Oil and Tesla pressure markets
The first trading of 2023 began with a short-lived rally on Wall Street, but quickly sank. Meanwhile, the TSX managed to maintain its gains and closed up 0.32%. By far, energy was the only lagging sector, while Consumer staples, materials and utilities led the push on Bay Street higher. The most-traded stock was TD which closed precisely flat.
Beleaguered Algonquin Power rebounded 4.31%, while the loss column was dominated by energy names, including Suncor at -3.89%, CNQ -5.19% and Vermilion -12.68%. WTI sank 3.79% to $77 a barrel.
On Wall Street, the S&P closed -0.4%, the Nasdaq -0.76%, and the Dow was basically flat. Weighing on the markets was Tesla which plunged another 12.24%. Apple also influential by sliding 3.74%. However, not all tech was down. Amazon advanced 2.17%, Meta 3.66% and PayPal 4.72%. The U.S. 10-year yield inched down to 3.76% while Bitcoin stood its ground at $16,600.
💡 Algonquin Power & Utilities Corp (AQN-T) +4.31%
🛢 Suncor Energy Inc (SU-T) -3.89%
🛢 Canadian Natural Rsrcs (CNQ-T) -5.19%
🛢 Vermilion Energy Inc (VET-T) -12.68%
🚗 Tesla Motors Inc (TSLA-Q) -12.24%
🍎 Apple (AAPL-Q) -3.74%
📦 Amazon.com (AMZN-Q) +2.17%
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) +3.66%
💳 PayPal Holdings Inc. (PYPL-Q) +4.72%
