Tech sinks pre-earnings, TSX climbs

Allan Tong Posted On July 30, 2024

AI tech stocks, which have led markets this year, continued to slide Tuesday ahead of key earnings. Nvidia sank 7.13% in very active trading as the Nasdaq fell 1.24%. After the closing bell, Microsoft reported and tumbled more than 6%. Meanwhile, the S&P closed -0.36% though the Dow added 0.5% as investors continued to rotate into value. Other key movers: Stanley Black & Decker 9.81%, PayPal 8.61%, Merck -9.77% and CrowdStrike -9.72% after Delta prepares to sue it for causing the massive IT outage two weeks ago. The U.S. 10-year yield inched down 4.14% as Bitcoin fell 2.6% to US$65,400.

In contrast, the TSX rose 0.33% amid the rotation. TD rallied 2.17% as the most active name, followed by Enbridge up 1.38%. Filo soared 8.77%, but the Bank of Montreal slid 5.4% after a downgrade and First Quantum Minerals declined 3.26%. Gold added US$25 to US$2,409, and WTI slipped 1% to US$75. Markets will be watching the U.S. Fed’s interest rate decision on Wednesday afternoon.

💾 NVIDIA Corporation (NVDA-Q) -7.13%

Ⓜ Microsoft Corp (MSFT-Q) -6%

🔌 Stanley Black and Decker (SWK-N) +9.81%

💳 PayPal Holdings Inc. (PYPL-Q) +8.61%

🧫 Merck & Company (MRK-N) -9.77%

💾 CrowdStrike Holdings (CRWD-Q) -9.72%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.6%

🏛 Toronto Dominion (TD-T) +2.17%

🛢 Enbridge (ENB-T) +1.38%

⛏ Filo Mining (FIL-T) +8.77%

🏛 Bank of Montreal (BMO-T) -5.4%

⛏ First Quantum Minerals (FM-T) -3.26%