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Fears of ongoing inflation and the U.S. raising interest rates sooner than later continue to weigh on investors who pushed stocks further down Thursday. The Dow closed -1.59%, the S&P -1.19% and the Nasdaq -0.49%. The U.S. 10-year yield, however barely moved from 1.51%. Once again, all the Dow components closed in the red.
Most notably, Caterpillar finished the session -3.11%, Walgreens -3.33%, Home Depot -2.57% and American Airlines -2.33%. However, Bed Bath & Beyond tanked 22.18% after missing Q2 earnings due to supply chain constraints, a common lament of late which added to the day’s pessimism. Surprisingly, tech had an easier session and saw a few gains in AMD, up 2.54%, and Affirm Holdings, up 5.64%. The Dow and Nasdaq finished Q3 with its first negative performance since March 2020. The Dow and S&P are trading 5% below their all-time highs.
The TSX fared comparatively better, shedding only 0.44% for the day. Materials, energy and staples actually climbed, while other components sank. Big gainers included Bombardier, up 3.35%, Denison Mines jumping nearly 7%, and Cameco 4.76%. Losing altitude were Air Canada, down 2.57%, Lightspeed shedding another 3% as it battles a negative short-seller’s report, and Xebec Adsorption plunging 10.71%. Both the U.K. and now China are seeing energy shortages, which nudged the price of WTI oil up 0.25% to $75 a barrel, and WCS by 0.33% to over $63 and absorbed the TSX’s overall losses. Meanwhile, Bitcoin rebounded 6% to nearly $44,000.
🏗 Caterpillar -3.11%
💊 Walgreen Boots Alliance -3.33%
🛠 Home Depot -2.57%
🛫 American Airlines Group -2.33%
🛏 Bed Bath & Beyond -22.18%
💾 Advanced Micro Devices +2.54%
💿 Affirm Holdings +5.64%
🚂 Bombardier Inc (B) +3.35%
⛏ Denison Mines Corp +7%
🧱 Cameco Corporation +4.76%
🛫 Air Canada -2.57%
💾 Lightspeed Commerce Inc -3%
🏗 Xebec Adsorption -10.71%
🅱 The Bitcoin Fund +6%
