Tech rallies as markets slip
The U.S. Fed’s remarks from Wednesday, calling for interest rate hikes in 2023, weighed on investors Thursday as the Dow closed -0.62% and the S&P was nearly flat at -0.04%. At the same time, investors remain confident about a strong economic recovery, so they lifted tech stocks as the Nasdaq rallied 0.87% to approach record levels.
Big gainers included AMD at 5.55%, Amazon 2.17% and Apple 1.26%. As tech soared, industrials, financials and healthcare slipped. Caterpillar was down 3.55%, JPMorgan declined 2.89% and Marathon Oil slid 5.64%. The U.S. 10-year yield fell 3.88% to 1.5125%.
The story was similar on Bay Street as the TSX closed -0.43%. The tech sector rocketed over 5%, while energy slumped 2% and materials tanked by nearly 4%. Winners included Lightspeed, spiking 7.54%, Shopify 7.16%, Blackberry 5.33% and Kinaxis up 4%. In sharp contrast, Suncor finished -3.8%, winemaker Andrew Peller -8.36%, Algonquin Power -4.91% and Yamana Gold -7.83%. Dragging the TSX down was the price of oil. WTI and WCS slid 1.5%. The CAD continued to lose ground as it fell below 81 cents against the USD. Meanwhile, gold declined more than 2% to stay below $1,800 per ounce. Similarly, Bitcoin slid over 2% to remain under $38,000.
💾 Advanced Micro Devices +5.55%
📦 Amazon.com +2.17%
🍎 Apple +1.26%
🏗 Caterpillar -3.55%
🏛 JP Morgan Chase & Co -2.89%
🥇 Marathon Gold Corp -5.64%
💾 Lightspeed POS +7.54%
🛍 Shopify Inc. +7.16%
📱 BlackBerry +5.33%
💿 Kinaxis Inc +4%
🛢 Suncor Energy Inc -3.8%
🍾 Andrew Peller -8.36%
💡 Algonquin Power & Utilities Corp -4.91%
🥇 Yamana Gold Inc. -7.83%
🅱 The Bitcoin Fund -2%
