Tech rallies as Austria pressures stocks
Tech stocks continued to make new highs as a new lockdown in Austria to fight Covid spooked North American markets Friday. Once more, tech rallied as the Nasdaq made a new high of 16,057 after adding 0.4% for the day or 1.2% for the week. In contrast, the S&P closed -0.14% and the Dow 0.75% and declining modestly for the week. For instance, the S&P is half-a-percent from its recent highs.
Winners included Adobe, up 2.59%, BioNTech soaring 5.73% and Apple by 1.7%. With lockdown fears, anything to do with travel and leisure got hit. Airbnb closed -3.87%, Carnival -2.2% and United Airlines -2.78%. The U.S. 10-year yield even lost ground as it dipped 3% to 1.537%.
Meanwhile, the TSX closed -0.38% or 213 points for the week as tumbling crude oil prices weighed on Canadian stocks. WTI sank over 3% to below $76 per barrel while WCS tanked over 6% to below $57. In addition to energy, staples and materials sold off though tech and real estate gained. Once again, Manulife traded the most shares, though it slipped 2.16%. Energy names Cenovus and Crescent Point tumbled 4.66% and 4.63% respectively while Baytex tanked nearly 6%. Lightspeed slid 7.36%. However, cannabis name Fire & Flower grew 3.13% and TFI International advanced 2.23%.
💾 Adobe Systems (ADBE-Q) +2.59%
🧫 BioNTech (BNTX-Q) +5.73%
🍎 Apple (AAPL-Q) +1.7%
🏠 Airbnb (ABNB-Q) -3.87%
🚢 Carnival Corp. (CCL-N) -2.2%
🛫 United Airlines Holdings (UAL-Q) -2.78%
🏛 Manulife Financial (MFC-T) -2.16%
🛢 Cenovus Energy (CVE-T) -4.66%
🛢 Crescent Point Energy Corp (CPG-T) -4.63%
🛢 Baytex Energy Corp (BTE-T) -6%
💿 Lightspeed Commerce Inc (LSPD-T) -7.36%
🌿 Fire & Flower Holdings (FAF-T) +3.13%
🚚 TFI International Inc (TFII-T) +2.23%