Netflix and yields rise, stocks fade
Despite some early upward movement and a pop in oil, stocks faded on Wednesday as yields climbed. Except for energy, all the sectors were down on Bay Street as the TSX retreated 0.68% following two days of convincing gains. Among the influential names on the TSX were The Bank of Nova Scotia at -2.48%, Athabasca Oil up 4.37% and Cenovus at 4.05%. Also moving were Precision Drilling by 6.69% and Parkland Fuel closing at -7.14%. WTI oil rallied 3.6% to nearly $86 a barrel.
On Wall Street, the S&P closed -0.67%, the Nasdaq -0.85%, and the Dow -0.33%. Here too energy rallied with Valero up 5.32% for instance.
The biggest gainers were companies who beat earnings and none more so than Netflix which surprised the street who propelled shares by 13.09%. Similarly, Intuitive Surgical reported a rosy quarter and saw shares jump nearly 9%. However, losing ground were the Bank of America at -2.75%, the cruise line Carnival at -4.95% and Moderna by -7.88%. The U.S. 10-year yield touched multi-year highs of 4.12% while Bitcoin slipped 0.7% but stayed above $19,000.
🏛 Bank of Nova Scotia (BNS-T) -2.48%
🛢 Athabasca Oil Sands Corp (ATH-T) +4.37%
🛢 Cenovus Energy (CVE-T) +4.05%
🛢 Precision Drilling (PD-T) +6.69%
🚚 Parkland Fuel Corp (PKI-T) -7.14%
🛢 Valero Energy Corp (VLO-N) +5.32%
📺 Netflix Inc. (NFLX-Q) +13.09%
🧫 Intuitive Surgical Inc. (ISRG-Q) +9%
🏛 Bank of America (BAC-N) -2.75%
🚢 Carnival Corp. (CCL-N) -4.95%
💉 Moderna (MRNA-Q) -7.88%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.7%