Markets were mixed today as Wall Street headed for a winning week after several turbulent days, though chip stocks weighed on tech. The TSX gained 0.29% and the TSX Venture Index rose 0.21%, while the Dow added 0.07% and the FTSE 100 climbed 0.40%. The Nasdaq was the weak spot, falling 1.36% as Nvidia and the broader chip sector slid following the CEO’s exit.
Red-hot U.S. wholesale prices showed signs of broadening inflation, keeping pressure on the Fed to hike rates, with the 10-year Treasury yield hitting 5.14%. Oil rose 2.78% to 88.70 even as the IEA said the world oil market is returning to surplus as Gulf exports recover, while gold gained 0.47% and copper fell 0.84%. Bitcoin sank 3.76% to just under C$98,000 as liquidations surged, and the euro slumped to long-term support at $1.1045 with the dollar holding near a recent high.
Market numbers
TSX: Up (+0.29%) 36,243.78
TSXV: Up (+0.21%) 804.50
DOW: Up (+0.07%) 52,372.6
NASDAQ: Down (-1.36%) 28,065.0
FTSE 100: Up (+0.40%) 10,886.77
In the headlines
- Nvidia slips as investors digest CEO exit and chip sector falls: Nvidia (NASDAQ:NVDA), the dominant AI chipmaker, slipped as investors weighed the departure of CEO Jensen Huang, with the broader chip sector falling alongside it. An exclusive report says Huang’s exit and U.S. scrutiny now imperil $3 billion in Chinese AI projects that rely on Nvidia, while the scandal trail has also led to Alibaba (NYSE:BABA), the Chinese e-commerce and cloud giant known for its free AI models.
- Goldman Sachs sees S&P 500 rising to 8,700 next year: Goldman Sachs (NYSE:GS), the Wall Street investment bank, forecasts the S&P 500 will climb to 8,700 next year despite slower earnings growth. The upbeat target comes after a turbulent stretch for equities.
Currencies
USD: Up (+0.19%) $0.7023
GBP: Up (+0.09%) $0.5300
EUR: Up (+0.16%) $0.63549
JPY: Up (+0.16%) ¥112.307
AUD: Up (+0.38%) $1.0336
Bitcoin (BTC/CAD): Down (-3.76%) 97,984.7
(Conversion to C$1)
Commodities
Copper: Down (-0.84%) 6.22323
Gold: Up (+0.47%) 3,895.97
WTI: Up (+2.78%) 88.70
Natural Gas: Down (-1.89%) 3.269
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