Stocks edge up
Markets in Toronto and New York were flat Monday, but edged up towards the close to finish a third-of-a-percentage point across all major indices. On the TSX, tech, financials and industrials led gains with Shopify rallying 4.82% and Lion Electric surging 11.91%. Algonquin Power made headlines by backing out of an American acquisition, but shares then sank 1.47%. Meanwhile, Teck Resources was considering suitors for its metals business; shares rose 7.81%. It was revealed that actor Ryan Reynolds bought a stake in Montreal’s Nuvei, though shares rose only 0.67%.
A stronger U.S. dollar pushed WTI crude down by 2.1% to dip below $81 a barrel. U.S. banks continued to release earnings. Bank of America rose 2.88% and Wells Fargo jumped 4.19%. Charles Schwab, punished by the recent meltdown in U.S. regionals, released a surprisingly positive quarter and its shares leapt 3.94%. However, Alphabet shares sank 2.66% (A class) after reports that Samsung may dump the Google browser in favour of Microsoft’s Bing. Elsewhere, healthcare stocks lagged, such as Moderna which slid 8.36%. The U.S. 10-year yield climbed to 3.604% as Bitcoin sank 3% to settle below $29,500.
🛍 Shopify Inc. (SHOP-T) +4.82%
🚗 The Lion Electric Co (LEV-N) +11.91%
💡 Algonquin Power & Utilities Corp (AQN-T) -1.47%
⛏ Teck Resources Ltd. (B) (TECK.B-T) +7.81%
💾 Nuvei Corp (NVEI-T) +0.67%
🏛 Bank of America (BAC-N) +2.88%
🏛 Wells Fargo (WFC-N) +4.19%
🏛 Charles Schwab Corp (SCHW-N) +3.94%
🧮 Alphabet Inc (GOOG-Q) -2.66%
💉 Moderna (MRNA-Q) -8.36%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3%
