Geopolitics shadows Wall Street
With the TSX closed for Canadian Thanksgiving, American stocks continued to decline on Monday. Geopolitics were the catalysts. Washington issued fresh restrictions on China’s access to American semiconductors and related equipment. At the same time, Beijing is stepping up lockdowns to contain Covid outbreaks. China’s strict policy (which doesn’t employ effective U.S. vaccines) is reacting to 1,878 cases reported on Sunday. On Wall Street, semis and tourism stocks were hit hardest.
AMD closed -1.08% in heavy trading, and likewise AMD finished -2.02%. Wynn Resorts slid 12.25% and Carnival sank 5.62%. Elsewhere, Ford declined 6.89%. However, healthcare was strong, with Walgreens rallying 4.33% and Moderna adding 3.44%. Bitcoin slipped over 1% to trade above $19,000 while WTI crude declined 2% to fall below $91 a barrel. Inching up was the U.S. 10-year yield to 3.88%. All eyes are on U.S. earnings which begin reporting late this week.
💾 Advanced Micro Devices (AMD-Q) -2.02%
♠ Wynne Resorts Ltd. (WYNN-Q) -12.25%
🚢 Carnival Corp. (CCL-N) -5.62%
🚘 Ford Motor (F-N) -6.89%
💊 Walgreen Boots Alliance (WBA-Q) +4.33%
💉 Moderna (MRNA-Q) +3.44%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1%