S&P hits another high, earnings hits and misses
On Thursday, Q4 U.S. GDP data handily beat expectations, clocking in at 3.3% instead of 2%. Core inflation for personal consumption rose 2% while the headline rate was 1.7%. The American economy was stronger than expected to end 2023 and avoided a recession as some feared. The news fueled the Wall Street rally, already running strong to ever-new highs. The S&P climbed another 0.53% to nearly 4,900, the Nasdaq added 0.18% to top 15,500 and make another 52-week high while the Dow returned to 38,000 after rallying 0.64%. The U.S. 10-year yield shed a few basis points to 4.12%. Against this backdrop were earnings.
Winners included IBM which soared 9.49%. Losers were Tesla which closed -12.13% and Humana at -11.69% both after reporting disappointing numbers and especially guidance. However, American Airlines rose 10.27%. Bitcoin shed 0.66% to below $40,000.
The TSX also gained, up 0.36% with more sectors positive than negative. Up were materials, utilities and energy, and down were staples. Major movers were Baytex up 2.86%, Cenovus 2.3%, Meg Energy 4.1%, Lundin Gold 4.87% and Cameco at -3.43%. WTI jumped about 2.75% to over $77 a barrel.
🧬 IBM Common Stock (IBM-N) +9.49%
🚗 Tesla Inc (TSLA-Q) -12.13%
👨⚕️ Humana Inc (HUM-N) -11.69%
🛫 American Airlines Group (AAL-Q) +10.27%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.66%
🛢 Baytex Energy Corp (BTE-T) +2.86%
🛢 Cenovus Energy (CVE-T) +2.3%
🛢 MEG Energy Corp (MEG-T) +4.1%
🥇 Lundin Gold Inc. (LUG-T) +4.87%
⛏ Cameco Corporation (CCO-T) -3.43%
