Hot inflation data triggers sell-off
The recent rally ground to a halt Tuesday after January’s U.S. CPI print came in at 3.1% instead of the street’s forecast of 2.9%. Stocks sold off across the board in New York and Toronto, leaving the S&P -1.37% and falling below 5,000, the Nasdaq -1.8%, and the Dow -1.37% just after making record highs. The U.S. 10-year yield jumped to 4.322%.
Amazon traded the most hands and closed -2.15%. Other major movers: Tesla -2.15%, Moody’s -7.94%, Biogen -7.39%, and Waste Management which rallied 5.97% after reporting a beat. Bitcoin shed 0.5% to trade around $49,700.
In Toronto, the TSX sank 2.29% to fall below 20,600. WTI climbed 1.1% to $77.77, but all sectors were down, led by materials, financials and staples. The most-traded name was Suncor at -1.58%, followed by SSR Mining which crashed by 53.52% after they halted operations following a landslide at their Turkish mine, Shopify at -12.54% and Barrick Gold -3.08%.
📦 Amazon.com, Inc. (AMZN-Q) -2.15%
🚗 Tesla Inc (TSLA-Q) -2.15%
🏛 Moody’s Corp. (MCO-N) -7.94%
🧫 Biogen IDEC Inc. (BIIB-Q) -7.39%
♻ Waste Management (WM-N) +5.97%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.5%
🛢 Suncor Energy Inc (SU-T) -1.58%
⛏ SSR Mining (SSRM-T) -53.52%
🛍 Shopify Inc. (SHOP-T) -12.54%
🥇 Barrick Gold (ABX-T) -3.08%