Earnings mixed, Powell holds rates

Wednesday saw a mixed bag of economic news that ultimately ended with a flat session. Earnings season continued to roll on.

Pfizer beat handily and shares rallied 6.09%. However, Starbucks and CVS both disappointed and they tanked by -15.98% and -16.84% respectively. Tech also had an up and down day with Amazon gaining 2.29% but AMD sinking nearly 9%. The U.S. 10-year yield climbed edged down 4.639% while Bitcoin slid 5.3% to US$57,400. Markets were in a holding pattern until the U.S. Fed’s Jay Powell announced the latest interest rate policy which was hold. His tone was not hawkish and he did not indicate a cut or increase coming in the future. U.S. markets initially popped then returned to their previous positions. The S&P ended -0.34%, the Nasdaq -0.33% and the Dow 0.23%.

The TSX was basically flat, up 14 points, though most sectors gained. Utilities was the strongest, while energy and discretionary lagged the most. Brookfield Renewable soared 11.45%, Bombardier rallied 7.38% and New Gold shone 9.66%. However, Tilray closed -19.3% and Baytex was -5.1%. Gold added 1% to US$2,330 as WTI sank 3.35% to US$79.15.

💉 Pfizer Inc (PFE-N) +6.09%

☕ Starbucks (SBUX-Q) -15.98%

👨‍⚕️ CVS Health Corp (CVS-N) -16.84%

📦 Amazon.com, Inc. (AMZN-Q) +2.29%

💾 Advanced Micro Devices (AMD-Q) -9%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -5.3%

💡 Brookfield Renewable Energy (BEP.UN-T) +11.45%

🚂 Bombardier Inc (B) (BBD.B-T) +7.38%

🥇 New Gold Inc. (NGD-T) +9.66%

🌿 Tilray Inc. (TLRY-Q) -19.3%

🛢 Baytex Energy Corp (BTE-T) -5.1%