BOC hikes key rate
On Wednesday morning, the Bank of Canada surprised Bay Street (but not Stockchase) by rising the key lending rate 25 basis points to 4.75%. The BOC was responding to recent data, including stubborn inflation. The TSX slipped 0.34%, though sectors were mixed. Industrials and energy rose, but consumer staples and tech sank.
Major movers were Suncor up 1.76% and Pembina. Beyond energy, Shopify closed -6.65% and North West Company -10.81%. Indigo announced the stunning resignation of its longtime CEO as well as four board directors including one who complained of mistreatment. Indigo shares popped 11.28%. WTI rose 1.25 to $72.60 a barrel.
In New York, tech dragged down the major indices as the S&P finished -0.38%, the Nasdaq -1.29%, though the Dow added 0.27%. Big movers here were Amazon at -4.25% after announcing it will launch ad-supported version of Prime streaming, AMD -5.15%, Campbell Soup -8.91% after issuing weak guidance. However, Warner Bros. Discovery jumped 8.43% after its CEO departed. The U.S. 10-year yield was 3.793% while Bitcoin slid 3% to $26,400.
🛢 Suncor Energy Inc (SU-T) +1.76%
🛍 Shopify Inc. (SHOP-T) -6.65%
🌲 North West Company (NWC-T) -10.81%
🛍 Indigo Books & Music Inc. (IDG-T) +11.28%
📦 Amazon.com, Inc. (AMZN-Q) -4.25%
💾 Advanced Micro Devices (AMD-Q) -5.15%
🥫 Campbell Soup Company (CPB-N) -8.91%
🎞 Warner Bros. Discovery (WBD-Q) +8.43%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3%
