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AI slump pressures markets, oil spikes
The ongoing sell-off in AI stocks accelerated with China unveiling its Moonshot model which is challenging American models and rattling American investors. Negative sentiment sent the Nasdaq down 1.4% on Friday and nearly 3% lower for the week. Meanwhile, the S&P sank 1.01% for the day and fell 1.55% over the week, and the Dow shed 0.77% on Friday and lost nearly 1% for the week. The TSX fared relatively better, down 0.22% for the session and was modestly negative for the week.
Key names in New York: Nvidia -2.21%, Intel -2%, Intuitive Surgical -14.15% and the SMH semis ETF -2.18%. Netflix tumbled 7.26% after beating profits, but disappointing in outlook. In Toronto: BlackBerry -1.87%, CNQ 2.03%, MDA Space -4.08%, Stella-Jones -3.69% and Wesdome Gold 4.2%. Energy rallied the most while tech lagged the furthest as only four sectors rose. Silver gained 0.8% to US$55.85, gold added US$33 to US$4,010 and WTI leapt 4.2% to US$82.25 as war raged between the U.S. and Iran. The U.S. 10-year yield declined to 4.553%.
💾 NVIDIA Corporation (NVDA) -2.21%
💾 Intel (INTC) -2%
🧫 Intuitive Surgical Inc. (ISRG) -14.15%
🧬 HOLDRs Semiconductor (SMH) -2.18%
📺 Netflix Inc. (NFLX) -7.26%
📱 BlackBerry (BB.TO) -1.87%
🛢 Canadian Natural Rsrcs (CNQ.TO) +2.03%
🧬 MDA Space Ltd. (MDA.TO) -4.08%
🌲 Stella-Jones Inc. (SJ.TO) -3.69%
🥇 Wesdome Gold Mines Ltd. (WDO.TO) +4.2%
This Week’s Stock Picks & BNN Top Picks Summary: GS-N, TSM-N and 16 Stock and 4 ETF Top Picks (Jul 10-16)
This week were 16 Stock and 4 ETF Top Picks in a wide range of industries: Financials, Technology, Basic Materials, Utilities, Consumer, ETF and Industrials. Here are this week´s Top Picks as selected by: Michael O’Reilly, Billy Kawasaki, Darren Sissons,… read more
Semis lead stocks down
Capital continued to flow out of semis and memory stocks on Thursday as Nvidia closed -2.4%, Intel -4.84%, Sandisk -12.63% and Micron -5.65%. Elsewhere, Abbott Labs surged 10.69%. The Nasdaq slid 1.47% while the S&P fell 0.51% and the Dow declined 0.2%.
In Canada, the TSX closed -0.26% in mixed trading as industrials and staples outperformed but materials sold off hard. Key names: TFI International 7.27%, Descartes 6.4%, BlackBerry -14.23%, Barrick -3.97% and B2Gold -3.75%.
In commodities, gold fell over 2% to US$3,975, silver tumbled 4% to US$55.40 and WTI slipped 0.75% to US$79. Bitcoin sank 1.15% to US$64,195. The U.S. 10-year yield hovered around 4.55%.
💾 NVIDIA Corporation (NVDA) -2.4%
💾 Intel (INTC) -4.84%
💾 Sandisk Corp (SNDK) -12.63%
💾 Micron Technology (MU) -5.65%
💊 Abbott Labs (ABT) +10.69%
🚚 TFI International Inc (TFII.TO) +7.27%
💾 Descartes (DSG.TO) +6.4%
📱 BlackBerry (BB.TO) -14.23%
⛏ Barrick Mining (ABX.TO) -3.97%
🥇 B2Gold Corp. (BTO.TO) -3.75%
🅱 Bitcoin (BTCUSD) (BTC-USD) -1.15%
