Markets sink on inflation data
Wednesday saw another wild session as markets initially rallied on new U.S. inflation data which was slightly worse than expected, but signalled some easing. However, the sentiment turned bearish and stocks sold off. The S&P closed -1.65%, the Nasdaq -3.18% and the Dow -1.02%.
Also, Bitcoin slid 7% to nearly break below $29,000. Notable movers: bellweather Apple sank 8% to well below the $150 mark; Microsoft alow slid, down 3.32%, Ford down 3.9%, Tesla lost 8.25% and Carnival retreated 4.51%. Energy enjoyed the only consistent rally as Marathon Oil rose 3.2%. Add to that Electronic Arts jumping nearly 8%. The U.S. 10-year yield remained below 3% though.
WTI and WCS both jumped $5.50 a barrel to $105 and $91 respectively. The rise in oil and to a lesser degree minerals limited the TSX’s losses to 0.27% as most sectors were in the red. Influential names included Manulife down 1.34%, Shaw Communications sliding 3.9% and Athabasca Oil shedding 2.51%. Seeing upside were Suncor by 3.44% and Whitecap Resources by almost 4%. The Canadian dollar inched upwards to nearly 87 cents against the USD.
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -7%
🍎 Apple (AAPL-Q) -8%
Ⓜ Microsoft (MSFT-Q) -3.32%
🚘 Ford Motor (F-N) -3.9%
🚗 Tesla Motors Inc (TSLA-Q) -8.25%
🚢 Carnival Corp. (CCL-N) -4.51%
🛢 Marathon Oil (MRO-N) +3.2%
🎮 Electronic Arts Inc (EA-Q) +8%
🏛 Manulife Financial (MFC-T) -1.34%
📡 Shaw Communication (B) (SJR.B-T) -3.9%
🛢 Athabasca Oil Sands Corp (ATH-T) -2.51%
🛢 Suncor Energy Inc (SU-T) +3.44%
🛢 Whitecap Resources (WCP-T) +4%