Tech rally loses steam
The week started down, then rebounded, then closed down again. The red-hot semis sub-sector within tech sold off Friday, despite an initial climb to start the session.
By the close, Nvidia sank 5.55% after volatile swings both ways. Broadcom reported a beat but still fell 6.9%. Meanwhile, Etsy rallied 5.72%, Carnival rose 4.53% though Costco slid 7.65% after reporting. The S&P closed -0.65% on Friday, the Nasdaq -1.16% and the Dow -0.65%. For the week, the S&P finished slightly negative, but the Dow sank nearly 1% and the Nasdaq lost over 1% yet stayed above 16,000. The U.S. 10-year yield hovered around 4.081%. Bitcoin also had a choppy week, but closed Friday 2.9% higher to nearly $69,000
On Bay Street, the TSX shed 0.26% on Friday but finished the week up 0.86%. It didn’t hurt that gold kept making new highs, up to $2,184 an ounce. More sectors retreated than advanced, but most moves were mild. Real estate performed the best and staples the worst. Algonquin reported a beat and jumped 4.98%. Tilray rallied 4.55%, Nexgen finished -8.67%, Cameco -6.2% and Denison Mines -5.7% though minerals outshone most sectors over the week. WTI gave back 1.35% to fall below $78 a barrel.
💾 NVIDIA Corporation (NVDA-Q) -5.55%
🧬 Broadcom (AVGO-Q) -6.9%
🛍 Etsy Inc. (ETSY-Q) +5.72%
🚢 Carnival Corp. (CCL-N) +4.53%
🛒 Costco Wholesale Corporation (COST-Q) -7.65%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2.9%
💡 Algonquin Power & Utilities Corp (AQN-T) +4.98%
🌿 Tilray Inc. (TLRY-Q) +4.55%
🛢 NexGen Energy (NXE-T) -8.67%
⛏ Cameco Corporation (CCO-T) -6.2%
⛏ Denison Mines Corp (DML-T) -5.7%
