In today’s market update, Stephen Whiteside from TheUpTrend.com highlighted key market movements. The S&P 500 and Nasdaq are showing signs of strength as the VIX moves to a sell signal, supporting higher stock prices. Currency markets saw the U.S. dollar roll over, benefiting the euro and Canadian dollar. Bond prices rose, bringing yields down, which helped real estate and small-cap stocks. Major indices like the Dow and Nasdaq 100 reversed recent sell signals, with tech stocks playing a key role. However, the “Magnificent Seven” stocks remained lackluster, and Alphabet and Tesla showed weakness.
The Canadian market was led by a strong tech sector, with BlackBerry, Celestica, and OpenText posting significant gains. Gold and commodity stocks also performed well, while marijuana stocks saw explosive growth, with Canopy Growth and Aurora Cannabis surging over 24% and 44%, respectively. Crude oil remained steady, natural gas gained, and metals like gold and platinum continued their upward momentum. Investors are now watching jobless claims data for further market direction.
Stephen Whiteside
TheUpTrend.com
Thursday, February 6, 2025
