Stocks advance on inflation data

Thursday morning saw the release of American PCE inflation data coming in as expected in January at 0.4% (0.3% including volatile food and energy costs), and 2.8% from a year ago. The market exhaled and greeted the news positively. The S&P rose 0.52%, the Nasdaq 0.9%, and the Dow 0.12%.

Key names included AMD jumping 9.24%, Amazon 2.08%, and Hormel Foods 14.82%, but Snowflake closed -18.14% after reporting earnings. The U.S. 10-year yield held around 4.244%, and Bitcoin gave back 1.9% to fall back to $61,300 after recent torrid gains.

The U.S. inflation news helped the commodities trade on Bay Street as the TSX added 0.55% to flirt with 52-week highs. Energy and materials led most sectors higher while consumer staples sank. Most active were Algonquin Power, climbing 1.02%, CNQ 5.15% and Baytex -8.07%. Meanwhile, Lithium Americas leapt 15.66% and Oceanagold 7.14%. WTI declined 0.4% to $78.20 a barrel.

💾 Advanced Micro Devices (AMD-Q) +9.24%

📦 Amazon.com, Inc. (AMZN-Q) +2.08%

🥘 Hormel Foods Corp (HRL-N) +14.82%

💾 Snowflake (SNOW-N) -18.14%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.9%

💡 Algonquin Power & Utilities Corp (AQN-T) +1.02%

🛢 Canadian Natural Rsrcs (CNQ-T) +5.15%

🛢 Baytex Energy Corp (BTE-T) -8.07%

⛏ Lithium Americas Corp (LAC-T) +15.66%

🥇 Oceanagold Corp (OGC-T) +7.14%