Net worth tracking
Login Sign Up
Become a Premium Member
  • All Opinions
  • Top Picks
  • Experts
  • Companies
  • Discover
Watch List
Home » Daily

Strong data triggers rally, oil down

Allan Tong Posted On August 3, 2022
0
0
Shares
  • Share On Facebook
  • Tweet It

U.S. economic data on Wednesday triggered a convincing rally led by tech. The ISM Services PMI hit 56.7% in July in a surprise jump from June’s 55.3%, indicating that supply chain slowdowns are easing. Also, the St. Louis Fed said that he didn’t feel that U.S. economy was currently in a recession. Optimistic, the S&P closed 1.56% higher, the Nasdaq jumped 2.59% and the Dow advanced 1.28%. Energy was the only weak sector on the S&P while consumer discretionary and tech led.

Big gainers included Moderna up nearly 16%, PayPal up 9.32% after it was disclosed that an activist shareholder has bought a substantial stake, CVS Health up 6.3%, Royal Caribbean Cruises and Ross Stores both advancing nearly 6%, and Regeneron rallying 5.88%. Influential movers were Apple, up 3.76%, and Meta by 5.34%. The U.S. 10-year yield hovered around 2.7% as Bitcoin rose 2% to $23,500.

Higher-than-expected inventories of crude oil in the latest data didn’t help the price of crude oil. WTI fell more than $3.50 below $91 a barrel. Energy as well as materials and utilities limited the TSX’s gains to 0.33%, though tech, industrials and financials were strong. Winners included Shopify soaring 10.8%, Bausch Health up 13.44%, Kinaxis by 9.49%, NFI Group up 8.72% and Lightspeed at 8.12%. Sliding were Suncor at -3.73%, Athabasca Oil -8.47%, Baytex Energy -7.5% and Cenovus -6.04%.

💉 Moderna (MRNA-Q) +16%
💳 PayPal Holdings Inc. (PYPL-Q) +9.32%
👨‍⚕️ CVS Health Corp (CVS-N) +6.3%
🚢 Royal Caribbean Cruises (RCL-N) +6%
👕 Ross Stores Inc. (ROST-Q) +6%
🧫 Regeneron Pharmaceuticals Inc (REGN-Q) +5.88%
🍎 Apple (AAPL-Q) +3.76%
🕵️‍♂️ Meta Platforms, Inc. (META-Q) +5.34%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2%
🛍 Shopify Inc. (SHOP-T) +10.8%
👨‍⚕️ Bausch Health Companies Inc. (BHC-T) +13.44%
💾 Kinaxis Inc (KXS-T) +9.49%
🚍 New Flyer Industries Inc. (NFI-T) +8.72%
💾 Lightspeed Commerce Inc (LSPD-T) +8.12%
🛢 Suncor Energy Inc (SU-T) -3.73%
🛢 Athabasca Oil Sands Corp (ATH-T) -8.47%
🛢 Baytex Energy Corp (BTE-T) -7.5%
🛢 Cenovus Energy (CVE-T) -6.04%

0
Shares
  • Share On Facebook
  • Tweet It




Trending Now
Best Buy Company Inc, Coinbase Global and 12 Stock and 2 ETF Top Picks (Jul 29-Aug 04)
Melisa R. H. August 5, 2022
Canadian Utilities, Dollarama Inc. and More at 52-week Highs & Lows (Jul 27-Aug 02)
Melisa R. H. August 3, 2022
Oil falls, stocks mixed
Read Next

Oil falls, stocks mixed

  • We're the Stock Chasers
    Hi! We are the Stock Chasers. We write about investing and finance tools we love. We’re passionate about fintech and we invest almost all our affiliate and advertising revenues into the development of Stockchase and Wealthica. We hope you enjoy the stock ideas and product reviews!
  • Top Reviews

    • Questrade Review: Pros & Cons of Trading with Questrade Canada (2021)
      8.5
    • Questrade vs Others | The Review Competitors Don’t Want you to Read (2021)
      7.4
    • The Ugly Truth About Identity Theft – Free Credit Report
      7
  • Popular Posts

    • Best Buy Company Inc, Coinbase Global and 12 Stock and 2 ETF Top Picks (Jul 29-Aug 04)
    • Canadian Utilities, Dollarama Inc. and More at 52-week Highs & Lows (Jul 27-Aug 02)
    • 3 Recession Proof Stocks
    • 3 Money Stocks to Beat Inflation
    • Our 3 defensive healthcare stocks picks
  • Stock Lists

    • 3 Recession Proof Stocks
      August 2, 2022
    • 3 Money Stocks to Beat Inflation
      July 26, 2022
    • Our 3 defensive healthcare stocks picks
      July 19, 2022
    • Oligopolies, duopolies, 3 telcos stocks examined
      July 12, 2022
    • 3 defensive stocks weather uncertain markets
      July 5, 2022


  • Get $50 in free trades.


  • Stockchase neither recommends nor promotes any investment strategies.

    About us : Privacy & Terms : Contact us

© Stockchase Inc.
Press enter/return to begin your search