Soft economic data pushes Wall Street higher

U.S. markets closed early on Wednesday ahead of the July 4 holiday, but the latest employment data fueled the S&P and Nasdaq to fresh highs. Payroll growth came in lighter than expected for June as weekly jobless claims clocked in higher than forecast. The data fed hopes that the U.S. Fed will cut interest rates sooner, and pushed the S&P ahead by 0.51% to 5,537 and the Nasdaq up 0.88% to 18,188. In contrast, the Dow sank 23 points.

Leading the rally was Nvidia which rebounded 4.587%. Tesla jumped 6.54%, First Solar 6.63%, Paramount Global 6.9% and Broadcom 4.33%. The data also pressured the U.S. 10-year yield down to 4.355%. Bitcoin sank 3.75% to US$59,700.

It was also a positive day for the TSX which jumped 1.53% to approach its own highs. All sectors were in the green led by outsized gains in materials as well as industrials and staples. Mining stocks shone, including Barrick up 4.45%, Wesdome Gold Mines 7.01% and Osisko 6.4%. Meanwhile, Royal Bank hit a new 52-week high after rallying 1.53% and TC Energy rose 1.09% in heavy trading on a light-volume day. Gold added US$25 to US$2,355 an ounce while WTI advanced 1% to US$83.70 a barrel.

💾 NVIDIA Corporation (NVDA-Q) +4.587%

🚗 Tesla Inc (TSLA-Q) +6.54%

⛏ First Solar Inc. (FSLR-Q) +6.63%

🎞 Paramount Global (PARA-Q) +6.9%

🧬 Broadcom (AVGO-Q) +4.33%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.75%

🥇 Barrick Gold (ABX-T) +4.45%

⛏ Wesdome Gold Mines Ltd. (WDO-T) +7.01%

⛏ Osisko Mining (OSK-T) +6.04%

🏛 Royal Bank (RY-T) +1.53%

🛢 TC Energy (TRP-T) +1.09%