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%