Bank earnings week continued Wednesday as Royal Bank and National Bank both beat Q3 profit expectations. Royal was powered by its capital markets business. Canada’s biggest bank leapt over $100/share for the first time since the pandemic hit to close 1.48% higher while National Bank leapt 4.34%.
Their performances lifted the TSX by 1.04%. The energy sector fell 2.26%., but tech, materials and financials offset that weakness. The price of WTI was flat, though WCS slipped over 2%.
Optimism extended south of the border as the S&P made its fourth-straight record close, up 1.02% and the Nasdaq set its 39th record close so far this year, jumping 1.73% as big tech continued to climb to new heights. Facebook shattered the $300 mark, soaring 8.22%, while Netflix and Roku both popped over 11% on analyst reports. But that paled next to Salesforce which rocketed 26% after it blew past estimates and inspired a rash of analyst upgrades. The Dow climbed 0.3% as financials, healthcare and energy lagged, though industrials, consumer and of course tech stocks compensated. The momentum trade in tech also swept up names like Adobe by 9.1%.