TSX gains, Wall Street retreats
Bay and Wall streets moved in opposite directions Tuesday following Monday’s monster rally. The TSX climbed 0.6% on the heels of good news. Canada’s GDP climbed an impressive 9.6% in Q4 2020 and is expected to rise 0.5% in January and not contract, as some had feared. “Frankly stunning,” remarked TD. Nine of the 11 TSX sectors were positive, led by materials, energy and financials. Barrick rose 4.37%, Suncor 2% and Sun Life by 2.68% in heavy trading. In contrast, West Fraser closed -6.52% and Ballard Power -5.42%. The price of WCS finished -0.8% and WCS -1.6%.
The picture was different in New York as the major indices retrenched, a day after making massive gains. The Dow finished -0.46%, the S&P -0.81% and the Nasdaq -1.69%, over half its Monday advance. There was no outstanding catalyst for the sell-off, since the U.S. 10-year yield actually slipped 1% to remain around 1.4%.
Perhaps, there was profit-taking. Big tech led the retreat at Twitter fell over 5% and Apple lost 2%. Similarly, Tesla shed 4.45% and Target slid 6.77%. However, carmakers Ford rallied 4.76% and GM 3% in heavy trading while reopening names like Carnival popped 4.87%. Even though Zoom Video reported a strong Q4 and positive forecast, the popular tech stock slid 9%. Similarly, Target reported a Q4 earnings beat, but tumbled 6.77%. Gold held steady, though Bitcoin declined over 1%.
🥇 Barrick Gold +4.37%
🛢 Suncor Energy Inc +2%
🏛 Sun Life Financial Inc +2.68%
🌲 West Fraser Timber -6.52%
🔋 Ballard Power Systems -5.42%
🐦 Twitter, Inc -5%
🍎 Apple -2%
🚗 Tesla Motors Inc -4.45%
🏬 Target Corp -6.77%
🚙 Ford Motor +4.76%
🚙 General Motors Corporation +3%
🚢 Carnival Corp. +4.87%
📹 Zoom Video Communications Inc. -9%
🅱 The Bitcoin Fund -1%