Tech stocks pull Wall Street lower as gold and silver prices bounce back
BNN Bloomberg
The U.S. stock market sank in mixed trading on Tuesday, while gold and silver bounced higher after their latest sell-off.
The S&P 500 fell 0.8 per cent and pulled further from its all-time high set last week. The Dow Jones Industrial Average dipped 166 points, or 0.3 per cent, and the Nasdaq composite sank 1.4 per cent.
Several influential Big Tech stocks weighed on the market, including drops of 2.8 per cent for Nvidia and 2.9 per cent for Microsoft. Such giants have been hampered by worries that their stock prices shot too high and became too expensive following their yearslong dominance of the market.
Stocks of software companies and others seen as potential losers to competitors powered by artificial intelligence also slumped. ServiceNow fell 7 per cent to bring its loss for the young year so far to 28.3 per cent.
Such declines dragged the S&P 500 to its fourth loss in the last five days, even though the majority of stocks in the index rose. That included a 6.8 per cent climb for Palantir Technologies, which reported a bigger profit for the latest quarter than analysts expected. Its forecast for 61 per cent growth in revenue this year also topped analysts’ expectations.
Some of the day’s strongest action remained in the metals markets. Gold’s price climbed 6.1 per cent to settle at US$4,935.00 per ounce in the latest swing since its jaw-dropping rally suddenly halted last week. Silver’s price, which has been whipping through even wilder moves, rallied 8.2 per cent.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.
Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
Top Picks from Greg Newman, Senior Wealth Advisor & Portfolio Manager, Newman Group, ScotiaMcLeod
Dan Tobon outlines key market wildcards, including geopolitical risks, AI disruption and shifting investor sentiment.
U.S. stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.
Pinterest CEO Bill Ready called on world leaders to ban social media for youth under 16 in a LinkedIn post on Friday.
Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.