Grinch robs Santa Claus rally
The TSX reopened for trading after Christmas, but the Grinch robbed Santa Claus of his rally. This is a rare year when stocks are not rising during the holiday reason. The many reasons include fears of a recession in 2023, the rise of Covid cases in China now that Beijing has ended its failed lockdown policy, and mixed economic data from the U.S. including low unemployment. On Wednesday, the S&P closed -1.2%, the Nasdaq -1.35%, and the Dow -1.1%.
There was hardly any green on the screens. Among the most influential names were Apple at -3.07%, Ford -2.23%, Southwest Airlines -5.16% which Washington will scrutinize after the carrier cancelled an unusually high number of flights during the massive Christmas storm, and Wynne Resorts at -5.03%. Tesla bounced 3.31% to halt its recent sell-off. The U.S. 10-year yield was relatively flat at 3.885% though Bitcoin slipped 1.1% to $16,500.
All TSX sectors were down as the Canadian exchange closed -1.14%. Consumer staples, real estate and energy were the hardest hit. Major movers included the banks CIBC at -1.74% and Bank of Nova Scotia -1.42%, TC Energy -1.64%, CNQ -2.41% and Algonquin Power at -2.4%. WTI crude shed 1% to slip below $79.
🍎 Apple (AAPL-Q) -3.07%
🚘 Ford Motor (F-N) -2.23%
🛫 Southwest Airlines (LUV-N) -5.16%
🏢 Wynne Resorts Ltd. (WYNN-Q) -5.03%
🚗 Tesla Motors Inc (TSLA-Q) -3.31%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.1%
🏛 Canadian Imperial Bank of Commerce (CM-T) -1.74%
🏛 Bank of Nova Scotia (BNS-T) -1.42%
🛢 TC Energy (TRP-T) -1.64%
🛢 Canadian Natural Rsrcs (CNQ-T) -2.41%
💡 Algonquin Power & Utilities Corp (AQN-T) -2.4%