Markets slide on recession fears
After rallying on the U.S. Fed’s 75-basis point hike in interest rates, markets sharply turned downward on Thursday. Fears of a recession spurred the selling. The session was simply ugly: the S&P closed -3.24%, the Nasdaq -4.08%, the Dow -2.41% below 30,000 and the TSX -3.1% to 19,004 in the biggest one-day drop in two years. All sectors were in the red, starting with energy on both sides of the border.
In Toronto, Telus slid nearly 6% after announcing it was buying Lifeworks, whose shares soared over 66%. Other winners were Agnico Eagle Mines up 4.92% and Argonaut Gold at 5.21% as precious metals offered a rare bright spot.
In contrast, oil names such as Crescent Point sank 6.51%, Baytex lost 5.13% and Cenovus fell 6.35%. WTI actually rose 1.5% to $117 though WCS lost over 2.5% to below $96. On Wall Street, the U.S. 10-year yield retreated to 3.24% and Bitcoin lost another 3.8% to hover around $21,000. Newmont rallied 3.24% as a rare gainer. Otherwise, most stocks were in the red, especially tech and travel: Apple slid nearly 4%, AMD lost 8.12%, Ford fell 8.31% and Carnival sank 11%.
📱 Telus Corp (T-T) -6%
💾 Life Works Inc. (LWRK-T) +66%
⛏ Agnico-Eagle Mines (AEM-T) +4.92%
🥇 Argonaut Gold (AR-T) +5.21%
🛢 Crescent Point Energy Corp (CPG-T) -6.51%
🛢 Baytex Energy Corp (BTE-T) -5.13%
🛢 Cenovus Energy (CVE-T) -6.35%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.8%
🥇 Newmont Goldcorp (NGT-T) +3.24%
🍎 Apple (AAPL-Q) -4%
💾 Advanced Micro Devices (AMD-Q) -8.12%
🚘 Ford Motor (F-N) -8.31%
🚢 Carnival Corp. (CCL-N) -11%