Tech leads bounce after rout
Following nearly a week of sharp selling across the board, tech stocks on Wednesday led a bounce to partially recover recent losses. The Nasdaq rallied 2.7% while the Dow rose 1.6% and the S&P climbed 2.01%. It was a convincing bounce, as the markets ended with near session highs, though volumes were lower than in previous days. FAANG names that surrendered 7-10% during the recent sell-off recovered some ground.
Apple jumped nearly 4% in heavy trading, Microsoft spiked 4.26% and Tesla soared about 11%, regaining half of its Tuesday plunge. There was green across the Dow components with consumer names like Home Depot increasing 2.89%. Though gold remained essentially flat, oil partially recovered from the recent purge as the price of WCS spiked nearly 3% and WCS around 10%.
That bounce in WCS helped lift the TSX by 1.76% where consumer staples, materials and tech stocks also shone. Mining stocks struck gold, so to speak, as Ivanhoe Mines surged 8%, Gran Colombia 6.89% and Kinross 6.45%. Meanwhile, Canadian Natural Resources gained 2.62% in heavy trading and Whitecap Resources 4.2%. The big headline in Toronto was tech favourite Lightspeed POS announcing an IPO on Wall Street. However, traders gave that the thumbs down by selling off the e-commerce stock by 4.05%. We’ll see if the market bounce continues.
🍎 Apple +4%
Ⓜ Microsoft +4.26%
🚗 Tesla Motors Inc +11%
⛏ Home Depot +2.89%
👑 Ivanhoe Mines +8%
🥇 Gran Colombia Gold Corp. +6.89%
🥇 Kinross Gold +6.45%
🛢 Canadian Natural Rsrcs +2.62%
🛢 Whitecap Resources +4.2%
💿 Lightspeed POS -4.05%