Markets tick down in lacklustre trading
On Wednesday, volumes were lighter than usual in New York and particularly Toronto as the indices inched down a few points from recent record highs. The Delta variant continues to loom in the background, though it is triggering investor caution, not fear, as some wonder if markets have reached peak growth for this year. On Wall Street, the Dow closed -0.2%, the S&P -0.13% and the Nasdaq -0.57% which reverses recent gains.
Big movers included AMD at -2.85%, Bed Bath & Beyond at -3.69%, Constellation Brands jumping 3.74% and Stanley Black & Decker up nearly 3%. Among the major Dow components, only consumer names rallied as a group while the others were mixed or negative. Gold retreated below $1,800 an ounce while Bitcoin slipped nearly 2% below $46,000.
In Toronto, the TSX shed seven points as staples and real estate rallied but energy, tech and materials lagged. Big movers included BCE up 1.41% as the most-traded stock, followed by Enbridge up 1.44% and Hydro One at 1.73%. Conversely, Lundin Mining sank 5%, Hexo fell 4% and Crescent Point Energy nearly lost 3%. Good news came from crude oil which saw WTI gain about 1.5% and top $69 per barrel, while WCS jumped 2.4% to $57.50. To little surprise, the Bank of Canada kept the key lending rate at 0.25%.
💾 Advanced Micro Devices -2.85%
🛏 Bed Bath & Beyond -3.69%
🍻 Constellation Brands Inc +3.74%
⚒ Stanley Works, The +3%
🅱 The Bitcoin Fund -2%
📡 BCE Inc. +1.41%
🛢 Enbridge +1.44%
💡 Hydro One +1.73%
⛏ Lundin Mining Corp. -5%
🌿 Hexo Corp -4%
🛢 Crescent Point Energy Corp -3%
