Markets were split today as a rotation out of AI names weighed on the Nasdaq while the TSX surged. The TSX climbed 2.28% and the TSX Venture Index gained 2.48%, while the Nasdaq dropped 2.64% as AI stocks missed out on the post-election rally. The Dow slipped 0.17% and the FTSE 100 eased 0.13%.
Oil rose 1.52% to 89.95 even as retreating crude prices earlier in the week gave central banks more options, with the Bank of England hiking rates for the first time in three years. Gold jumped 1.30% and natural gas gained 1.23%, while copper slipped 0.14% and Bitcoin fell 1.89% to just above C$110,000. At home, Canada’s trade surplus with the U.S. widened to $12.3 billion despite new tariffs, though the services PMI showed the sector shrinking for a fifth straight month.
Market numbers
TSX: Up (+2.28%) 36,341.40
TSXV: Up (+2.48%) 814.37
DOW: Down (-0.17%) 53,368.4
NASDAQ: Down (-2.64%) 27,656.9
FTSE 100: Down (-0.13%) 10,894.62
In the headlines
- Wendy’s rejects activist buyout bid and adopts poison pill: Wendy’s (NASDAQ:WEN), the fast-food hamburger chain, rejected a buyout bid from an activist investor and adopted a “poison pill” plan to fend off a hostile takeover. The move sets up a potential fight over the future of the restaurant company.
- AMD’s AI megadeals with OpenAI and Meta cost it $1.1 billion: Advanced Micro Devices (NASDAQ:AMD), the semiconductor company, took a $1.1 billion hit tied to its massive AI supply agreements with OpenAI and Meta. The cost highlights the price AMD is paying to secure its position in the AI chip race.
- Figma slides 5% after earnings as AI growth comes with a bigger bill: Figma (NYSE:FIG), the collaborative design software company, fell 5% after earnings showed its AI-driven growth is coming with higher costs. Investors are weighing whether the added spending will pay off.
Currencies
USD: Down (-0.11%) $0.7143
GBP: Down (-0.02%) $0.5306
EUR: Up (+0.12%) $0.63790
JPY: Down (-0.18%) ¥113.132
AUD: Up (+0.18%) $1.0226
Bitcoin (BTC/CAD): Down (-1.89%) 110,298.0
(Conversion to C$1)
Commodities
Copper: Down (-0.14%) 6.47785
Gold: Up (+1.30%) 4,112.88
WTI: Up (+1.52%) 89.95
Natural Gas: Up (+1.23%) 2.968
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