Bond yields continue to pressure stocks

The U.S. 10-year yield hit a 52-week high of 4.663% as inflation worries persisted and drove down American stocks. The S&P closed Tuesday at -0.67%, the Nasdaq -0.84% or 220 points, and the Dow -0.65%. Hardest hit were influential tech stocks: Nvidia -0.77%, Amazon -2% and Cisco -2.94%. Elsewhere, Verizon rose 2.1% while Boeing sank 2.54%. 

In Canada, a strong sell-off in materials, plus weakness in healthcare pushed the TSX down 0.27%. Silver tumbled nearly 5% to US$73.75, while gold slipped 1.75% to US$4,485. That said, seven sectors enjoyed gains, led by energy, though WTI declined 0.8% to US$107.75. Major movers on Bay Street: Enbridge 2.75%, B2Gold -5.48%, Thomson Reuters 5.42%, Goeasy 8.67% and Celestica -5.93%. The key headline was that Canadian inflation rose to 2.8%, thanks to soaring energy prices caused by the US-Iran War. It’s the highest inflation print in two years.

💾 NVIDIA Corporation (NVDA-Q) -0.77%

📦 Amazon.com, Inc. (AMZN-Q) -2%

🧬 Cisco (CSCO-Q) -2.94%

📱 Verizon Communications (VZ-N) +2.1%

🛫 Boeing (BA-N) -2.54%

🛢 Enbridge (ENB-T) +2.75%

🥇 B2Gold Corp. (BTO-T) -5.48%

🖨 Thomson Reuters Corp (TRI-T) +5.42%

🏛 goeasy (GSY-T) +8.67%

🧬 Celestica Inc (CLS-T) -5.93%