Weak economic data pressures markets
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Stocks retreated from recent record highs Tuesday as disappointing economic data pressured markets. In the U.S., retail sales in July came in lower than expected as government stimulus cheques faded. Meanwhile, investors are worried about the rise in Delta variant cases. Wall Street closed on session lows: the Dow at -0.79%, the S&P -0.7% and the Nasdaq -0.93%.
The homebuilding stores lost ground–Lowe‘s plunged nearly 6% and Home Depot lost 4.27%. GM fell 4.68% while the Gap gave up 4.43%. Tech wasn’t spared as the SMH ETF holding the semi-conductor stocks retreated 1.89% and Amazon declined 1.73%. Healthcare was an oasis as Moderna jumped 7.49% and Regeneron 3%.
In Canada, the TSX slipped 0.59% as consumer staples and telcos being the only major sectors finishing in the green. A slew of mining names faded in the session, including New Gold, down 6.76%, and Hudbay Minerals sliding 4.77%. Oil took it on the chin as well as Suncor finished -1.39% and Tamarack Valley Energy at -3.45%. In contrast, weed stocks rallied as Aurora gained 2.78% and Hexo 1.88%. Green energy surged as Northland Power advanced 2.7%. The price of crude WTI fell below $67 and WCS below $54 per barrel.
🧱 Lowes Companies Inc. -6%
🛠 Home Depot -4.27%
🚘 General Motors Corporation -4.68%
🧢 Gap -4.43%
💹 VanEck Vectors Semiconductor ETF -1.89%
📦 Amazon.com -1.73%
💉 Moderna +7.49%
🧫 Regeneron Pharmaceuticals Inc +3%
🥇 New Gold Inc. -6.76%
⛏ Hudbay Minerals Inc. -4.77%
🛢 Suncor Energy Inc -1.39%
🛢 Tamarack Valley Energy -3.45%
🌿 Aurora Cannabis +2.78%
🌿 Hexo Corp +1.88%
🌲 Northland Power Inc +2.7%
