Inflation worries markets
Monday stocks sank on recurring inflation fears. In New York, the S&P closed -1.15%, the Nasdaq -2.26% and the Dow -0.52%. Only utilities and real estate gained while the other nine sectors on the S&P slipped. Elon Musk grabbed headlines again after he pulled out his takeover deal of Twitter, which sent those shares sliding 11.3% and inspiring the company to sue Musk.
Other tech was beaten up as the Ark Innovation fund slid 6.91%, Nvidia -4.33%, Amazon at -3.28%, and Tesla -6.55%, Musk’s company. Gaining were Martin Marietta Materials by 2% and CBOE Global Market at 2.34%. The U.S. 10-year yield dipped below 3% to 2.99% while Bitcoin slid 2.5% but stayed above $20,000.
Weakness in crude oil pressured the TSX to retrace by 1.08%. WTI slipped over 1% to $103, though it fell below $100 during Monday, and WCS slipped 0.5% to $82. Losers included Manulife at -1.23% in heavy trading, Suncor at -2.14% after its CEO stepped down after heavy criticism of the company’s employee safety record, Cenovus -2.57%, Rogers -4.61% after its national outage last Friday, and Air Canada -5.12% as it continues to cancel and postpone flights en masse. Gainers included MTY Food Group up 2.56% and Stingray Group at 4.41%.
🐦 Twitter, Inc (TWTR-N) -11.3%
💹 ARK Innovation ETF (ARKK-Q) -6.91%
💾 Nvidia Corp (NVDA-Q) -4.33%
📦 Amazon.com (AMZN-Q) -3.28%
🚗 Tesla Motors Inc (TSLA-Q) -6.55%
🧱 Martin Marietta Materials (MLM-N) +2%
🏛 CBOE Holdings Inc. (CBOE-Q) +2.34%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.5%
🏛 Manulife Financial (MFC-T) -1.23%
🛢 Suncor Energy Inc (SU-T) -2.14%
🛢 Cenovus Energy (CVE-T) -2.57%
📡 Rogers Communications (B) (RCI.B-T) -4.61%
🛫 Air Canada (AC-T) -5.12%
🍱 MTY Food Group (MTY-T) +2.56%
📺 Stingray Digital Group Inc. (RAY.A-T) +4.41%