Stocks up despite dour data
It was a week of hot inflation numbers and it ended with more troubling American economic data. U.S. consumer confidence declined as a record number of Americans quit their jobs. Despite that, Wall Street closed higher on Friday: the Dow up 0.5%, the S&P 0.72% and the Nasdaq 1%. However, the major indices closed slightly negative for the week. For instance, the Nasdaq topped 16,000 on Monday, but finished Friday at 15,860. The Dow components were mixed except for industrials which rallied.
3M climbed 2% while Disney lost another 1.54%. As the U.S. 10-year-yield traded around 1.577%, tech stocks continued to rally, including Airbnb by 7.85% and Amazon at 1.52%. However, Tesla gave back 2.83% and the dating app Bumble retreated 5.21%. Airlines lost altitude as Delta finished -2.83% and American at -4.88%. That said, no stock garnered more attention this week than Rivian; the new EV play soared nearly 7% more on Friday.
Meanwhile, the TSX finished the week strong, up 0.86% to close at a record high, while gaining 313 points for the week. The gains were all the more impressive considering that energy lagged. Pushing the Toronto index higher were tech names. Shopify soared 11.58%. Lightspeed jumped 3.85% though Alcanna soared 15.61%. Pot names blazed: Canopy was up 12.77%, Hexo 6.7% and Aurora 12.49%. Moving the most shares was Enbridge which slipped 3.65%. WTI crude slid nearly 1% to below $81 per barrel while WCS barely inched up by day’s end to flirt with $61. Gold enjoyed a good week but was flat Friday while Bitcoin shed 1.3% to trade over $64,000.
💾 3M Co. (MMM-N) +2%
👸 Walt Disney Co. (DIS-N) -1.54%
🏠 Airbnb (ABNB-Q) +7.85%
📦 Amazon.com (AMZN-Q) +1.52%
🚗 Tesla Motors Inc (TSLA-Q) -2.83%
💑 Bumble (BMBL-Q) -5.21%
🛫 Delta Air Lines Inc (DAL-N) -2.83%
✈ American Airlines Group (AAL-Q) -4.88%
🚘 Rivian Automotive (RIVN-Q) +7%
🛍 Shopify Inc. (SHOP-T) +11.58%
💿 Lightspeed Commerce Inc (LSPD-T) +3.85%
🍾 Alcanna (CLIQ-T) +15.61%
🌿 Canopy Growth Corp. (WEED-T) +12.77%
🌿 Hexo Corp (HEXO-T) +6.7%
🌿 Aurora Cannabis (ACB-T) +12.49%
🛢 Enbridge (ENB-T) -3.65%
🅱 Bitcoin Cash (CRYPTO:BCH) -1.3%