Tech bounces back
Investors returned to the familiar playbook of piling into big tech, pumping the Nasdaq 2% on Wednesday, though the S&P gained 0.77% and the Dow shed a few points to stay essentially flat. Amazon popped 3.37% and Apple regained 3% in heavy trading.
Winners in the recent vaccine rally gave back some of their huge gains; American Airlines closed -2.75%. Tech was the lone bright spot on the Dow as industrials like Boeing sank 3.47% and American Express lost over 4%. The vaccine rally has now passed as the rising number of Covid cases weighs on investors’ minds. Gold continue to lose ground, shedding $12 while the price of WTI and WCS rose modestly.
The TSX closed 0.85%. Tech led, popping 3.54%, followed by telcos and real estate, though energy showed modest gains. Only materials closed in the red. Shopify soared 7.17%, though Great Canadian Gaming was Wednesday’s big gainer, skyrocketing 34.56% after Apollo Funds bought it for $39/share. Linamar soared 16% after releasing a blow-out Q3 and doubling its dividend. Aurora Cannabis fell back about 7% in heavy trading after it announced a $125 share offering, as CNQ rose nearly 3%. Canadian Apartment REIT leapt 5.18%, trading at double its normal volumes, while Air Canada gave back 4.47% of its recent gains. After the bell, Moderna announced that initial data about its vaccine will soon be released.
📦 Amazon.com +3.37%
🍎 Apple +3%
🛫 American Airlines Group -2.75%
🛫 Boeing -3.47%
💳 American Express -4%
🛍 Shopify Inc. +7.17%
♠ Great Canadian Gaming Corp +34.56%
🚗 Linamar Corp +16%
🌿 Aurora Cannabis -7%
🛢 Canadian Natural Rsrcs +3%
🏛 Canadian Apartment Properties +5.18%
🛫 Air Canada -4.47%
