Oil and yields sink, stocks rebound

Allan Tong Posted On October 4, 2023

Though it was a choppy session Wednesday, stocks rebounded and closed at session highs, at least on Wall Street. The S&P finished 0.81%, the Nasdaq 1.35%, and the Dow added 0.39%.

Major movers were Tesla jumping nearly 6%, AMD up 3.9%, American Airlines rising 3.58%, and Norwegian Cruise Line adding 3.85%. However, WTI crude tumbled over 5% to fall below $85 a barrel and many oil stocks slid with it, including Devon Energy, down 5.25%. Meanwhile, the U.S. 10-year yield declined to 4.733% as Bitcoin added 1% to $27,700.

The TSX had a rocky session, but managed to gain about 14 points by the closing bell. Almost all sectors rallied, though, led by staples, real estate and utilities. Only materials and energy lagged. Key movers: Northwest Healthcare soared 8.16%, Baytex -6.9%, CNQ -4.65%, Storagevault 4.28% and Brookfield Infrastructure added 3.68%.

🚗 Tesla Inc (TSLA-Q) +6%

💾 Advanced Micro Devices (AMD-Q) +3.9%

🛫 American Airlines Group (AAL-Q) +3.58%

🚢 Norwegian Cruise Line Holdings (NCLH-N) +3.85%

🛢 Devon Energy Corp (DVN-N) -5.25%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1%

🏛 NorthWest Health Prop Real Est Inv Trust (NWH.UN-T) +8.16%

🛢 Baytex Energy Corp (BTE-T) -6.9%

🛢 Canadian Natural Rsrcs (CNQ-T) -4.65%

🚚 StorageVault Canada (SVI-T) +4.28%

💡 Brookfield Infrastructure LP (BIP-N) +3.68%