On Wednesday, the U.S. Labor Department issued inflation data for April which showed the biggest rise in almost 12 years. This triggered sharp selling across the board with the Nasdaq closing -2.67%, the S&P -2.14%, the Dow -1.99% and the TSX -0.91% which enjoyed some support from rising oil prices.
Industrials were hard hit, like Boeing at -3.54% and Honeywell at -3.95%. Even the homebuilding space saw losses as Home Depot closed down over 4%. Many FAANG names were down 2-3%, such Microsoft at -2.94%. Oil was an oasis with Occidental Petroleum rising 2.41%. The price of WTI climbed nearly 1% and the U.S. 10-year inched up to 1.695%. Bitcoin slid 4% and gold retreated 1%. Wall Street is openly questioning how long the U.S. Fed can maintain its dovish stance on interest rates, though many see inflation as a transitory phase.
As mentioned, oil cushioned the TSX’s fall as the price of WCS rose nearly 1.5%. Cenovus rallied 2.78% and Whitecap Resources climbed 3.15%. In contrast, Western Forest Products plunged 10.32%. Earnings continued to roll in. Intertape Polymer jumped after reporting a strong quarter and Savaria leapt 6.81% after beating its own quarter. However, Hudbay Minerals plunged 7% after posting a Q1 loss.
🛫 Boeing -3.54%
💾 Honeywell International -3.95%
🛠 Home Depot -4%
Ⓜ Microsoft -2.94%
🛢 Occidental Petroleum Corp +2.41%
🅱 The Bitcoin Fund -4%
🛢 Cenovus Energy +2.78%
🛢 Whitecap Resources +3.15%
🌲 Western Forest Products Inc. -10.32%
📦 Intertape Polymer Group +3.58%
♿ Savaria Corp +6.81%
⛏ Hudbay Minerals Inc. -7%