Tech earnings, inflation data trigger rebound

On Friday, core PCE inflation in the U.S. (a key metric to the U.S. Fed) held at 2.8% over 12 months and rose 0.3% at March. The numbers settled the fears of Wall Street who were expecting higher inflation. At the same time, tech heavyweights Alphabet (A class up 10.27%) and Microsoft (1.82%) reported beats. Both forces triggered a strong rally to recover Thursday’s losses and cap a wild week. The S&P closed 1.06%, the Nasdaq 2.06% and the Dow 0.44%. While Dow gained only 0.32% for the week, the S&P jumped 2.26% and the Nasdaq 3.45%. Other major movers included Super Micro Computer up 8.9%, Nvidia 6.25% and Intel at -9.21%. The U.S. 10-year yield edged down to 4.665% as Bitcoin sank 0.7% to US$64,000.

Gains in Canada were more modest, with the TSX up 0.41% Friday and 0.74% for the week. Almost every sector rose, led by materials and staples. Major movers were First Quantum Minerals, soaring 12.5%, Ero Copper 8.14%, Capstone Copper 6.96%, Hudbay Minerals 6.31% and Enbridge at -1.13% as the most-traded name. WTI held around US$83.65 as gold inched up to US$2,339 an ounce.

🧮 Alphabet Inc (GOOG-Q) +10.27%

Ⓜ Microsoft Corp (MSFT-Q) +1.82%

💾 Super Micro Computer (SMCI-Q) +8.9%

💾 NVIDIA Corporation (NVDA-Q) +6.25%

💾 Intel (INTC-Q) -9.21%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.7%

⛏ First Quantum Minerals (FM-T) +12.5%

🥉 Ero Copper Corp (ERO-N) +8.14%

🥉 Capstone Copper Corp (CS-T) +6.96%

⛏ Hudbay Minerals (HBM-T) +6.31%

🛢 Enbridge (ENB-T) -1.13%