Strong jobs report triggers AI tech slide, yields jump

Stronger than expected employment numbers in both the U.S. and Canada triggered a strong sell-off in AI tech stocks Friday. Investors forecast at least one interest rate hike by the U.S. Fed this year, despite Trump replacing the Fed chair specifically to cut rates. The most influential names on Wall street were hammered: Nvidia -6.2%, Intel -11.28%, Micron -13.25%, Amazon -3.06% and Tesla -6.56%. The S&P closed the session -2.65% which erased its gains for the week; the Nasdaq shed over 4% on Friday and more than 4.5% for the week; and the Dow sank 1.35% though nearly broke even over the week. Meanwhile, the U.S 10-year yield climbed past 4.54%. Bitcoin extended its slump by 4.1% to US$60,970.

The TSX slid 2.2% or nearly 800 points, even though sectors were fairly mixed. There were outsized gains in healthcare but huge losses in materials, tech and energy. Major movers on Bay Street included Transcontinental 7.43%, CNQ -3.7%, BlackBerry -9.17%, Suncor -4.57% and Curaleaf 6.57%. Silver slid 8.4% to US$67.55 and gold tumbled 3.6% to US$4,315.

💾 NVIDIA Corporation (NVDA) -6.2%

💾 Intel (INTC) -11.28%

💾 Micron Technology (MU) -13.25%

📦 Amazon.com, Inc. (AMZN) -3.06%

🚗 Tesla Inc (TSLA) -6.56%

🅱 Bitcoin (BTCUSD) (BTC-USD) -4.1%

🖨 Transcontinental Inc. (A) (TCL.A.TO) +7.43%

🛢 Canadian Natural Rsrcs (CNQ.TO) -3.7%

📱 BlackBerry (BB.TO) -9.17%

🛢 Suncor Energy Inc (SU.TO) -4.57%

🌿 Curaleaf Holdings Inc (CURA.TO) +6.57%