Wall Street slump continues
While the TSX lost only 24 points on Thursday, the main American indices continued to slump. The catalyst was an unexpected drop in jobless claims, plus an uptick in U.S. consumer spending in April through June. This casts doubt that the U.S. Fed will cut interest rates twice more this year. The S&P and Nasdaq both lost half a percent while the Dow declined 0.38%. Losers included CarMax, sliding 20.07%, Freeport McMoRan sinking 6.19% and Tesla skidding 4.38%. Winners were Intel, surging 8.87% and IBM rallying 5.2%. The U.S. 10-year yield continued to inch up, now at 4.174%.
The TSX’s sectors were mixed. Materials outperformed all, but healthcare and particularly tech sank the most. Major movers: BlackBerry up 9.11%, Aya Gold & Silver -15.49%, Constellation Brands -5.95%, SSR Mining 4.35% and Brookfield Business Partners leaping 12.46% after announcing it will consolidate with Brookfield Business Corp. Gold continued its winning streak by adding US$13 to US$3,749, WTI edged up by 30 cents to US$65.30, and Bitcoin tumbled 3.68% to US$109.385.
🛒 CarMax (KMX-N) -20-07%
⛏ Freeport McMoran Copper & Gold (FCX-N) -6.19%
🚗 Tesla Inc (TSLA-Q) -4.38%
💾 Intel (INTC-Q) +8.87%
💾 IBM Common Stock (IBM-N) +5.2%
📱 BlackBerry (BB-T) +9.11%
⛏ Aya Gold & Silver (AYA-T) -15.49%
🍻 Constellation Brands Inc (STZ-N) -5.95%
⛏ SSR Mining (SSRM-T) +4.35%
🏛 Brookfield Business Partners L.P. (BBU-N) +12.46%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.68%
