Stimulus stalls, markets slip
With a Friday midnight deadline, stimulus talks in Washington hit a snag over the Fed, which pressured markets down on both sides of the border. This comes a day after all major American indices plus the Russell 2000 all made record highs. The Dow and S&P lost a third of 1%, while the Nasdaq closed -0.56% and the TSX -0.69%. However, the S&P did gain 1% for the week while the Russell 2000 jumped 3%. Also, indices rallied in the final minutes of Friday’s trade, off the day’s lows.
All the Dow sectors were mixed, except energy which showed Chevron losing 1.46%. The most heavily traded stocks lost ground: Apple at -1.71%, American Airlines -1.9% and AMD -1.86%. However, Activision Blizzard rallied 2.22% and Blink Charging climbed 2.44%. Tesla popped 6% to make a new record high. Airbnb and Doordash rallied nearly 7% and 8.71% respectively after a new, bullish analyst’s report.
In contrast, FedEx slumped 5.71% for not issuing guidance due to Covid uncertainty, despite beating earnings and revenue. In Toronto, materials, real estate and tech pressured the TSX. Oceanagold was one of many gold stocks that sold off, shedding nearly 6%. Blackberry slid 15.79% after beating Q3 earnings, but reported lower revenues. However, Polaris Infrastructure rallied 4.76% and Ballard Power surged 4.23%. The price of WTI oil rose 1.4% and WCS climbed about 1%.
🛢 Chevron Texaco -1.46%
🍎 Apple -1.71%
🛫 American Airlines Group -1.9%
💾 Advanced Micro Devices -1.86%
💿 Activision Blizzard +2.22%
🚗 Blink Charging Co. +2.44%
🚗 Tesla Motors Inc +6%
🏠 Airbnb +7%
🛵 Doordash +8.71%
🚍 FedEx -5.71%
🥇 Oceanagold Corp -6%
📱 BlackBerry -15.79
💡 Polaris Infrastructure +4.76%
🔋 Ballard Power Systems +4.23%