Oil soars, stocks tumble
After a month of gains and record highs, stock markets in Toronto and New York began September with a sell-off. Markets extended Monday’s losses: The S&P -0.71%, the Nasdaq -1.03%, the Dow -0.79% and the TSX -1.23% or down nearly 450 points. The only things heading up on Tuesday were oil prices after the U.S. intensified fighting in Iran, and yields. WTI soared 6% to US$90.90 while the U.S. 10-year yield climbed to nearly 4.8% as inflation worries deepened.
Only two sectors rallied in Toronto, heavily led by energy, while materials, tech and industrials led the laggards. Key names on Bay Street: ARC Resources 2.58%, CNQ 3.71%, Suncor 3.52%, Capstone Copper -5.72% and Kinross Gold -3.77%. In New York: Moderna 9.93%, Apple 2.61% under its new CEO, Nvidia -1.51%, PG&E 5.95% and Tesla -3.22%. Gold slipped US$110 to US$4,327 while silver fell 3.65% to US$64.
🛢 Arc Resources Ltd (ARX.TO) +2.58%
🛢 Canadian Natural Rsrcs (CNQ.TO) +3.71%
🛢 Suncor Energy Inc (SU.TO) +3.52%
🥉 Capstone Copper Corp (CS.TO) -5.72%
🥇 Kinross Gold (K.TO) -3.77%
💉 Moderna (MRNA) +9.93%
🍎 Apple Inc (AAPL) +2.61%
💾 NVIDIA Corporation (NVDA) -1.51%
💡 PG&E Corp (PCG) +5.95%
🚗 Tesla Inc (TSLA) -3.22%
