Tech rebounds as 10-year yield stabilizes
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Another bumpy week on the markets ended Friday with tech regaining part of Thursday’s 3% losses as the 10-year U.S. Treasury yield more or less stabilized at 1.732% after touching 1.75% on Thursday. The Nasdaq climbed 0.76% as FAANGs such as Facebook jumped 4.12%. Other gainers were Broadcom, up 3%, Peloton at 5.42% and Beyond Meat, sizzling 4%. The S&P nearly closed positive while the Dow slipped 0.71%.
All three indices were down for the week because of the Thursday sell-off. Weighing on the Dow on Friday was Visa, which plunged 6.24% after a report that Washington was investigating the credit card giant for anti-competitive practices. Travellers also fell, by 5% while Nike sold off by 3.63% after an earnings miss. In contrast, FedEx delivered both a winning quarter and rosy 2021 outlook, so investors pushed shares up by 5.62%.
The TSX barely closed in the green, though it was in heavy trading, and rose three points for the week. Energy and tech were the clear winners while telcos and industrials struggled. Energy names led, including Cenovus by 1.62%, CNQ at 1.89% and Crescent Point by 5.64%. They were lifted by oil prices which rebounded partially from Thursday’s losses: WCS rose 4.35% and WTI 2.47%. However, Shaw pulled back 2.2%, Canaccord Genuity fell 7.72% and Teck Resources slid 6.21%. Gold inched up 0.5% while Bitcoin bubbled beneath $60,000, up over 2%.
🕵️♂️ Facebook +4.12%
💾 Broadcom +3%
🚲 Peloton Interactive +5.42%
🥩 Beyond Meat Inc. +4%
💳 Visa Inc. -6.24%
👟 Nike Inc -3.63%
🛢 Cenovus Energy +1.62%
🛢 Canadian Natural Rsrcs +1.89%
🛢 Crescent Point Energy Corp +5.64%
📱 Shaw Communication (B) -2.2%
🏛 Canaccord Financial Inc -7.72%
⛏ Teck Resources Ltd. (B) -6.21%
🅱 The Bitcoin Fund +2%
