Tech rallies, oil declines
The trading week began with oil sliding 9%, triggered by a lockdown in Shanghai to contain increasing Covid cases that will lead to lower oil demand. WTI and WCS shed $10 a barrel to $103 and $92 respectively. Oil’s weakness shaved 23 points off the TSX which closed below 22,000. Materials were also weak, but tech stocks rose in Toronto.
Gaining were Shopify by 3.78% and Blackberry at 3.68%. Green energy enjoyed an upward move as Boralex added 2.72%. Elsewhere, Canada Goose climbed 2.28%. Cannabis stocks gave back as Canopy closed -8.31% and Aurora -8.24%. Meanwhile, Vermilion Energy finished -6.85% and Nexgen Energy -6.1%.
Wall Street fared much better as it closed on session highs: the S&P 0.71%, the Nasdaq 1.31% and the Dow 0.27%. Tech led gains. Tesla announced another stock split and soared 8%. Intuit rose 4.6%, Adobe 4.26% and Amazon 2.56%. Also, Carnival rallied 5.49%. Etsy 4.7% and Moderna 4.32%. Laggards included Diamondback Energy at -3.97% and L3Harris Technologies at -3.26%. In fact, industrials and energy were weak on Wall Street while healthcare and tech thrived. Bitcoin jumped nearly 7% to rise to $48,000 while the U.S. 10-year yield stood at 2.47%.
🛍 Shopify Inc. (SHOP-T) +3.78%
📱 BlackBerry (BB-T) +3.68%
💡 Boralex Inc. (BLX-T) +2.72%
🧣 Canada Goose Holdings (GOOS-T) +2.28%
🌿 Canopy Growth Corp. (WEED-T) -8.31%
🌿 Aurora Cannabis (ACB-T) -8.24%
🛢 Vermilion Energy Inc (VET-T) -6.85%
⚡ NexGen Energy (NXE-T) -6.1%
🚗 Tesla Motors Inc (TSLA-Q) +8%
💾 Intuit Inc. (INTU-Q) +4.6%
💾 Adobe Systems (ADBE-Q) +4.26%
📦 Amazon.com (AMZN-Q) +2.56%
🚢 Carnival Corp. (CCL-N) +5.49%
🛍 Etsy Inc. (ETSY-Q) +4.7%
💉 Moderna (MRNA-Q) +4.32%
💎 Diamondback Energy (FANG-Q) -3.97%
🧬 L3Harris Technologies (LHX-N) -3.26%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +7%
