BOC holds rate, oil sinks

As expected Wednesday, the Bank of Canada held the key interest rate at 5.0% for the third straight meeting. Beaten-down bond proxies, including real estate stocks and utilities popped, such as Boralex by 3.04%, but the TSX itself closed -0.5%. Most sectors rose, but gains led by staples and utilities could not match deep losses in energy. WTI crude sank below $70 to trade around $69.25 after shedding 4.2%.

The most-traded names were all oil: CNQ -5.19%, Suncor -5.51% and Baytex -7.4%. In contrast, Park Lawn jumped 7.53%.

Wall Street also saw declines, despite the U.S. 10-year yield falling to 4.113% as investors expect the Fed to hold interest rates at its next meeting. The S&P closed -0.39%, the Nasdaq -0.58%, and the Dow -0.19%. Oil stocks also lost ground on this side of the border. Constellation Energy closed -4.8% and Halliburton -4.05%. Tech continued to give back recent gains with Amazon at -1.61% for the day and Intel -1.55%. A bright spot was Campbell Soup popping 7.11%. Bitcoin broke its winning streak by retreating 0.6% to trade around $43,800.

💡 Boralex Inc. (BLX-T) +3.04%

🛢 Canadian Natural Rsrcs (CNQ-T) -5.19%

🛢 Suncor Energy Inc (SU-T) -5.51%

🛢 Baytex Energy Corp (BTE-T) -7.4%

🏛 Park Lawn Corp (PLC-T) +7.53%

💡 Constellation Energy (CEG-Q) -4.8%

🛢 Halliburton Co (HAL-N) -4.05%

📦 Amazon.com, Inc. (AMZN-Q) -1.61%

💾 Intel (INTC-Q) -1.55%

🥫 Campbell Soup Company (CPB-N) +7.11%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.6%