Fed comments pressure markets
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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%