Stockchase After the Close Wednesday’s markets began tentatively but eventually extended Tuesday’s rally amid key U.S. earnings. In New York, the S&P was up 0.59%, the Nasdaq 1.58 and the Dow 0.16%. Tech and consumer discretionary fueled the surge while healthcare and utilities lagged.
Key movers were Netflix, which released a better-than-expected quarter the day before and jumped 7.35%. Also gaining were ServiceNow up 4.8%, Adobe at 3.52%, Salesforce 4.97, AMD up 4.13% as the semis rallied, and Meta/Facebook up 4.16%. Losing ground were Verizon at -2.74% and Baker Hughes -8.26%. The U.S. 10-year yield inched up to 3.022% while Bitcoinadded another 0.8% to $23,600. Earnings continued to roll after hours as Tesla beat its last quarter.
Despite WTI slipping about 2% to $102 and WCS shed 1% to dip below $80, the TSX advanced 0.47%. Tech, financials and even energy drove the Toronto index while materials lagged. Pot stocks soared after Washington indicated that it will be discussing the national decriminalization of weed. Canopy soared 17.31%, Fire & Flower Holdings 14.08% and Tilray 11.4%. Meanwhile Shopify jumped 12.28% after partnering with YouTube on a merchant video plan. Other tech that rallied was Lightspeed up 7.78% and Well Health Technologies at 6.94%. Losers included First Quantum Minerals at -7.41%, Marathon gold -6.67% and Wheaton Precious metals-4.91%.