Tech slides on earnings, oil zigzags
It was a choppy day on the markets in New York and Toronto as disappointing tech earnings and forecasts hammered the Nasdaq 1.38% or 365 points lower. Influential were Alphabet (GOOGL) cratering 12.64%, Fortinet 20.09%, and ServiceNow -26.95%, reviving fears over AI costs as well as AI takeover threats.Outside tech, the S&P declined 0.3% and the Dow slipped 0.25%. In contrast, the autos space surged after Ford rallied 3.43% and Carvana soared 15.68%. While Bitcoin fell US$1,000 to US$80,255, the U.S. 10-year yield inched down to 4.945%.
Reports of the U.S. Vice-President reaching out to the Iranian government to restart peace talks were rebuffed by Trump and so far ignored by Tehran. Nonetheless, the news sparked a sharp sell-off in crude oil, though WTI erased the session’s losses to remain flat around US$102.90. The oil price triggered a slide in Whitecap shares of 4.01%. In contrast, massive gains by Bausch Health of 28.34% after an earnings beat, made healthcare the strong sector by far in Toronto, along with financials and utilities, as materials led three sectors down. Other movers on Bay Street: Alamos Gold -9.1%, First Service 3.99% and GFL 3.33%. Gold itself declined US$42 to US$4,025 and silver slipped over 3% to US$52.15.
🧮 Alphabet Inc Class A (GOOGL) -12.64%
💾 Fortinet Inc (FTNT) -20.09%
💾 ServiceNow (NOW) -26.95%
🚘 Ford Motor (F) +3.43%
🛒 Carvana (CVNA) +15.68%
🛢 Whitecap Resources (WCP.TO) -4.01%
👨⚕️ Bausch Health Companies Inc. (BHC.TO) +28.34%
🥇 Alamos Gold Inc (AGI.TO) -9.1%
🏛 Firstservice Corp (FSV) +3.99%
♻ GFL Environmental Inc. (GFL.TO) +3.33%
