Markets dip on hawkish U.S. Fed
Stocks on both sides of the border lost altitude Thursday after hawkish comments made by carious U.S. Fed officials, warning that more interest rate hikes are likely to continue and could remain elevated for a while. Green turned into red across trading screens by the close, leaving the S&P to finish -0.61%, the Nasdaq -1.02%, and the Dow -0.73%.
A case in point was Disney which delivered a strong beat after hours Wednesday and rallied for most of Thursday, but ultimately closed the day -1.31%. Elsewhere, Alphabet (A class) sank 4.29% and Lyft tanked 20% after reporting a disappointing quarter after the bell, but MGM Resorts rallied 6.18% and Tesla rose 3.42% as the most-traded name. The U.S. 10-year yield inched up to 3.665% as Bitcoin slid 4% below $22,000.
The TSX fared a little better by slipping 0.46%. Only consumer staples and real estate gained as materials and telcos led the laggards. Major movers: Barrick Gold -2.8%, Telus -3.77%, Canopy -16.62%, Lundin Mining -3.35% and Cameco jumping 4.57%.
👸 Walt Disney Co. (DIS-N) -1.31%
🧮 Alphabet Inc. / Google (GOOG-Q) -4.29%
🚕 Lyft (LYFT-Q) -20%
♠ MGM Mirage (MGM-N) +6.18%
🚗 Tesla Inc (TSLA-Q) +3.42%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4%
🥇 Barrick Gold (ABX-T) -2.8%
📱 Telus Corp (T-T) -3.77%
🌿 Canopy Growth Corp. (WEED-T) -16.62%
⛏ Lundin Mining Corp. (LUN-T) -3.35%
⛏ Cameco Corporation (CCO-T) +4.57%