Markets slide on fears of slowing U.S. recovery
With Washington deadlocked and unable to release the next fiscal stimulus package and America still unable to control its Covid cases, investors on Wall Street sold off on Wednesday. Megacap tech stocks took the biggest hit as the Nasdaq slid 3% while the S&P fell 2.37% and the Dow lost 1.92%.
Apple and Amazon plunged over 4% in heavy trading while AMD shed 3.82%. Predictably, travel and leisure names sold off, with American Airlines down 3.32%. The Dow saw declines across the board, from industrials (Boeing -3.58%) to energy (Chevron -4.74%). Nike was easily the winner of the day, blowing away sales expectations, especially online, with a slam-dunk quarter. The running shoe king soared 8.76%.
Oil sank 2.46% and helped dragged the TSX down 2%, although the price of WTI and WCS closed only modestly down. Actually, materials slid over 5%, as consumer staples was the only sector that didn’t slide. Barrick Gold closed -4.19% while Kinross plunged over 10%. That loss paled next to Aurora‘s which reported a brutal quarter late Tuesday and sank 29%. Among the day’s few gainers was AGF Management, rallying 4.81%, and Canadian Tire, up 3.32%. Gold was flat for the session.
🍎 Apple -4%
📦 Amazon.com -4%
💿 Advanced Micro Devices -3.82%
🛫 American Airlines Group -3.32%
🛫 Boeing -3.58%
🛢 Chevron Texaco -4.74%
👟 Nike Inc +8.76%
🥇 Barrick Gold -4.19%
🥇 Kinross Gold -10%
🌿 Aurora Cannabis -29%
🏛 AGF Management (B) +4.81%
🚗 Canadian Tire Corporation Ltd +3.32%