Markets on Wednesday were struggling to find direction when mid-afternoon Trump announced he was pausing some of his global tariffs for 90 days. Instantly, stocks across the board soared, leading to the third-best session ever since World War Two. The S&P rocketed 9.52%, the Dow 7.87% and the Nasdaq 12.16% or 1,857 points.
Many major stocks jumped by double digits: Apple 15.33%, Nvidia 18.72%, Intel 18.75%, Tesla 22.69% and United Airlines 26.14%. Gold returned to US$3,000 after climbing US$106 and settling around US$3,089. Meanwhile, WTI rallied 4.8% to US$62.45. The U.S. 10-year yield was creeping higher in the morning, but hovered around 4.337% by the close.
The TSX saw big gains, albeit not as high as the NYSE, up 5.42% or 1,220 points. Apart from mild weakness in telcos, all the sectors rallied. Tech soared 10.75% while industrials and energy saw blockbuster gains. Major movers: Baytex 22.12%, Whitecap Resources 11.96%, Aritizia 18.64%, Celestica 18.21% and Tilray 17.19%. Bulls should keep in mind that China raised its tariffs against the U.S. to 84%, while Trump today rose tariffs against China to 125%.
🍎 Apple Inc (AAPL-Q) +15.33%
💾 NVIDIA Corporation (NVDA-Q) -18.72%
💾 Intel (INTC-Q) +18.75%
🚗 Tesla Inc (TSLA-Q) +22.69%
🛫 United Airlines Holdings (UAL-Q) +26.14%
🛢 Baytex Energy Corp (BTE-T) +22.12%
🛢 Whitecap Resources (WCP-T) +11.96%
👗 Aritzia Inc. (ATZ-T) +18.64%
🧬 Celestica Inc (CLS-T) +18.21%
🌿 Tilray Inc. (TLRY-Q) +17.19%
