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Spreadsheet
On Tuesday, Wall Street continued to worry over the U.S. Fed’s decision on Wednesday about tapering and raising interest rates in 2022. While the TSX shed 0.53%, the Dow closed -0.3%, the S&P -0.75% and the Nasdaq -1.2% though it was down 2% earlier in the session. It didn’t help that November’s PPI, measuring American wholesale prices, jumped 9.6% on the year, showing inflation rising faster than expected and fanning Fed fears.
Tech took the brunt of the selling with even stalwart names like Microsoft falling 3.26%. High-multiple names like Ballard Power slid 5.35% while Adobe was doubly hit by an analyst downgrade and tanked 6.48%. Enjoying upside, however, were Beyond Meat which soared 9.29%, Centene up 4.75% and Nucor which climbed 2.48%. Only healthcare decisively gained among the Dow components. Meanwhile, the U.S. 10-year yield hovered around 1.43%.
In Toronto, tech and energy pressured the TSX while industrials modestly rallied. Energy was hammered. Crescent Point sank 5.89%, Baytex fell 5.14% and Tamarack Valley slid 4.76%. Elsewhere, Bombardier lost 4.12% and Hexo suffered nearly a 10% drop. Crude oil’s poor performance impacted the Toronto exchange. WTI crude declined 1.25% to just over $70 a barrel, while WCS retrenched 1.8% to $54. Expect more market turbulence as Jay Powell speaks on Wednesday.
Ⓜ Microsoft (MSFT-Q) -3.26%
🔋 Ballard Power Systems (BLDP-T) -5.35%
💾 Adobe Systems (ADBE-Q) -6.48%
🥩 Beyond Meat Inc. (BYND-Q) +9.29%
👨⚕️ Centene (CNC-N) +4.75%
⛏ Nucor Corp. (NUE-N) +2.48%
🛢 Crescent Point Energy Corp (CPG-T) -5.89%
🛢 Baytex Energy Corp (BTE-T) -5.14%
🛢 Tamarack Valley Energy (TVE-T) -4.76%
🚂 Bombardier Inc (B) (BBD.B-T) -4.12%
🌿 Hexo Corp (HEXO-T) -10%
