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Tech weighs on markets

Allan Tong Posted On February 17, 2021
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Tech heavyweights pressured markets on both sides of the border Wednesday, triggering a partial sell-off though based on low volumes. The S&P finished flat, the Dow gained 0.29% while the Nasdaq fell 0.58%. Shopify announced a blow-out quarter but issued weak guidance as it looked ahead to a post-Covid world. SHOP-T fell 2.79% and helped push the TSX down 0.6%.

Materials and staples also lagged the Toronto index as Franco-Nevada declined 3.93% and Barrick slipped 4%. Likewise, cannabis stocks retreated, including Organigram by nearly 11% and Aurora by 7.12%. In contrast, A&W surged over 5% after announcing a dividend increase, despite declining same-store sales growth in Q4. The cold snap continued to fuel the price of WCS and WTI which climbed another 2%.

Chevron rallied 3%, but on On Wall Street Apple declined 1.76% and AMD lost 1.66%, both in heavy trading, though Verizon jumped 5.24%. Warren Buffett disclosed positions in Chevron and Verizon which helped lift those names. However, Cannabis names fell in line with those on the TSX while the volatile Bionano Genomics plunged 6.62%. The American indices finished off the day’s lows as investors worried about inflation and the new virulent strains of Covid, but balanced that with good news that Covid cases and deaths around the world are declining by half.

🛍 Shopify Inc. -2.79%
⛏ Franco-Nevada Corp. -3.93%
🥇 Barrick Gold -4%
🌿 OrganiGram Holdings Inc. -11%
🌿 Aurora Cannabis -7.12%
🏛 A&W Revenue Royalties Income Fund +5%
🛢 Chevron Texaco +3%
🍎 Apple -1.76%
💿 Advanced Micro Devices -1.66%
📱 Verizon Communications +5.24%
🧬 Bionano Genomics -6.62%

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