More oil coming, lower stocks
On Thursday, U.S. President Biden announced that America would release an unprecedented amount of oil from its reserves to alleviate the current shortage. Meanwhile, OPEC+ said it would release more oil too, albeit at a more modest rate. The double-whammy drove energy stocks but wider markets lower. The TSX made an new intraday high early on, but declined into the close to -0.84%. Tech and financials also fell further than energy stocks while staples and telcos enjoyed modest gains.
Big movers: Well Health 5.89%, Cameco 3.97%, Transalta 2.94%, Baytex -3.2%, TD -2.2% and Tilray -4.34%. Both WTI and WCS tumbled $7 per barrel to $101 and $90 respectively.
Wall Street sold off even further: the S&P -1.57%, the Nasdaq -1.54% and the Dow -1.56%. All the major components were in the red. Major laggards: Walgreens -5.58%, JP Morgan -3%, Home Depot -2.96%, Intel -3.64% and Etsy -7.64%. Among the few gainers were Enphase up 2.61% and Royal Caribbean 2.82% as travel stocks caught a bid. Bitcoin slid over 3% to below $46,000 while the U.S. 10-year yield stood edged down to 2.342%.
👨⚕️ WELL Health Technologies (WELL-T) +5.89%
⛏ Cameco Corporation (CCO-T) +3.97%
⚡ Transalta Corp (TA-T) +2.94%
🛢 Baytex Energy Corp (BTE-T) -3.2%
🏛 Toronto Dominion (TD-T) -2.2%
🌿 Tilray Inc. (TLRY-Q) -4.34%
💊 Walgreen Boots Alliance (WBA-Q) -5.58%
🏛 JP Morgan Chase & Co (JPM-N) -3%
🛠 Home Depot (HD-N) -2.96%
💾 Intel (INTC-Q) -3.64%
🛍 Etsy Inc. (ETSY-Q) -7.64%
⚡ Enphase Energy (ENPH-Q) +2.61%
🚢 Royal Caribbean Cruises (RCL-N) +2.82%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3%
