 15% after offering positive guidance, and cannabis continued to grow as Cronos surged nearly 9%. The price of oil was flat Monday. Several gold names like Argonaut and Alamos were down around 4.5%.
🐦 Twitter, Inc -6.41%
🍎 Apple -2.32%
🕵️♂️ Facebook -4%
💊 Eli Lilly & Co. +11.74%
💻 Office Depot +20%
🚚 New Flyer Industries Inc. +15%
🌿 Cronos Group Inc +9%
🥇 Argonaut Gold -4.5%
🥇 Alamos Gold Inc -4.5%