Stocks climb, but megatech sinks
A few days before Hallowe’en, Meta/Facebook horrified Wall street with a poor quarter and weak guidance that announced more spending instead of less. By the end of Thursday, Meta had tanked 24.56% (that’s no typo). That dragged the Nasdaq down by 1.63% while the S&P slipped 0.61% and the Dow gained the same amount. However, another tech name, ServiceNow, reported a strong quarter and bounced 13.44%.
Other major movers were Intel at -3.45%, Alphabet -2.85% and Caterpillar 7.71%. After hours, Amazon reported a miss and sank around 19% while investors digested Apple’s generally positive quarter. The U.S. 10-year yield fell below 4% as Bitcoin slipped 1.35% to trade around $20,500.
The TSX rose a modest 0.39% with the sectors mixed between positive and negative. Shopify reported a convincing beat and soared 17.13%, making tech the top sector. Osisko Mining jumped 9.23% and NFI regained 6.47% while Barrick Gold fell 1.36% and Tamarack Valley Energy rose over 3%. WTI climbed 1% to nearly $89.
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) -24.56%
💾 Servicenow (NOW-N) +13.44%
💾 Intel (INTC-Q) -3.45%
🧮 Alphabet Inc. / Google (GOOG-Q) -2.85%
🏗 Caterpillar (CAT-N) +7.71%
📦 Amazon.com (AMZN-Q) -19%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.35%
🛍 Shopify Inc. (SHOP-T) +17.13%
⛏ Osisko Mining (OSK-T) +9.23%
🚚 New Flyer Industries Inc. (NFI-T) +6.47%
🥇 Barrick Gold (ABX-T) -1.36%
🛢 Tamarack Valley Energy (TVE-T) +3%
