Tech sell-off continues, but minimizes losses

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The rotation out of high-flying tech stocks into cyclicals continued Tuesday as the Nasdaq plunged 2% in the morning. However, a late-day rally lifted the S&P and Dow barely into positive territory and limited the Nasdaq’s losses to -0.5%. All eyes were on the US 10-year yield, which held at 1.355%. Also, U.S. Fed Chair Jerome Powell‘s comments helped about “soft” inflation helped calm investors.

FAANG names dove early on, but Apple closed only -0.11%. In fact, Facebook rose 2.12% and Twitter popped 3.8%. On the Dow, financials and energy continued to rally, with Visa climbing 1.82%. Marathon Oil soared 9.41% and Wynne Resorts shot up 7.68% to make an intraday one-year high. Gold was flat, but Bitcoin continued to plunge, sliding nearly 11%.

Though the price of WTI held and WCS increased over 2%, the TSX slipped 0.47% though it closed well off the day’s lows. As in past days, energy and banks rose. Crescent Point advanced 2.46% and banks rallied to kick off their earnings weeks. Royal Bank climbed 1% to make a new high while BMO popped 3% and BNS by 2.8% after both reported strong quarterlies. In contrast, cannabis names retreated with Aphria closing -6.85%. Shopify slid 6% after issuing a round of shares.

🍎 Apple -0.11%
🕵️‍♂️ Facebook +2.12%
🐦 Twitter, Inc +3.8%
💳 Visa Inc. +1.82%
🛢 Marathon Oil +9.41%
🏢 Wynne Resorts Ltd. +7.68%
🅱 The Bitcoin Fund -11%
🛢 Crescent Point Energy Corp +2.46%
🏛 Royal Bank +1%
🏛 Bank of Montreal +3%
🏛 Bank of Nova Scotia +2.8%
🌿 Aphria Inc -6.85%
🛍 Shopify Inc. -6%