Markets slide after Fed holds rates
New York and Toronto tumbled after the U.S. Fed announced Wednesday that it would hold interest rates, despite high–and possibly–rising inflation due to the US-Iran war. The S&P closed -1.52%, the Nasdaq -1.74% and the Dow -2.19%. Fighting resumed in the Middle East which sent WTI crude soaring 7% to US$84.80 after days of sinking during a brief ceasefire. Meanwhile, the AI stocks continued to sell off: Nvidia -3.55%, Intel -5.12%, Micron -9.94% and KLA -10.8% after issuing soft guidance. In contrast, Ford rallied 2.14%. Bitcoin was steady, down US$360 to US$63,475 while the U.S. 10-year yield inched up 4.694% on the Fed news.
The TSX fell 1.16% or 415 points from its all-time high as only energy and one other sector enjoyed any gains. Financials and healthcare led the remaining sectors down. Most active were Telus, popping another 3.92%, and CNQ 4.61%. Allied Gold cratered by 18.64%, Aecon sank 9.11% and Badger Infrastructure slid 8.37%. In contrast, silver rose 0.35% to US$57.20 and gold climbed US$21 to US$4,050.
💾 NVIDIA Corporation (NVDA) -3.55%
💾 Intel (INTC) -5.12%
💾 Micron Technology (MU) -9.94%
🧬 KLA-Tencor (KLAC) -10.8%
🚘 Ford Motor (F) +2.14%
📱 Telus Corp (T.TO) +3.92%
🛢 Canadian Natural Rsrcs (CNQ.TO) +4.61%
⛏ Allied Gold Corp (AAUC.TO) -18.64%
⚙ Aecon Group Inc (ARE.TO) -9.11%
⚙ Badger Infrastructure (BDGI.TO) -8.37%
