Fed, banking and recession fears pressure markets
Worries over Wednesday’s U.S. Fed rate decision as well as ongoing anxiety over the American regional banks and fears of a recession pressured stocks on Wall Street. Both the Nasdaq and Dow closed -1.08%, and the S&P -1.16%, though off the day’s lows. Most sectors were in the red.
Notable movers were Chegg which sank 48.41% after it reported, Keycorp at -9.42%, Halliburton -8.26% and Bank of America -3.03%. A rare bright spot was Etsy, rallying 3.03%. The U.S. 10-year yield was 3.431% while Bitcoin rose 2.3% to $28,700.
The TSX declined 1% with only three sectors gaining any ground. Materials jumped, but energy, financials and real estate lagged. Restaurant Brands International reported and climbed 2.18%. Blackberry announced it would consider breaking up its businesses, and shares jumped 9.32%. Suncor closed -4.79%, Athabasca Oil -7.58% and Meg Energy -6.3%. Meanwhile, WTI crude sank over 5% to below $72 a barrel.
📙 Chegg (CHGG-N) -48.41%
🏛 Keycorp (KEY-N) -9.42%
🛢 Halliburton Co (HAL-N) -8.26%
🏛 Bank of America (BAC-N) -3.03%
🛍 Etsy Inc. (ETSY-Q) +3.03%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2.3%
🍲 Restaurant Brands International (QSR-T) +2.18%
📱 BlackBerry (BB-T) +9.32%
🛢 Suncor Energy Inc (SU-T) -4.79%
🛢 Athabasca Oil Sands Corp (ATH-T) -7.58%
🛢 MEG Energy Corp (MEG-T) -6.3%