Choppy markets wait for stimulus
Wednesday’s markets bounced around and closed negative as investors waited for an announcement about a stimulus package from Washington. Wall Street’s main indices closed between -0.22% and -0.35%. On the Dow, industrials and healthcare bore the brunt of the selling, as Boeing slid 2%, while other sectors were mixed. Goldman Sachs shed 2.46%. Tech names did not run to the rescue, but also saw mixed action.
AMD fell 2.89%, though Facebook leapt 4.17%, PayPal jumped 5.5% and Alphabet surged 2.25%. However, Snap popped 28.3% on a surprise earnings beat, announced late Tuesday. Early Wednesday, the White House said that negotations with the Democrats carried a “sense of optimism.” Despite that assurance, the U.S. dollar declined against six peers, though it was essentially flat agains the Canadian dollar, at 76.10 cents, just a penny below its one-year high.
The TSX was dragged down by weak oil prices, with a barrel of WTI falling 4% and WCS losing over 2.5%. Husky and Cenovus shares shed nearly 3%. Faring better were materials, financials and real estate which rallied. Hudbay Minerals spiked 6.64% and Fortuna Silver Mines rose 5.44%. Beyond the shiny rocks, Corus Entertainment enjoyed a 6.44% gain while Autocanada soared nearly 5%. The price of gold was essentially flat for the session, hovering around US$1,925/ounce.
🛫 Boeing -2%
🏛 Goldman Sachs -2.46%
💿 Advanced Micro Devices -2.89%
🕵️♂️ Facebook +4.17%
🛍 PayPal Holdings Inc. +5.5%
🧮 Alphabet Inc. / Google +2.25%
📹 Snap Inc. +28.3%
🛢 Husky Energy -3%
🛢 Cenovus Energy -3%
👑 Hudbay Minerals Inc. +6.64%
🥈 Fortuna Silver Mines +5.44%
📺 Corus Entertainment +6.44%
🚗 AutoCanada Inc. +5%