Oil pressures TSX, Wall Street rebounds
On Monday, stocks looked like they would extend last week’s deep losses as the Toronto and New York indices tanked. However, late in the session, American stocks underwent a surprise rally to close in the positive. While the TSX shed 0.82% to nearly fall to 21,000, the S&P advanced 0.58%, the Nasdaq rose 1.29% and the Dow 0.71%. In contrast, the U.S. 10-year yield inched down to 2.82%. Perhaps news of the Twitter board accepting Elon Musk’s buyout offer lifted sentiment.
Major movers included Alphabet, class C up 3.04%, Fortinet 6.31%, Moderna 7.18% and Equifax 4.81%, while Verizon shed 3.14%, Deere tumbled 4.48%, Exxon slid 3.37% and Baker Hughes lost 4.53%.
Healthcare, financials and even tech were up. Oil was down on both sides of the border as WTI dropped 3% to $99 and WCS to $86.60. In Toronto, energy stocks were the most active and the biggest losers: Enbridge 1.56%, Athabasca Oil -3.54% and Cenovus -4.64%. The winners were Valens up 6.77%, Spin Master 6.61% and Lightspeed up 5.29% as tech mounted a revival. Finally, Bitcoin climbed 1.4% to top $40,000.
🧮 Alphabet Inc. / Google (GOOG-Q) +3.04%
💾 Fortinet Inc (FTNT-Q) +6.31%
💉 Moderna (MRNA-Q) +7.18%
🏛 Equifax Inc. (EFX-N) +4.81%
📱 Verizon Communications (VZ-N) -3.14%
🦌 Deere & Co. (DE-N) -4.48%
🛢 Exxon Mobil (XOM-N) -3.37%
🛢 Baker-Hughes (BHGE-Q) -4.53%
🛢 Enbridge (ENB-T) -1.56%
🛢 Athabasca Oil Sands Corp (ATH-T) -3.54%
🛢 Cenovus Energy (CVE-T) -4.64%
🌿 The Valens Company (VLNS-T) +6.77%
🧸 Spin Master Corp (TOY-T) +6.61%
💾 Lightspeed Commerce Inc (LSPD-T) +5.29%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.4%
