Markets decline after winning streak
Stocks on Wednesday gave back recent gains. The S&P closed -1.23%, the Nasdaq -1.32% and the Dow -1.29%. On Wall Street, energy and utilities thrived while financials and industrials lagged.
Losing ground were Adobe, down 9.14%, after issuing disappointing guidance despite beating its latest numbers. Micron came in at -4.27% and Wells Fargo -4.2%. Gainers were Schlumberger up 2.99%, Diamondback Energy at 3.91% and Newmont at 3.77%. The U.S. 10-year yield slipped to 2.3% while Bitcoin declined 0.7% to around $42,300.
A surge in oil prices cushioned the TSX’s losses to 0.55%, though the index fell below 22,000 after scaling recent record highs. WTI jumped 4.7% to $114 a barrel while WCS leapt 6% to $103.50. Energy and materials surged while financials trailed, especially the banks. BMO announced an equity issuance to pay for an American bank they’re buying and shares sank 3.71%. The other big banks tumbled as well. Bombardier shed 2.63% and Air Canada sank 2.5% Winners were Boyd Group Services up 12.47%, Gran Tierra Energy by 7.69% and Trican Well Service up 7.69%.
💾 Adobe Systems (ADBE-Q) -9.14%
🧬 Micron Technology (MU-Q) -4.27%
🏛 Wells Fargo (WFC-N) -4.2%
🛢 Schlumberger Ltd. (SLB-N) +2.99%
💎 Diamondback Energy (FANG-Q) +3.91%
🥇 Newmont Goldcorp (NGT-T) +3.77%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.7%
🏛 Bank of Montreal (BMO-T) -3.71%
🚂 Bombardier Inc (B) (BBD.B-T) -2.63%
🛫 Air Canada (AC-T) -2.5%
🔩 Boyd Group Services Inc. (BYD-T) +12.47%
🛢 Gran Tierra Energy Inc. (GTE-T) +7.69%
🛢 Trican Well Service Ltd. (TCW-T) +7.69%