Tech partially recovers

Allan Tong Posted On January 28, 2025

Following Monday’s rout triggered by the sudden success of Chinese AI company, DeepSeek, to threaten ChatGPT’s dominance, tech stocks on Tuesday mounted a rebound.

Many beaten up stocks recovered some of their losses, starting with bellwether Nvidia, which rallied 8.93%. Meanwhile, Apple extended its gains by advancing another 3.65%, Royal Caribbean surged 12%, but Lockheed Martin slid 9.18% and GM fell 8.89%. The Nasdaq rose 2.03%, the S&P 0.92% and the Dow 0.31%. The U.S. 10-year yield edged up to 4.534% while Bitcoin gave back US$300 to US$101,000.

In Toronto, tech outstripped all sectors and outweighed losses in energy and utilities to lift the TSX 0.52% higher (or 130 points). Key names: Shopify up 9.62%, Celestica 8.23%, BlackBerry 6.37%, CNQ -1.68% and Royal Bank adding 0.48% as the most influential name. Gold increased US$22 to US$2,763 an ounce while WTI climbed over 1% to US$74 a barrel. Investors are waiting for the latest earnings from several of the Magnificent 7 tech giants in the days to come.

💾 NVIDIA Corporation (NVDA-Q) +8.93%

🍎 Apple Inc (AAPL-Q) +3.65%

🚢 Royal Caribbean Cruises (RCL-N) +12%

✈ Lockheed Martin (LMT-N) -9.18%

🚘 General Motors Corporation (GM-N) -8.89%

🛍 Shopify Inc. (SHOP-T) +9.62%

🧬 Celestica Inc (CLS-T) +8.23%

📱 BlackBerry (BB-T) +6.37%

🛢Canadian Natural Rsrcs (CNQ-T) -1.68%

🏛 Royal Bank (RY-T) +0.48%