Markets extend losses
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On Tuesday, stocks broadly continued to sell off amid worries over the rise in Covid cases globally, such as India, and fears that the reopening may take longer than expected. On Wall Street, the Nasdaq closed -0.92%, the S&P -0.68% and the Dow -0.75% though slightly off their session lows.
Travel/leisure, industrials and energy bore the brunt of the selling, though healthcare rallied, like Johnson & Johnson, up 2.33%. Boeing closed -4.13%, Nike -4.26%, Booking Holdings -4.57%, American Airlines -5.48% and Goldman Sachs -3.92%. By far, the day’s big winner was Kansas City Southern, which soared 15.25% after CN Rail offered $30 billion to snatch the American rail from its rival, CP, sparking a bidding war.
CN plunged 6.28% and CP slipped 2.23%. The TSX closed -0.79% and mirrored the performance of its American peers. As the price of crude tumbled 1.5-2%, gold gained 0.4% as many gold stock rallied, such as Oceanagold by 5% and B2Gold by 3.54%. Not faring as well were Whitecap Resources, sliding 6.53%, Air Canada down 3.69% and Suncor down 3.63%. Elsewhere, Bitcoin rose 1.3%, but even the 10-year U.S. yield slid nearly 2.5% to 1.564%.
👨⚕️ Johnson & Johnson +2.33%
🛫 Boeing -4.13%
👟 Nike Inc -4.26%
🛫 Booking Holdings -4.57%
🛫 American Airlines Group -5.48%
🏛 Goldman Sachs -3.92%
🚂 Kansas City Southern +15.25%
🚂 Canadian National R.R. -6.28%
🚂 Canadian Pacific Rail -2.23%
🥇 Oceanagold Corp +5%
🥇 B2Gold Corp. +3.54%
🛢 Whitecap Resources -6.53%
🛫 Air Canada -3.69%
🛢 Suncor Energy Inc -3.63%
🅱 The Bitcoin Fund +1.3%
