Tech, markets soar on U.S. Fed comments
Markets, particular in the U.S., were treading water this week until the U.S. Fed’s Jay Powell made his latest comments Wednesday afternoon, signalling a moderation in interest rate hikes. Specifically, he suggested the Fed will “downshift” to a 0.5% hike instead of 0.75% as seen in previous Fed meetings. In reaction, markets soared: the S&P 3.08%, the Nasdaq 4.41%, and the Dow 2.17%.
Tech led the gainers by far: Apple 4.85%, Nvidia 7.19%, Meta 7.89%, Tesla 5.52% and Netflix 9.7%. Beyond tech, luxury brand Estee Lauder jumped 9.11%. Meanwhile, the U.S. 10-year yield slipped to 3.633% while Bitcoin advanced 3.85% to $17,000.
The TSX enjoyed more moderate gains of 0.71%, with all sectors rallying except energy. Naturally, tech led the way as well as industrials and materials. Big movers were Shopify, leaping 9.53%, Lightspeed by 6.16%, though TC Energy slid 2.71% and Suncor declined 2.64%. That said, WTI crude climbed 3% to $80.
🍎 Apple (AAPL-Q) +4.85%
💾 Nvidia Corp (NVDA-Q) +7.19%
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) +7.89%
🚗 Tesla Motors Inc (TSLA-Q) +5.52%
📺 Netflix Inc. (NFLX-Q) +9.7%
💄 Estee Lauder (EL-N) +9.11%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +3.85%
🛍 Shopify Inc. (SHOP-T) +9.53%
💾 Lightspeed Commerce Inc (LSPD-T) +6.16%
🛢 TC Energy (TRP-T) -2.71%
🛢 Suncor Energy Inc (SU-T) -2.64%
