Tech highs and recovery hopes start the week positively
The week began with Nasdaq returning to the 10,000 club, rising 1.11% and Apple and Microsoft making new all-time highs. Those tech giants rallied 2.75% (to $359.19) and 2.74% ($200.48), respectively, while American tech names as a whole increased 1.93%.
Investors gravitated to other tried-and-true growth names, including Nike, which popped 3.89% to close just shy of $100. On the flipside, markets shed travel and leisure stocks like Norwegian Cruiselines, which fell 6.2%. Though cases are rising in the American sunbelt, reopenings continue to fuel optimistic.
However, comments, like those of new Bank of Canada governor, Tiff Macklem are tinged with caution. In his first speech, Macklem forecasts a gradual recovery for Canada’s economy though believes the worst is behind us. He pledges to keep inflation low and stable. His words, plus the Golden Horseshoe’s phase two reopening, helped raise the TSX by 0.28%, led by materials and tech. Barrick popped 3.61% and Kinross jumped 5.87% in heavy trading. One of the few non-gold winners Monday was Alaris Royalty, which announced positive news in its various American businesses, reflecting the U.S. recovery. Alaris, which has struggled during the pandemic, jumped 6.35%. Meanwhile, WTI climbed more than 2% to top $40/barrel, while WCS gained nearly 3% as gold modestly rose 0.7%.