TSX climbs, Wall Street fades on inflation
The week ended with the TSX rising 1.25%, including 0.32% on Friday. Most sectors were higher, led by materials, real estate and energy. In contrast, discretionary and utilities lagged.
Energy names were the most popular stocks, with Enbridge gaining 0.84%, Suncor 0.59% and Cenovus 2.03%. In contrast, Northland Power sank 6.43% and Canadian Tire slid 5.54%. WTI crude added 0.36% to trade over $83 a barrel to extend oil’s summer rally.
In New York, slightly hotter than expected PPI inflation data pressured American markets. The S&P shed four points on Friday and -0.61% for the week; the Nasdaq -0.68% and -2.34%; and the Dow added 0.29% and 0.44% respectively. After strong gains this year, tech continued to lose ground. Tesla finished -1.15%, Nvidia -3.58% and AMD -2.47%. Oil was the big winner as Occidental Petroleum rallied 3.31% and Valero Energy jumped 3.11%. The U.S. 10-year yield inched up to 4.16% while Bitcoin retreated 0.18% to $29,300.
🛢 Enbridge (ENB-T) +0.84%
🛢 Suncor Energy Inc (SU-T) +0.59%
🛢 Cenovus Energy (CVE-T) +2.03%
💡 Northland Power Inc (NPI-T) -6.43%
🛍 Canadian Tire Corporation Ltd. (A) (CTC.A-T) -5.54%
🚗 Tesla Inc (TSLA-Q) -1.15%
💾 NVIDIA Corporation (NVDA-Q) -3.58%
💾 Advanced Micro Devices (AMD-Q) -2.47%
🛢 Occidental Petroleum Corp (OXY-N) +3.31%
🛢 Valero Energy Corp (VLO-N) +3.11%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.18%
