Markets slip amid inflation fears and weak oil
Wednesday saw markets slump amid ongoing inflation and suply chain fears and a dip in crude oil prices. and lower than usual volumes. The TSX lost 0.58% as materials was the only sector to trade in the green. T
he most active names included Bombardier which dove 3.26%, and Goodfood Market which tanked by over 26% after reporting its latest quarter. In contrast, Fairfax Holding jumped 6.73%, High Liner Foods climbed 6.17% and Canfor rallied 3.18%. Meanwhile, the Canadian dollar dipped below 80 cents, and the price of WCS slid nearly 3% but stayed above $60 a barrel while WTI tumbled 3.5% below $78 per barrel.
Energy and financials pulled American markets down as the Dow closed -0.58%, the S&P -0.26% and the Nasdaq -0.33%. Visa slumped 4.7% after Amazon announced it would stop allowing UK-issued Visa cards to process Amazon payments. Mastercard was also hit, losing 2.81%. Though earnings from retailers have been robust in recent days, Target slid 4.73%. Meanwhile, Goldman Sachs closed -2.86%, Activision Blizzard continued to slide, down nearly 3%, and Rivian tanked by 15% after going gangbusters after its recent IPO. On the upside, BioNTech jumped 5.41%, Tesla gained 3.25% and TJX rose 5.83%. Lastly, the U.S. 10-year yield slipped below 1.6%.
🚂 Bombardier Inc (B) (BBD.B-T) -3.26%
🍱 Goodfood Market Corp. (FOOD-T) -26%
🏛 Fairfax Financial (FFH-T) +6.73%
🍤 High Liner Foods (HLF-T) +6.17%
🌲 Canfor Corp (CFP-T) +3.18%
💳 Visa Inc. (V-N) -4.7%
💳 Mastercard Inc. (MA-N) -2.81%
🛒 Target Corp (TGT-N) -4.73%
🏛 Goldman Sachs (GS-N) -2.86%
🎮 Activision Blizzard (ATVI-Q) -3%
🚛 Rivian Automotive (RIVN-Q) -15%
🧫 BioNTech (BNTX-Q) +5.41%
🚗 Tesla Motors Inc (TSLA-Q) +3.25%
🛒 TJX Companies (TJX-N) +5.83%
