Tech roars back
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A day after a massive sell-off, tech stocks roared back Tuesday to recover those losses. The Nasdaq surged 3.69% after touching 4% during the day. The megacaps bounced back: Amazon 3.76%, Apple 4.06%, AMD 6.18%, Facebook 4.09% and then there was Tesla, rocketing 19.64%. FAANG helped lift the S&P by 1.42%, though the Dow was flat.
Industrials and financials lagged, including American Express down 3.44% while Disney gave back 3.66% of its recent gains. The U.S. 10-year treasury yield slipped from 1.6% to 1.533% which fueled the tech rally. Smallcaps also launched a comeback as the Russell 2000 climbed 1.91%. Meanwhile, the so-called Reddit rally resumed as GameStop jumped 27% to send GME to nearly $247.
The TSX enjoyed gains that were less dramatic, up 0.77%. Tech and materials jumped while telcos slid. The biggest gainers included Aphria, up nearly 12%, Roxgold and Ballard Power both up 11%, Blackberry rising 7%, and Lightspeed, which popped 9.4%. However CAE plunged 7.88% and SNC-Lavalin badly missed reported revenues and slid 6%. The price of WTI retreated 1.5% and WCS slipped 1.3% to pressure oil stocks. Gold shone by 2% and Bitcoin shimmered at 5%. It’s too early to say if the rotation out of tech is over or if this is a one-day bounce.
📦 Amazon.com +3.76%
🍎 Apple +4.06%
💾 Advanced Micro Devices +6.18%
🕵️♂️ Facebook +4.09%
🚗 Tesla Motors Inc +19.64%
🏛 American Express -3.44%
👸 Walt Disney -3.66%
🎮 GameStop Corp. +27%
🌿 Aphria Inc +12%
🥇 Roxgold Inc +11%
🔋 Ballard Power Systems +11%
📱 BlackBerry +7%
💾 Lightspeed POS +9.4%
🛫 CAE Inc -7.88%
♻ SNC-Lavalin Group Inc. -6%
🅱 The Bitcoin Fund +5%
