U.S. markets zigzag down, TSX up and Elon dances
New York indices endured a choppy session Tuesday which began mostly in the green but sold off in the last hour as the TSX rallied in the final minutes to close up 0.37%. In Toronto, tech and materials gained well above 1% while financials lagged and energy gave back some of its recent gains. Tech darling Lightspeed shot up 8.62% as a rash of gold stocks, including Argonaut and Teranga jumped 7.39% and 5.39% respectively. In other words, gold continues to shine.
The threat of war continues to dominate headlines, but it doesn’t appear to concern American investors, at least not yet. Wall Street is still basking in the imminent signing of the phase one trade deal between America and China. Chipmakers dominated trading in New York, with Micron gaining 8.78% and Microchip Technology up 6.71%. But the stock that stole the show Tuesday was Tesla, after controversial CEO Elon Musk danced at the unveiling of his new Gigafactory factory in Shanghai. Musk had a lot of reason to rejoice. His Tesla has rocketed nearly 47% in the past 12 months after nosediving in early 2019 only to double since then. Tesla rallied 3.88% on Tuesday to make a new all-time high. Talk about zigzags.