Stocks rise after chaotic session

Allan Tong Posted On July 16, 2025

Wednesday’s session was wild after the White House indicated that Trump would fire Fed Chief, Jerome Powell, then Trump himself denied he would. Markets tanked initially then recovered, given how the markets would disapprove if Trump dismissed him. (Trump himself appointed Powell to lead the Fed in November 2017.) By the closing bell, the S&P had risen 0.32%, the Nasdaq 0.25% and the Dow 0.53%.

Major movers: Global Payments 6.51%, Johnson & Johnson 6.19%, Tesla 3.5%, Ford -2.85% and Vistra -2.85%. Bitcoin rallied 2.7% to US$119,600, thriving on the uncertainty, while the U.S. 10-year yield hovered around 4.455%.

The TSX advanced 0.37% or nearly 100 points to approach all-time highs. However, only four sectors were positive led by outsized gains in tech as well as financials. They offset losses in energy and materials. Key names on Bay Street included Denison Mines 8.63%, CNQ -1.49%, Cenovus -1.95%, Energy Fuels 6.21% and Novagold Resources 5.59%. In commodities, gold declined US$24 to US$3,348 while WTI rose 0.26% to US$66.70.

🏛 Global Payments Inc. (GPN-N) +6.51%

👨‍⚕️ Johnson & Johnson (JNJ-N) +6.19%

🚗 Tesla Inc (TSLA-Q) +3.5%

🚘 Ford Motor (F-N) -2.85%

💡 Vistra (VST-N) -2.85%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2.7%

⛏ Denison Mines Corp (DML-T) +8.63%

🛢 Canadian Natural Rsrcs (CNQ-T) -1.49%

🛢 Cenovus Energy (CVE-T) -1.95%

⛏ Energy Fuels Inc. (EFR-T) +6.21%

🥇 NovaGold Resources Inc (NG-T) +5.59%