Stocks fade Friday, but up for the week
The U.S. added fewer jobs last month than expected, but Wall Street overlooked that and continued to believe that the Fed will taper and raise interest rates sooner than later. Friday’s session was choppy and stocks faded into the close. While the TSX closed precisely flat, the major American indices closed slightly in the red, with the Nasdaq slipping 0.51%. The Nasdaq was barely positive for the week while the S&P advanced 0.83%. On the Dow, only energy and financials rallied with the other major components were mixed.
Moving up were Chevron by 2.24%, Avis Budget Group leapt 9.29%, and Baidu added 3.54$. Heading down were Bed Bath & Beyond by 4.19%, Beyond Meat which slipped 3.67%, and dating app Bumble which retreated 3.33%. The U.S. 10-year yield climbed above 1.6%.
In contrast, the TSX jumped more than 2%, fuelled by the rally in crude oil. In fact, WTI touched $80 per barrel on Friday and gained over 1.5% for the first time since November 2021. WCS added only 0.25% to hover around $66.50 per barrel. Besides energy, financials rose while tech names slid. Suncor and Tamarack Valley both rallied nearly 3% and Shawcor jumped 4.87%. In contrast, Lightspeed tumbled over 7%, Cameco slid 5.41% and Tilray fell 5.36%. Meanwhile, Bitcoin edged up 1% past $54,500.
🛢 Chevron Texaco +2.24%
🚗 Avis Budget Group +9.29%
🈲 Baidu.com +3.54%
🛏 Bed Bath & Beyond +4.19%
🥩 Beyond Meat Inc. -3.67%
💑 Bumble -3.33%
🛢 Suncor Energy Inc +3%
🛢 Tamarack Valley Energy +3%
🛢 Shawcor Ltd. (A) +4.87%
💿 Lightspeed Commerce Inc -7%
🧱 Cameco Corporation -5.41%
🌿 Tilray Inc. -5.36%
🅱 The Bitcoin Fund +1%
