Tech sinks for the week
The week ended with the Mag 7 (dubbed the Lag 7 by some) and AI stocks losing ground, while software enjoyed some gains on Friday. ON Semiconductor plunged 23.66% while Western Digital cratered 13.17% during the session. In contrast, Microsoft leapt 5.71% and Apple rebounded 3.14%. Beyond tech, Moderna rallied 12.59%. The Nasdaq slipped 0.18% on Friday but fell 4.6% during the week. In contrast, the S&P and Dow were flat for the session, while the former sank 2% over the week and the latter climbed 0.6%. Bitcoin added 0.5% to US$59,670. The U.S. 10-year yield held at 4.372%.
The TSX was flat for the week, but advanced 0.37% or over 125 points on Friday. Sectors were mixed, but tech and real estate helped to outperform weakness in healthcare and other areas. Major movers on Bay Street: BlackBerry 10.33%, Discovery Silver 8.81%, Aya Gold & Silver 8.61%, Bausch Health -9.61% and Celestica -6.57%. Silver rose 1.25% to US$58.45, gold climbed 1% to US$4,067 and WTI slid 3.5% to US$69.40.
🧬 ON Semiconductor (ON) -23.66%
💾 Western Digital (WDC) -13.17%
Ⓜ Microsoft Corp (MSFT) +5.71%
🍎 Apple Inc (AAPL) +3.14%
💉 Moderna (MRNA) +12.59%
🅱 Bitcoin (BTCUSD) (BTC-USD) +0.5%
📱 BlackBerry (BB.TO) +10.33%
🥈 Discovery Silver (DSV.TO) +8.81%
⛏ Aya Gold & Silver (AYA.TO) +8.61%
👨⚕️ Bausch Health Companies Inc (BHC) -9.61%
🧬 Celestica Inc (CLS.TO) -6.57%
