Yields, oil hit highs, stocks sink
The U.S. 10-year yield topped 5% Tuesday, reflecting the market’s expectation of the Fed hiking rates tomorrow. The S&P closed 0.45%, the Nasdaq -0.78% or 200 points, and the Dow -0.63%.Major movers in New York: Amazon -2.02%, Chipotle -5.94%, Carvana -5.6%, and Skyworks Solutions 13.55%. It was a tough day for crypto. Bitcoin slid over 4% to US$75,840, and Coinbase tumbled 10.1%
The catalyst continues to be the blockage of the Strait of Hormuz as the U.S. and Iran continue fighting. WTI crude jumped over 4% to US$105.60 as energy stocks like CNQ rallied 2.52% and Whitecap Resources 3.32%. Energy was the lone gainer on the TSX while discretionary, staples and real estate lagged the most. The TSX sank 0.34% or 120 points. Other big movers on Bay Street: Ivanhoe Mines -4.54%, Bausch Health -4.48% and BCE -2.12%. Silver edged up by 0.55% to US$63.50 and gold gave back six dollars to US$4,295.
📦 Amazon.com, Inc. (AMZN) -2.02%
🌶 Chipotle Mexican Grill (CMG) -5.94%
🚗 Carvana (CVNA) -5.6%
🧬 Skyworks Solutions Inc. (SWKS) +13.55%
🅱 Bitcoin (BTCUSD) (BTC-USD) -4%
🏛 Coinbase Global (COIN) -10.1%
🛢 Canadian Natural Rsrcs (CNQ.TO) +2.52%
🛢 Whitecap Resources (WCP.TO) +3.32%
⛏ Ivanhoe Mines Ltd (IVN.TO) -4.54%
👨⚕️ Bausch Health Companies Inc. (BHC.TO) -4.48%
📱 BCE Inc. (BCE.TO) -2.12%
