Cautious investors pressure stocks
Markets began the week on a negative note as cautious investors sold growth stocks and other classes ahead of the U.S. Fed’s comments on Wednesday. The Fed’s Jerome Powell is expected to accelerate tapering and re-address the timeline to hike interest rates in 2022, both driven by current strong inflation numbers. On Monday, the Dow closed -0.89%, the S&P -0.91% and the Nasdaq -1.39%. Besides tech, industrials and financials also sold off on Wall Street while healthcare names moved into the green.
Boeing dove 3.5% as many travel names sank, including Airbnb by 5.43% and American Airlines by 5.08%. Meme stocks, once hot earlier this year, continued to tank. Gamestop slid nearly 14% during the session. Meanwhile, Wall Street kept an eye on Apple which flirted briefly with a $3-trillion market cap, but declined 2% by the close.
Losses in Toronto were shallower, given how WTI crude retrenched a modest 0.66% to $71 per barrel while WCS actually inched into the positive to $55. Like Wall Street, tech, financials and industrials also weakened though materials were in the green. The rails traded the most hands, but declined: CP closed -2.23% and CN -3.45%. Suncor finished -2.36% and Crescent Point -4.3%. Moving up, however, were Franco-Nevada at 2.28%, Kirkland Lake Gold by 2.62% and Agnico Eagle at 3.07%
🛫 Boeing (BA-N) -3.5%
🧳 Airbnb (ABNB-Q) -5.43%
✈ American Airlines Group (AAL-Q) -5.08%
🎮 GameStop Corp. (GME-N) -14%
🍎 Apple (AAPL-Q) -2%
🚂 Canadian Pacific Rail (CP-T) -2.23%
🚂 Canadian National R.R. (CNR-T) -3.45%
🛢 Suncor Energy Inc (SU-T) -2.36%
🛢 Crescent Point Energy Corp (CPG-T) -4.3%
🥇 Franco-Nevada Corp. (FNV-T) +2.28%
🥇 Kirkland Lake Gold (KL-T) +2.62%
⛏ Agnico-Eagle Mines (AEM-T) +3.07%