Fed comments pressure markets
On Thursday, U.S. Fed Chair Jerome Powell raised interest rates by 50 basis points, which was widely expected, but expressed slightly hawkish comments that the Fed still “has a ways to go.” The S&P closed -0.61% to fall below 4,000, the Nasdaq -0.76%, and the Dow -0.42% to dip below 34,000. The U.S. 10-year came in at 3.479%.
The most active stocks on Wall Street were Tesla at -2.33% to continue its slide, and Apple -1.31%. Also moving were AMD at -3.18%, Moderna jumping another 6.67% after releasing promising news on an anti-cancer drug, and Pfizer up 2.93%. Meanwhile, Bitcoin edged up 0.35% go $17,800.
Losses on Bay Street were slightly lower, with the TSX declining 0.56% below 20,000. Only consumer discretionary and energy were positive. By far, staples were the biggest laggard. Major movers included Crescent Point Energy up 2.59%, TC Energy down 2.03% (as its Keystone pipeline struggles to recover from its worst-ever oil spill), BCE sliding 2.19% and Canada Goose climbing 3.34%. WTI crude enjoyed a 2.7% spike to $77.40.
🚗 Tesla Motors Inc (TSLA-Q) -2.33%
🍎 Apple (AAPL-Q) -1.31%
💾 Advanced Micro Devices (AMD-Q) -3.18%
💉 Moderna (MRNA-Q) +6.67%
💊 Pfizer Inc (PFE-N) +2.93%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.35%
🛢 Crescent Point Energy Corp (CPG-T) +2.59%
🛢 TC Energy (TRP-T) -2.03%
📱 BCE Inc. (BCE-T) -2.19%
🧣 Canada Goose Holdings (GOOS-T) +3.34%