The rebound continues
Markets extended Tuesday’s rebound with no obvious catalyst except sheer momentum. The major American indices all climbed nearly 1% to restore Monday’s losses and then some. Travel names enjoyed strong gains, including cruise liners Carnival, jumping 9.44%, and Norwegian, leaping 10.14%. Energy surged as a barrel of WTI returned to $70 after rising 4.5%. Occidental soared 7.13%, and all the Dow components rallied.
JPMorgan and American Express both added more than 2%. Though tech as a whole advanced, the chipmakers enjoyed the strongest gains: Nvidia was up 4.29% and AMD 2.64%. Rare underperformers included Netflix which slid 3.28% after reporting a mixed quarter. Gold remained flat, but Bitcoin returned to the $31,000 level by jumping 6%. The U.S. 10-year stood at 1.292%.
The TSX rose 0.84% which was in-line with Wall Street’s performance. Only telcos and staples lagged among the major Toronto sectors while energy soared. WCS leapt over 5% to nearly hit $57 per barrel. Tamarack Valley rose 8.64% and Vermilion Energy added 6.37%. Other big movers included Manulife, popping 2.32% in heavy volumes, and Air Canada flying high by 3.13%. In contrast, Rogers reported a mix quarter and tumbled 3.78% in heavy trading. Meanwhile, the Canadian dollar rose to nearly return to 80 cents against the American greenback.
🚢 Carnival Corp. +9.44%
🚢 Norwegian Cruise Line Holdings +10.14%
🛢 Occidental Petroleum Corp +7.13%
🏛 JP Morgan Chase & Co +2%
🏛 American Express +2%
💾 Nvidia Corp +4.29%
💾 Advanced Micro Devices +2.64%
📺 Netflix Inc. -3.28%
🅱 The Bitcoin Fund +6%
🛢 Tamarack Valley Energy +8.64%
🛢 Vermilion Energy Inc +6.37%
🏛 Manulife Financial +2.32%
🛫 Air Canada +3.13%
📱 Rogers Communications (B) -3.78%