Markets rebound ahead of Fed
Monday offered the markets some relief as stocks rebounded nearly across the board to recover some of the losses from last week’s sell-off. It happened on the eve of the U.S. Fed’s next meeting and interest rate decision. The S&P closed 1.2% higher, the Nasdaq 1.16%, and the Dow 1.58% though stayed below 33,000. Major movers were Western Digital up 7.26%, Charter Communications 4.78%, Tesla -4.79%, Amazon 3.8% following recent earnings, though ON Semiconductor sank 21.77%. The U.S. 10-year yield held around 4.894% while Bitcoin declined 0.25% to $34,500.
The TSX advanced 0.64%, though didn’t return to 19,000. Energy was weak, but materials plunged largely due to First Quantum Minerals sliding over 28% after Panama announced a referendum on a mine deal, following protests. Also, BlackBerry jumped 6.36%, Royal Bank rose 1.52% and Franco-Nevada sank 8.47%. By far, consumer staples were the strongest sector, followed by industrials and utilities. WTI crude continued to weaken, falling 3.5% to $82.50.