Stocks rise after Powell’s comments
Markets rose Tuesday morning after the U.S. Fed’s Jerome Powell delivered comments in his confirmation hearing to ease the fears of investors. He pledged to ensure that inflation would not become “entrenched” and that policy tightening was necessary to deliver economic expansion. Investors felts that Powell would not go out of his way to crush inflation and therefore upset the overall economy. Stocks ticked up after those remarks until the S&P finished 0.92% higher for the day, the Dow 0.51% and the Nasdaq 1.41% in significant rebound.
Tech led gains Apple 1.68%, Xilinx 3.63% and PayPal 4.68%. Other gainers were homebuilders like DR Horton, up 3.14%, and travel such as Las Vegas Sands at 6.64%. Heading down were Moderna at -5.27%, Domino’s Pizza -3.23% and Seagate -2.36%. Meanwhile, the U.S. 10-year yield inched down to 1.743% while Bitcoin regained 3% past $47,000.
Oil rallied and lifted the TSX by 0.88%. WTI jumped over 4% to $81.50 and WCS jumped 4.5% to nearly $69. Financials, materials and tech also rallied. Notable gainers included Baytex which gushed nearly 7% , Hudbay Minerals up 6.17%, Meg Energy 6.62% and Lightspeed up 5.45%. Losing ground were Transalta Renewables down 9%, CP slipping 2% and Gildan down 2.7%.
🍎 Apple (AAPL-Q) +1.68%
🧬 Xilinx Inc (XLNX-Q) +3.63%
💳 PayPal Holdings Inc. (PYPL-Q) +4.68%
🧱 D R Horton Inc. (DHI-N) +3.14%
♠ Las Vegas Sands Corp. (LVS-N) +6.64%
💉 Moderna (MRNA-Q) -5.27%
🍕 Domino’s Pizza, Inc. (DPZ-N) -3.23%
💾 Seagate Technology (STX-Q) -2.36%
🅱 Bitcoin Cash (CRYPTO:BCH) +3%
🛢 Baytex Energy Corp (BTE-T) +7%
⛏ Hudbay Minerals Inc. (HBM-T) +6.17%
🛢 MEG Energy Corp (MEG-T) +6.62%
💿 Lightspeed Commerce Inc (LSPD-T) +5.45%
💡 Transalta Renewables (RNW-T) -9%
🚂 Canadian Pacific Rail (CP-T) -2%
👕 Gildan Activewear Inc. (GIL-T) -2.7%
