TSX and S&P inch up to new highs
Like walking in a heatwave, trading was sluggish and slow on Monday, but the TSX and S&P managed to climb a few points before the close to make new record highs. Meanwhile, the Dow slipped by 0.25% while the Nasdaq had another strong session by rallying 0.75%.
In Toronto, materials lagged but tech jumped. Magna closed -1.88% and First Quantum -3.71% while Lightspeed climbed 5.15%, Shopify advanced 4.46% and Kinaxis soared 7.31%. Another rise in crude oil fueled the TSX as a barrel of WCS increased 0.25% and WCS 0.35%. The TSX’s rise shrugged off weak data in Canadian factory sales, slipping 2.1% in April from March.
In New York, financials and industrials lost ground as tech rose. Apple rallied 2.46%, Salesforce 2.48% and Adobe 2.9% to make another record close. In contrast, Freeport-McMoran closed -3.3%, JP Morgan at -1.7% and American Airlines -2.29. Novavax announced that its Covid vaccine is 90% effective and said that many doses will go to middle- and low-income nations. Shares retrenched nearly 1%. Bitcoin bounced 6% to nearly top $40,000 as the U.S. 10-year climbed 1.5% to 1.453%. Last but not least, the Reddit/meme trade continued as AMC leapt over 15% to close at $57 even.
🚗 Magna Int’l. (A) -1.88%
⛏ First Quantum Minerals -3.71%
💾 Lightspeed POS +5.15%
🛍 Shopify Inc. +4.46%
💾 Kinaxis Inc +7.31%
🍎 Apple +2.46%
💨 SalesForce.com Inc. +2.48%
💿 Adobe Systems +2.9%
🥇 Freeport McMoran Copper & Gold -3.3%
🏛 JP Morgan Chase & Co -1.7%
🛫 American Airlines Group -2.29%
💉 Novavax Inc -1%
🅱 The Bitcoin Fund +6%
🎞 AMC Entertainment Holdings Inc. +15%