Markets move on central bank comments
The Bank of Canada and the U.S. fed issued statements on Tuesday about the direction of interest rates which moved the needle on Bay and Wall streets. The BOC Governor, Tiff Macklem, offered to pause rate hikes to protect the Canadian economy from slowing down too much. The TSX climbed by 0.56% with energy topping all sectors (staples and telcos lagged the most).
Notable movers were Vermilion Energy up 4.37%, Athabasca Oil by 5.09% and Baytex at 5.19%. Also rising was Alaris Royalty Partners by 3.62%. However, Canopy retreated 4.31%. WTI oil surged 4% to $77.50.
Energy also performed the best on Wall Street which see-sawed throughout the day as it digested comments by the Fed’s Jay Powell. Ultimately, the street liked what he said. The S&P closed 1.29%, the Nasdaq 1.9% (to top 12,000), and the Dow 0.78%. Tech led gains, unsurprisingly, with Microsoft surging 4.34%, Alphabet (A) adding 4.76%, and Nvidia 5.31. Videogaming stocks reported; Activision Blizzard rallied 5.55% and Take-Two Interactive jumped 7.85%. The U.S. 10-year yield rose to 3.68% while Bitcoin leapt 2% to $23,200.
🛢 Vermilion Energy Inc (VET-T) +4.37%
🛢 Athabasca Oil Sands Corp (ATH-T) +5.09%
🛢 Baytex Energy Corp (BTE-T) +5.19%
🏛 Alaris Equity Partners Income Trust (AD.UN-T) +3.62%
🌿 Canopy Growth Corp. (WEED-T) -4.31%
Ⓜ Microsoft (MSFT-Q) +4.34%
🧮 Alphabet Inc. / Google (GOOG-Q) +4.76%
💾 Nvidia Corp (NVDA-Q) +5.31%
🎮 Activision Blizzard (ATVI-Q) +5.55%
💾 Take-Two Interactive Softwar (TTWO-Q) +7.85%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2%