Markets stabilize after recent sell-off
Despite a fall in crude oil prices, markets on both sides of the border stabilized after recent selling driven by recessionary fears. The TSX was basically flat on Wednesday when the Bank of Canada increased its key interest rate by 50 basis points to 4.2%, as many expected. Sectors were mixed, though slightly more positive than negative, led by consumer discretionary and staples while energy lagged.
Major movers included gold names Barrick up 2.49% and B2Gold up 1.55% while cannabis stocks fell, including Canopy shedding 10% and Tilray losing 8.51%. WTI crude sank -2.5% to around $72.40.
The Dow was flat for the day while the S&P closed -0.19% to stay below 4,000. The Nasdaq finished -0.51% to trade below 11,000. Major Wall Street movers were Tesla at -3.57%, Apple -1.6% and Expedia -0.654%, but Campbell Soup jumped nearly 6% and the Bank of New York Mellon advanced 4.14%. The U.S. 10-year yield dipped to 3.41% as Bitcoin slipped 0.89% below $17,000.
🥇 Barrick Gold (ABX-T) +2.49%
🥇 B2Gold Corp. (BTO-T) +1.55%
🌿 Canopy Growth Corp. (WEED-T) -10%
🌿 Tilray Inc. (TLRY-Q) -8.51%
🚗 Tesla Motors Inc (TSLA-Q) -3.57%
🍎 Apple (AAPL-Q) -1.6%
✈ Expedia (EXPE-Q) -0.654%
🥫 Campbell Soup Company (CPB-N) +6%
🏛 Bank of New York Mellon (BK-N) +4.14%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.89%
