Headlines and Fed dampen markets

Markets sank Wednesday on fears that the U.S. Fed will continue to hike rates and on negative news from key companies. Alphabet shares tanked around 7.68% (A class) after Google’s new AI demonstration suffered a glitch that left the street skeptical (coming a day after Microsoft unveiled its new AI-enhanced Bing search engine. The S&P closed -1.11%, the Nasdaq -1.68%%, and the Dow -0.61%.

Tesla traded the most hands and rose 2.28% while CME Group added 5.42%. However, Lumen Technologies sank 20.84%. The U.S. 10-year yield held at 3.619% as Bitcoin slipped 1.5% below $23,000. Earnings season continued as Disney reported a beat and layoffs after hours, and shares surged.

The TSX fared better by shedding only 0.22%. Sectors were mixed as consumer staples soared while materials led the laggards. Major movers included Enbridge at -2.69%, Shopify -2.67%, Canada Goose -4.44%, Wesdome Gold Mines rallying 4.37%, and Brookfield Asset Management advancing 2.75%. WTI oil jumped 1.65 To $78.50.

🧮 Alphabet Inc. / Google (GOOG-Q) -7.68%
🚗 Tesla Inc (TSLA-Q) +2.28%
🏛 Market Summary > CME Group Inc (CME-Q) +5.42%
📡 Lumen Technologies Inc (LUMN-N) -20.84%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.5%
🛢 Enbridge (ENB-T) -2.69%
🛍 Shopify Inc. (SHOP-T) -2.67%
🧣 Canada Goose Holdings (GOOS-T) -4.44%
⛏ Wesdome Gold Mines Ltd. (WDO-T) +4.37%
🏛 Brookfield Asset Management Inc. (BAM-N) +2.75%