Rising rates pressure stocks
On Thursday, good earnings overcame rising yields to reverse early gains and push stocks down sharply. The Nasdaq closed -2.07%, S&P -1.47% and the Dow -1.05%. The U.S. 10-year yield inched up to 2.89%.
Again tech names were the biggest losers with Meta at -6.23% and Nvidia -6.55%. Other losers were Enphase -13.01%. Airlines soared with United up 8.73%. Also Nucor added 3.87% and AT&T 3.81%.
The TSX closed -1.58%. Energy, tech and staples lagged the most. Big movers: Baytex -2.62%, Cenovus -3.99% and Denison Mines -10.05%. Air Canada climbed 2.75%. WTI crude touched $103.70 and WCS $91.
🕵️♂️ Meta Platforms Inc / Facebook (FB-Q) -6.23%
💾 Nvidia Corp (NVDA-Q) -6.55%
⚡ Enphase Energy (ENPH-Q) -13.01%
🛫 United Airlines Holdings (UAL-Q) +8.73%
⛏ Nucor Corp. (NUE-N) +3.87%
📱 AT&T (T-N) +3.81%
🛢 Baytex Energy Corp (BTE-T) -2.62%
🛢 Cenovus Energy (CVE-T) -3.99%
⛏ Denison Mines Corp (DML-T) -10.05%
🛫 Air Canada (AC-T) +2.75%
