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Spreadsheet
On Wednesday, markets were moderately positive until 2:00 pm EST when the U.S. Fed’s Jay Powell announced a 0.75% hike in interest rates and issued very hawkish comments about inflation, rates and the American economy. The hike was expected, but his tone changed the direction of the market. The New York indices closed 1.75% lower and finished at the weakest point of the session.
Naturally, tech names were hit, like Amazon down 2.78%, but travel stocks were also hammered, such as Las Vegas Sands down 6.44% and Carnival sliding 6.38%. Also impacted were financials, like the Bank of America down 2.49%. Only the breakfast and soup people rallied with General Mills rising 5.9% on a strong quarter and forecast, Campbell up 1.85% and Kellog popping 2.52%. The U.S. 10-year yield inched down to 3.51% as Bitcoin shed $40 in a flat session as it stayed below $20,000.
Russian demagogue Vladimir Putin threatened to escalate his war against Ukraine which didn’t help the price of crude oil. WTI slipped 0.83% to $83.25. Energy as well as staples pushed the TSX down by 0.95%. Real estate was a rare bright spot. On Bay Street, the big movers were CNQ at -2.37%, Barrick Gold up 1.49%, Cenovus at -3.42%, Equinox Gold 4.94%, and Canopy -4.59%. The Canadian dollar (and most other currencies) continued to struggle against the American greenback which hit 22-year highs.
📦 Amazon.com (AMZN-Q) -2.78%
♠ Las Vegas Sands Corp. (LVS-N) -6.44%
🚢 Carnival Corp. (CCL-N) -6.38%
🏛 Bank of America (BAC-N) -2.49%
🥫 General Mills (GIS-N) +5.9%
🍜 Campbell Soup Company (CPB-N) +1.85%
🌽 Kellog (K-N) +2.52%
🛢 Canadian Natural Rsrcs (CNQ-T) -2.37%
🥇 Barrick Gold (ABX-T) +1.49%
🛢 Cenovus Energy (CVE-T) -3.42%
🥇 Equinox Gold (EQX-T) +4.94%
🌿 Canopy Growth Corp. (WEED-T) -4.59%
