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    TSX climbs, Nasdaq tumbles

    Allan Tong Posted On February 22, 2021
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    Monday’s session extended the market dynamics of last Friday as the TSX rose 0.21% on the strength of energy and financials, while U.S. tech stocks continued to fall. The Nasdaq plunged 2.46% though the S&P climbed 0.77% and the Dow was essentially flat. American investors were watching the U.S. benchmark 10-year treasury yield inch up to 1.37% and continued to worry about higher yields and inflation. In addition to tech, consumer discretionary also sold off as well as small caps (the Russell 2000 closed -0.69%). Bitcoin fell 7% from all-time highs.

    Tech heavyweight Tesla tumbled 8.55% and Micron slid 5.15%. However travel recovery names soared, such as Royal Caribbean by 9.51% and American Airlines by 9.42%. Volumes remain low with the Nasdaq trading at 25% of normal, and investors acknowledged late-February seasonal weakness.

    In Toronto, mining stocks struck gold with New Gold leaping 13% and First Majestic Silver popping 12%. Meg Energy and Vermilion both rallied nearly 13.5%. Ahead of bank earnings this week, Royal made a new high after rising 1.18%. Suncor jumped 8.19% in heavy trading, CNQ rallied 3.34% and Crescent Point Energy soared 6.1% as the price of WCS advanced more than 5% and WTI by nearly 4%. However, Shopify pulled back 3.77%. Lastly, the price of gold rose 1.72%.

    🚗 Tesla Motors Inc -8.55%
    💾 Micron Technology -5.15%
    🚢 Royal Caribbean Cruises +9.51%
    🛫 American Airlines Group +9.42%
    🥇 New Gold Inc. +13%
    🥈 First Majestic Silver +12%
    🛢 MEG Energy Corp +13.5%
    🛢 Vermilion Energy Inc +13.5%
    🏛 Royal Bank +1.18%
    ⚡ Suncor Energy Inc +8.19%
    🛢 Canadian Natural Rsrcs +3.34%
    🛢 Crescent Point Energy Corp +6.1%
    🛍 Shopify Inc. -3.77%

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