Stocks climb amid earnings, tariffs and inflation

Tech lead a rise in stocks Thursday as markets shrugged off January’s U.S. producer’s inflation numbers and after Trump announced reciprocal tariffs. Overall PPI came in higher than expected, but the core number was in-line with forecasts at 0.3% on […]

U.S inflation hot, GDP cool, Wall Street down, TSX flat

Allan Tong Posted On April 25, 2024

As megatech earnings marched on, the latest U.S. GDP number came in weaker than expected while inflation was higher. Add to this a disappointing report from Meta (-10.57% for the session) and Wall Street saw a broad sell-off on Thursday, though it eased into the close. When the dust settled, the S&P finished the day -0.45%, the Nasdaq -0.63% and the Dow -0.98%. However, the U.S. 10-year yield spiked to 4.7%.

Other major movers were Newmont popping 12.46%, Bristol Myers at -8.51%, IBM -8.25% and Caterpillar -7.02%. After the bell, Alphabet and Microsoft reported and both rallied sharply. Bitcoin added 0.5% to US$64,560.

In contrast, the TSX was flat, adding 16 points, though most sectors declined. Materials and energy performed the best, while tech and real estate fell the most. Notable names: Teck Resources 8.71%, Bank of Nova Scotia -1.51%, Mullen Group -9.08%, Bombardier 8.32% and StorageVault -6.11%. WTI added $1 to US$83.80 while gold edged up to US $2,333.

🕵️‍♂️ Meta Platforms Inc / Facebook (META-Q) -10.57%

🥇 Newmont Goldcorp (NGT-T) +12.46%

🧫 Bristol Myers Squibb (BMY-N) -8.51%

💾 IBM Common Stock (IBM-N) -8.25%

⚙ Caterpillar (CAT-N) -7.02%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.5%

⛏ Teck Resources Ltd. (B) (TECK.B-T) +8.71%

🏛 Bank of Nova Scotia (BNS-T) -1.51%

🚚 Mullen Group Ltd (MTL-T) -9.08%

💣 Bombardier Inc (B) (BBD.B-T) +8.32%

🚚 StorageVault Canada (SVI-T) -6.11%