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Amazon, inflation drag U.S. markets down, commodities pressure TSX
Allan Tong
Posted On July 30, 2021
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On Friday, data showed that U.S. consumer spending rose more than expected in June, which pushed annual inflation above the Federal Reserve’s 2% target. This triggered anxiety in some investors.
Further pressure came from Amazon, which sank 7.6% in its biggest daily drop since May 2020 after Q2 sale narrowly missed the street’s estimates and the company warned that sales would ease in coming months as consumers spend more outside the home. The result was a down day to end a record-breaking week: the Dow -0.42%, the S&P 0.54%% and the Nasdaq -0.71%. For the week, both the both the Dow and S&P lost a third of a percentage point, but the former climbed almost 2% for July and the latter nearly 2.5% added for the month. The Nasdaq shed 1% for the week, but rose 1% in July.
The TSX closed -0.12% for the day, but was up 0.5% for the week. Most sectors performed well, but energy and financials dragged the index down. Winners included Restaurant Brands International, the home of Timmy’s, which served a 5.42% gain, Tamarack Valley Energy up 4.67%, Yamana Gold up 3.71%. Losers included Denison Mines which closed -5.59%, BMO at -2.07%, Tilray at -5%. The price of WTI crude was flat, while WCS gained 0.5% to approach $60 per barrel.
📦 Amazon.com -7.6%
🍛 Restaurant Brands International +5.42%
🛢 Tamarack Valley Energy +4.67%
🥇 Yamana Gold Inc. +3.71%
⛏ Denison Mines Corp -5.59%
🏛 Bank of Montreal -2.07%
🌿 Tilray Inc. -5%
