Stocks rebound
After two days of selling, stocks rebounded Wednesday as positive earnings on both sides of the border lifted investor sentiment. Worries about the Covid situation outside the U.S. were set aside as Rogers and Metro delivered quarterly beats on the TSX while Intuitive Surgical soared almost 10% after blowing away expectations. Rogers actually tailed off after the opening bell to rise 0.44% by the closing bell, as did Metro which sank 1.65% by the close despite beating revenues.
In the U.S., Netflix missed subscribers estimates (blamed on a slowdown in new shows because of Covid) and mixed guidance which pulled down shares by 7.41% . The Dow and S&P closed just under 1% while the Nasdaq surged 1.19% and the TSX by half-a-percent.
Materials, energy and tech rallied on Bay and Wall streets. Cenovus popped 2.28% and Constellation Software gained 3.12%. Cannabis also advanced in Toronto with Hexo jumping 8.52%. Pollard Banknote leapt 8.67%. In the States, Applied Materials climbed 5%, Intel 3.9% and Lam Research 4.6%. Travel names bounced back as Carnival gained 6.26%. Gold ticked up 0.8% while Bitcoin fell 2% as did WTI and WCS crude oil by 2.5-3%.
🩺 Intuitive Surgical Inc. +10%
📱 Rogers Communications (B) +0.44%
🍱 Metro Inc (A) -1.65%
📺 Netflix Inc. -7.41%
🛢 Cenovus Energy +2.28%
💾 Constellation Software Inc. +3.12%
🌿 Hexo Corp +8.52%
🏛 Pollard Banknote Ltd +8.67%
🧬 Applied Materials +5%
💾 Intel +3.9%
🧬 Lam Research Corp +4.6%
🚢 Carnival Corp. +6.26%
🅱 The Bitcoin Fund -2%
