Markets were mostly lower today as a historic drop in Alphabet dragged on U.S. stocks and disappointing earnings hit software and cybersecurity names. The TSX slipped 0.08% and the TSX Venture Index fell 1.60%, while the Dow lost 0.55% and the Nasdaq declined 0.60%. The FTSE 100 bucked the trend, rising 0.69%.
Oil fell 2.41% to 99.93, while gold dropped 1.08%, copper slid 1.80% and natural gas tumbled 2.74%. Bitcoin slipped 1.21% to just above C$112,000. Samsung, Fortinet and ServiceNow earnings misses added to the tech pressure, even as Microsoft and Oracle offered bright spots.
Market numbers
TSX: Down (-0.08%) 36,235.83
TSXV: Down (-1.60%) 825.55
DOW: Down (-0.55%) 52,300.9
NASDAQ: Down (-0.60%) 29,337.9
FTSE 100: Up (+0.69%) 10,770.56
In the headlines
- Alphabet drops 10% as Wall Street searches for better earnings: Alphabet (NASDAQ:GOOGL), the parent company of Google, tumbled 10% after its earnings disappointed, heading for a $500 billion drop in market value, the biggest in its history. The selloff dragged on the broader U.S. market and sent software and cybersecurity stocks lower.
- Microsoft rises 5% as Azure growth beats forecasts: Microsoft (NASDAQ:MSFT), the software and cloud computing giant, gained 5% after Azure growth topped forecasts while spending came in below expectations. The results eased some of the concerns around the cost of the AI buildout.
- Oracle soars as it promises AI spending will start paying for itself: Oracle Corporation (NYSE:ORCL), the enterprise software and cloud infrastructure company, surged after pledging that its heavy AI spending will begin to pay for itself. The outlook calmed investor worries about the returns on its data center investments.
Currencies
USD: Down (-0.08%) $0.7136
GBP: Down (-0.04%) $0.5356
EUR: Up (+0.14%) $0.64154
JPY: Down (-0.10%) ¥112.672
AUD: Up (+0.38%) $1.0164
Bitcoin (BTC/CAD): Down (-1.21%) 112,286.7
(Conversion to C$1)
Commodities
Copper: Down (-1.80%) 6.63111
Gold: Down (-1.08%) 4,023.36
WTI: Down (-2.41%) 99.93
Natural Gas: Down (-2.74%) 2.945
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