Oil and weed rise, stocks sink
It was another down day in the markets on Thursday, except for oil and cannabis stocks. The S&P closed -1.03%, the Nasdaq -0.68% and the Dow -1.15%. OPEC+’s decision to slash production by two millions barrels a day continued to echo throughout markets.
Unsurprisingly, the big movers were mostly energy, such as Occidental by 4.13% and Marathon Oil at 3.97%. Otherwise, most sectors and stocks were down, notably Carnival by nearly 6%, Twitter at -2.64% as the street continues to digest Elon Musk’s reversal to buy the social media company, and 3M down 3.5%. The U.S. 10-year yield continued to recover, moving up to 3.822%. Bitcoin slipped 0.8% to $20K.
WTI edged up another 1.3% to nearly $89. Despite energy (as well as materials) rallying, the TSX shed 1.33% below 19,000, dragged down by utilities, financials and most other sectors. Cenovus gained 4.41%, but Enbridge slipped 3.53%. Also weak were TD, down 4.63%, and Sleep Country Canada, falling 6.29%. However, the biggest gainers on Bay Street were cannabis stocks. Near the end of the session, U.S. President Biden tweeted that he wanted an expeditious review of how marijuana was classified under federal law so that it would no longer be ranked among hard drugs. That sent pot stocks soaring with Canopy jumping 23.44% and Tilray 32.59%.
🛢 Occidental Petroleum Corp (OXY-N) +4.13%
🛢 Marathon Oil (MRO-N) +3.97%
🚢 Carnival Corp. (CCL-N) -6%
🐦 Twitter, Inc (TWTR-N) -2.64%
💾 3M Co. (MMM-N) -3.5%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.8%
🛢 Cenovus Energy (CVE-T) +4.41%
🛢 Enbridge (ENB-T) -3.53%
🏛 Toronto Dominion (TD-T) -4.63%
🛏 Sleep Country Canada (ZZZ-T) -6.29%
🌿 Canopy Growth Corp. (WEED-T) +23.44%
🌿 Tilray Inc. (TLRY-Q) +32.59%