Key earnings weigh on markets
Amid a backdrop of rising yields, markets sank on Wednesday as key earnings and guidance disappointed.
Most notably, Palo Alto reported and the street sold off the leading cybersecurity stock by nearly -28%. In turn, peers also sank, such as Fortinet which sank 4.46%. Elsewhere, Intel closed -2.56%, Garmin jumped 8.59% and Nvidia slipped 3.19% ahead of earnings after the closing bell. The S&P closed -0.09% higher, the Nasdaq -0.52%, and the Dow -0.13%. The U.S. 10-year yield continued to edge up, around 4.391%, while Bitcoin sank 2.25% to nearly $51,100.
On Bay Street, a 1.25% rise in WTI to $78 helped limit the TSX’s losses to 0.3% or 64 points. Energy was among only three sectors to rally, while tech, financials and materials led the rest of the index downward. Manulife closed -1.76% as the most-traded name. Suncor rallied 2.79% and CNQ 7.89%. Meanwhile, Iamgold finished -8.65% and Wheaton Precious Metals -8%.
💾 Palo Alto Networks (PANW-N) -28%
💾 Fortinet Inc (FTNT-Q) -4.46%
💻 Intel (INTC-Q) -2.56%
🧬 Garmin Limited (GRMN-Q) +8.59%
💾 NVIDIA Corporation (NVDA-Q) -3.19%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.25%
🏛 Manulife Financial (MFC-T) -1.76%
🛢 Suncor Energy Inc (SU-T) +2.79%
🛢 Canadian Natural Rsrcs (CNQ-T) +7.89%
🥇 Iamgold Corp (IMG-T) -8.65%
⛏ Wheaton Precious Metals (WPM-T) -8%
