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China cut a key lending rate to revive its economy, sluggish due to strict lockdowns. This news kicked off a rally in Europe, Asia and North America, but stocks then plunged in New York and Toronto before rallying hard in the dying minutes of Friday’s session. The drama capped another volatile week (the seventh weekly loss for the S&P and Nasdaq) though the TSX actually gained nearly 100 points . The S&P entered an intraday bear market but closed flat much like the Dow which swung 900 points on Friday but closed up 7 points. The Nasdaq finished -0.3%, but well off the day’s lows. On Wall Street, the semis weighed down tech, while consumer discretionary was particularly weak.
Big gainers included health names including Eli Lilly up 4.47%, American Tower jumping nearly 5% and Fortinet rising 3.04%. Major losers: Deere plunged 13.87% on a rare revenue miss, Tesla was down 6.82%, Beyond Meat slid 4.71% and Applied Material shed 4.93%. Meanwhile, the U.S. 10-year yield fell to 2.785%, and Bitcoin slid 2.5% to $29,200.
The TSX added 15 points for the day as most sectors finished in the green, though materials and tech lagged. Major movers were Kinaxis up 3.8%, Dollarama adding 3.45%, Lighstpeed rallying 3% while Bombardier tanked 5.79%, Whitecap Resources sank 2.24% and Nutrien slid 4.09%. WTI rose 0.45% past $112 a barrel while WCS surged 1.4% to nearly $96.
💊 Eli Lilly & Co. (LLY-N) +4.47%
📡 American Tower (AMT-N) +5%
💻 Fortinet Inc (FTNT-Q) +3.04%
🦌 Deere & Co. (DE-N) -13.87%
🚗 Tesla Motors Inc (TSLA-Q) -6.82%
🥩 Beyond Meat Inc. (BYND-Q) -4.71%
🔩 Applied Materials (AMAT-Q) -4.93%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.5%
💾 Kinaxis Inc (KXS-T) +3.8%
🛒 Dollarama Inc. (DOL-T) +3.45%
💾 Lightspeed Commerce Inc (LSPD-T) +3%
🚂 Bombardier Inc (B) (BBD.B-T) -5.79%
🛢 Whitecap Resources (WCP-T) -2.24%
🌿 Nutrien Ltd. (NTR-T) -4.09%
