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The ongoing sell-off in AI stocks accelerated with China unveiling its Moonshot model which is challenging American models and rattling American investors. Negative sentiment sent the Nasdaq down 1.4% on Friday and nearly 3% lower for the week. Meanwhile, the S&P sank 1.01% for the day and fell 1.55% over the week, and the Dow shed 0.77% on Friday and lost nearly 1% for the week. The TSX fared relatively better, down 0.22% for the session and was modestly negative for the week.

Key names in New York: Nvidia -2.21%, Intel -2%, Intuitive Surgical -14.15% and the SMH semis ETF -2.18%. Netflix tumbled 7.26% after beating profits, but disappointing in outlook. In Toronto: BlackBerry -1.87%, CNQ 2.03%, MDA Space -4.08%, Stella-Jones -3.69% and Wesdome Gold 4.2%. Energy rallied the most while tech lagged the furthest as only four sectors rose. Silver gained 0.8% to US$55.85, gold added US$33 to US$4,010 and WTI leapt 4.2% to US$82.25 as war raged between the U.S. and Iran. The U.S. 10-year yield declined to 4.553%.

💾 NVIDIA Corporation (NVDA) -2.21%

💾 Intel (INTC) -2%

🧫 Intuitive Surgical Inc. (ISRG) -14.15%

🧬 HOLDRs Semiconductor (SMH) -2.18%

📺 Netflix Inc. (NFLX) -7.26%

📱 BlackBerry (BB.TO) -1.87%

🛢 Canadian Natural Rsrcs (CNQ.TO) +2.03%

🧬 MDA Space Ltd. (MDA.TO) -4.08%

🌲 Stella-Jones Inc. (SJ.TO) -3.69%

🥇 Wesdome Gold Mines Ltd. (WDO.TO) +4.2%

Capital continued to flow out of semis and memory stocks on Thursday as Nvidia closed -2.4%, Intel -4.84%, Sandisk -12.63% and Micron -5.65%. Elsewhere, Abbott Labs surged 10.69%. The Nasdaq slid 1.47% while the S&P fell 0.51% and the Dow declined 0.2%. 

In Canada, the TSX closed -0.26% in mixed trading as industrials and staples outperformed but materials sold off hard. Key names: TFI International 7.27%, Descartes 6.4%, BlackBerry -14.23%, Barrick -3.97% and B2Gold -3.75%.

In commodities, gold fell over 2% to US$3,975, silver tumbled 4% to US$55.40 and WTI slipped 0.75% to US$79. Bitcoin sank 1.15% to US$64,195. The U.S. 10-year yield hovered around 4.55%.

💾 NVIDIA Corporation (NVDA) -2.4%

💾 Intel (INTC) -4.84%

💾 Sandisk Corp (SNDK) -12.63%

💾 Micron Technology (MU) -5.65%

💊 Abbott Labs (ABT) +10.69%

🚚 TFI International Inc (TFII.TO) +7.27%

💾 Descartes (DSG.TO) +6.4%

📱 BlackBerry (BB.TO) -14.23%

⛏ Barrick Mining (ABX.TO) -3.97%

🥇 B2Gold Corp. (BTO.TO) -3.75%

🅱 Bitcoin (BTCUSD) (BTC-USD) -1.15%

Trading was mixed in Toronto as financials and telcos rallied the hardest while tech and materials slid the most. The TSX gained 0.26% or 91 points. To little surprise, the Bank of Canada held the prime lending rate at 2.25%.Silver declined 1.65%, gold added US$8 to US$4,060 while WTI edged up almost a dollar to US$4,060 as war raged between the U.S. and Iran. Major movers on Bay Street: EQB 9.6%, BlackBerry -3.23%, Bird Construction 13.37%, Aecon 9.06% and Energy Fuels -4.46%.

In New York, PPI, producer’s inflation, came in lower than expected in June. Sentiment was positive as the S&P gained 0.38%, the Nasdaq 0.62% and the Dow 0.29%. PayPal soared 17.2% after a report it could be bought out, Blackrock rallied 6.63%, Dell tumbled 9.8%, Intel slid 4.43% while Apple rose 4% to a new high. Bitcoin edged up 0.6% to US$64,910. The U.S. 10-year yield slipped to 4.553%.

🏛 Equitable Group (EQB.TO) +9.6%

📱 BlackBerry (BB.TO) -3.23%

🧱 Bird Construction (BDT.TO) +13.37%

⚙ Aecon Group Inc (ARE.TO) +9.06%

⛏ Energy Fuels Inc. (EFR.TO) -4.46%

💳 PayPal Holdings Inc. (PYPL) +17.2%

🏛 Blackrock Inc. (BLK) +6.63%

💻 Dell Computers (DELL) -9.8%

💾 Intel (INTC) -4.43%

🍎 Apple Inc (AAPL) +4%

🅱 Bitcoin (BTCUSD) (BTC-USD) +0.6%