Stocks plunge…then rally
Despite positive futures Sunday evening, markets on Monday morning sold off hard on disappointing U.S. manufacturing data. The Nasdaq plunged nearly 5%, the Dow shed as much as 1,115 points while the TSX slid over 3%. However, after lunch, buyers pushed out sellers and markets actually closed positive in a spectacular reversal. The Dow finished up 99 points or 0.39%, the S&P 0.29% and the tech-heavy Nasdaq surged 0.63%. Notably, the U.S. 10-year yield fell during the session though inched up to 1.767%.
Many laggards had fallen twice or three times further than their closes, including Tesla at -3.41%, Netflix -2.6% and Airbnb -5.63%. Notable gainers were Adobe up 3.95%, Caesars 5.25%, Best Buy 5.11%, Domino’s Pizza 4.93% and the Gap at 7.94%. Cryptos also had a wild session as Bitcoin sank to $33,000 before finishing almost $37,000, gaining 5% on Monday.
Oil fell short of recovering with WTI and WCS both surrendering around 1.5% the close below $84 and under $70 respectively. The same can be said of the TSX which rallied into the close but still finished -0.24%. Tech rallied, but financial and energy lagged. Shopify surged 7%. Other winners included Well Health up 5.77%, Bombardier at 4.52%, MTY Food Group 3.51% and GFL Environmental 3.37%. On the losing end were Suncor at -2.58%, CNQ -2.56% and Blackberry -3.18%.
🚗 Tesla Motors Inc (TSLA-Q) -3.41%
📺 Netflix Inc. (NFLX-Q) -2.6%
🏠 Airbnb (ABNB-Q) -5.63%
💾 Adobe Systems (ADBE-Q) +3.95%
♠ Caesars Entertainment (CZR-Q) +5.25%
💳 Best Buy Company Inc (BBY-N) +5.11%
🍕 Domino’s Pizza, Inc. (DPZ-N) +4.93%
🧢 Gap (GPS-N) +7.94%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +5%
🛍 Shopify Inc. (SHOP-T) +7%
👨⚕️ WELL Health Technologies (WELL-T) +5.77%
🚂 Bombardier Inc (B) (BBD.B-T) +4.52%
🍱 MTY Food Group (MTY-T) +3.51%
🌿 GFL Environmental Inc. (GFL-T) +3.37%
🛢 Suncor Energy Inc (SU-T) -2.58%
🛢 Canadian Natural Rsrcs (CNQ-T) -2.56%
📱 BlackBerry (BB-T) -3.18%
