Tech roars as cyclicals fade
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Wall Street was back from holiday, and tech stocks soared to new heights on both sides of the border. The Nasdaq advanced 0.17% to 14,663 while the TSX added about 15 pounts to finish 20,300. Both were record closes.
In Toronto, Shopify jumped 5.63%, Enghouse 2.99% and Kinaxis 2.84%, while in New York Amazon surged 4.73% and Apple 1.46%. However, some tech names fared less well, including Tesla which finished Tuesday -2.85%. Travel names were also hit, such as Carnival down 4% and American Airlines down 2.19%. The biggest loser by far was oil after OPEC+ talks abruptly ended in a spat as the UAE threatened to ramp up production to meet rising demand in the face of opposition from Saudi Arabia and Russia. Occidental was typical of energy names by plunging 6.35%. In Toronto, Crescent Point Energy slid 6% and Teck Resources fell by 5.15%. Both WTI and WCS prices lost 2%.
Beyond tech and oil, stocks took a hit as the S&P closed -0.2% and the Dow -0.59%. Notably, the U.S. 10-year yield dropped to 1.36%. But it was good news in areas like real estate and gold. In Toronto, CAP REIT climbed 3% and Barrick Gold rallied 2.79%. Gold itself nudged up $5 to float around $1,800 an ounce while Bitcoin managed to add $100 to flirt with $34,000. Though the economy continues to be roar, there are signs that white-hot growth is slowing as American PMI data showed a modest slowdown in manufacturing while the Toronto housing market in June showed cooling.
🛍 Shopify Inc. +5.63%
💾 Enghouse Systems +2.99%
💾 Kinaxis Inc +2.84%
📦 Amazon.com +4.73%
🍎 Apple +1.46%
🚗 Tesla Motors Inc -2.85%
🚢 Carnival Corp. -4%
🛫 American Airlines Group -2.19%
🛢 Crescent Point Energy Corp -6%
⛏ Teck Resources Ltd. (B) -5.15%
🏙 Canadian Apartment Properties +3%
🥇 Barrick Gold +2.79%
