Hawkish Fed comments dampen markets
On Thursday, hawkish comments by regional members of the U.S. Fed threw cold water on the markets. Though stocks closed the session on strength, the S&P finished -0.3%, the Nasdaq -0.35%, though the Dow broke even by shedding six points. Retail was in the spotlight as some department store chains reported.
Macy‘s soared 15% as Kohl’s advanced 5.44%. Elsewhere, Cisco rallied 5.36%, Norwegian Cruise Line closed -5.36% and Freeport-McMoRan -3.17%. The U.S. 10-year yield inched up to 3.769% while Bitcoin added 0.89% to around $16,700.
A fall in oil prices pressured the TSX which slipped 0.53%. WTI sank 4% to fall to $82 a barrel. The Toronto sectors were mixed, more red than green, led by consumer staples, but were dragged down by materials and utilities. Major movers included Bausch Health up 8.82%, Wesdome Gold Mines at 4.52%, Equinox Gold down 9.17% and Descartes Systems losing 7.61%.
🛍 Macys Inc. (formerly Federated Department Stores) (M-N) +15%
🛍 Kohl’s Corp (KSS-N) +5.44%
📡 Cisco (CSCO-Q) +5.36%
🚢 Norwegian Cruise Line Holdings (NCLH-N) -5.36%
⛏ Freeport McMoran Copper & Gold (FCX-N) -3.17%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.89%
👨⚕️ Bausch Health Companies Inc. (BHC-T) +8.82%
🥇 Wesdome Gold Mines Ltd. (WDO-T) +4.52%
🥇 Equinox Gold (EQX-T) -9.17%
💾 Descartes (DSG-T) -7.61%