Tech rebounds, dividends return
After sliding last week, tech stocks rallied Monday, led by Nvidia which jumped 4.81%. ON Semiconductor rose 6.62% and Tesla 5.15%, but CrowdStrike sank 13.46%, even further than last Friday when the cybersecurity company caused the worst IT outage in global history. Meanwhile, Verizon slid 6.08%. The Nasdaq returned to 18,000 territory after gaining 1.58% as the S&P added 1.08% and the Dow 0.32%. The U.S. 10-year yield inched up to 4.235% though Bitcoin edged back to fall below US$68,000.
The Canadian market was also optimistic, with much of Bay Street expecting the Bank of Canada to cut interest rates again in light of weakening inflation and rising unemployment. The TSX advanced 0.86% on Monday or more than 180 points, led by dividend-paying sectors real estate and utilities. Investors of Sleep Country Canada woke up to news that Fairfax Financial was buying out of the bedding chain, which sent ZZZ soaring over 27%. Elsewhere, Northwest Healthcare rallied 5.31%, Spin Master 4.47% though Ivanhoe Mines slipped 3% along with many mineral stocks. Gold was flat, though dipped below US$2,4000 while WTI fell below US$80.
💾 NVIDIA Corporation (NVDA-Q) +4.81%
🧬 ON Semiconductor (ON-Q) +6.62%
🚗 Tesla Inc (TSLA-Q) +5.15%
💾 CrowdStrike Holdings (CRWD-Q) -13.46%
📱 Verizon Communications (VZ-N) -6.08%
🛏 Sleep Country Canada (ZZZ-T) +27%
👨⚕️ NorthWest Health Prop Real Est Inv Trust (NWH.UN-T) +5.31%
🧸 Spin Master Corp (TOY-T) +4.47%
⛏ Ivanhoe Mines Ltd (IVN-T) -3%
