Reddit trade continues amid mixed markets
Markets were mixed in Thursday trading as the TSX faded into the close to finish -0.15% while Wall Street rose from session lows. The Nasdaq closed -1%, the Dow -0.07% and the S&P -0.36%. Sentiment shifted after reports surfaced of President Biden perhaps lowering the tax increase on the American rich. In Toronto, financials were up, but materials were down.
Pot stocks continued to surge as Tilray jumped 7.6% after an analyst upgrade while Canaccord Genuity advanced 6.08% and Descartes Systems 6%. Disappointing earnings pressured Saputo shares by 6.52% while several gold names gave back, including Roxgold by 6.9%. Blackberry rallied another 4.77% as the Reddit trade continued to take markets on another rollercoaster ride.
When the wild session ended, AMC closed -18% and Bed Bath & Beyond by -27.81% at six times the latter’s average daily volume. As pundits shook their heads over the Reddit frenzy, GM roared 6.39% and Las Vegas Sands sank 3.67% and Delta Airlines dipped 3.43%. Financials and healthcare were up on the Dow. Merck climbed 2.16% and Intel slid by that much. Many tech names sagged, including Baidu by nearly 6% and Airbnb by 4.51%. In contrast, the U.S. 10-year climbed 2.36% to 1.625%, Bitcoin rose 1.88% by the close while gold fell by as much.
🌿 Tilray Inc. +7.6%
🏛 Canaccord Financial Inc +6.08%
💾 Descartes +6%
🥛 Saputo Inc. -6.52%
🥇 Roxgold Inc -6.9%
📱 BlackBerry +4.77%
🎞 AMC Entertainment Holdings Inc. -18%
🛏 Bed Bath & Beyond -27.81%
🚚 General Motors Corporation +6.39%
♠ Las Vegas Sands Corp. -3.67%
🛫 Delta Air Lines Inc -3.43%
💊 Merck & Company +2.16%
🈲 Baidu.com -6%
🏡 Airbnb -4.51%
🅱 The Bitcoin Fund +1.88%