Modest losses after Fed minutes
Wall Street returned to business Wednesday. The major indices saw modest declines after the U.S. Fed released minutes of its last meeting in the mid-afternoon. Those minutes reflected the Fed unanimously agreeing to pause interest rates and to adopt a wait-and-see approach based on inflation. The S&P closed -0.17%, the Nasdaq -0.16% and the Dow -0.37%.
Tech was either up or down with chipmakers AMD finishing -1.63% and Intel -3.29% though Meta surged 2.84% after announcing a new platform to rival Twitter. In contrast, travel names declined as Las Vegas Sands closed -5.48% and Wynne Resorts -4.54%. The U.S. 10-year-yield climbed 2.25% to 3.945% while Bitcoin retreated 1% below $30,500.
Similarly, the TSX shed 0.49% as only three sectors, including telecommunications, enjoyed gains. Materials and tech were particularly weak. Key movers included BlackBerry at -5.01%, Tilray -4.39%, TC Energy -1.22% and the Bank of Nova Scotia -1.84%. Algoma Steel was one of the few notable gainers, up 5.34%. WTI helped cushion the TSX’s losses by rallying 3% to $72 per barrel.
💾 Advanced Micro Devices (AMD-Q) -1.63%
💾 Intel (INTC-Q) -3.29%
🕵️♂️ Meta Platforms Inc / Facebook (META-Q) +2.84%
♠ Las Vegas Sands Corp. (LVS-N) -5.48%
♠ Wynne Resorts Ltd. (WYNN-Q) -4.54%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1%
📱 BlackBerry (BB-T) -5.01%
🌿 Tilray Inc. (TLRY-Q) -4.39%
🛢 TC Energy (TRP-T) -1.22%
🏛 Bank of Nova Scotia (BNS-T) -1.84%
⛓ Algoma Steel Group Inc (ASTL-T) +5.34%
