Tech leads relief rally

Markets extended Tuesday’s gains as Trump indicated that he won’t replace U.S. Fed Chair, Jerome Powell, despite recent threats, and stated that he will reduce the 145% tariff on China, though did not elaborate. Wednesday markets jumped on this sentiment, but faded by the close. The S&P finished 1.67% higher, though was twice as high earlier, while the Nasdaq gained 2.5% or over 400 points and the Dow 1.07%.

Influential names included Nvidia up 3.86%, Super Micro Computer by 7.59%, Palantir 7.27% and Tesla 5.37% despite a Q1 miss, but fueled by its controversial CEO, Elon Musk, announcing he will spend less time in Washington and more running his company, which has nosedived in recent weeks. Meanwhile, Enphase Energy plunged 15.65%. The U.S. 10-year yield held around 4.391% while Bitcoin rose another 3% to US$93,890.

Similarly, the TSX faded into the close, but still advanced 0.69% as sectors were mixed. Tech soared, but healthcare and materials lagged the most. Whitecap Resources was the most influential name, slipping 1.84% as Baytex fell 2.56%. Capstone Copper jumped 8.58%, Celestica 7.7% and First Quantum Minerals 9.42%. Gold declined US$86 but still remained near records highs at US$3,294, while WTI declined 2.15% to US$62.35.

💾 NVIDIA Corporation (NVDA-Q) +3.86%

💾 Super Micro Computer (SMCI-Q) +7.59%

💾 Palantir Technologies (PLTR-Q) +7.27%

🚗 Tesla Inc (TSLA-Q) +5.37%

⚡ Enphase Energy (ENPH-Q) -15.65%

🅱 The Bitcoin Fund (QBTC.U-T) +3%

🛢 Whitecap Resources (WCP-T) -1.84%

🛢 Baytex Energy Corp (BTE-T) -2.56%

⛏ Capstone Copper Corp (CS-T) +8.58%

🧬 Celestica Inc (CLS-T) +7.07%

⛏ First Quantum Minerals (FM-T) +9.42%