Oil climbs, stocks fall
Profit-taking and/or facing optimism over the Russia-Ukraine peace talks pushed stocks down on Wednesday and oil up. Wall Street reversed recent gains as the S&P closed -0.63%, the Nasdaq -1.21% and the Dow -0.19%, though they closed off the session lows and the VIX remained below 20.
Industrials and healthcare enjoyed gains as UnitedHealth and Lockheed Martin both added around 2%. However, chipmakers suffered serious losses with Micron down 3.52%, AMD falling 3.25% and Nvidia slipping 3.37% Banks also lagged as Wells Fargo slid 2.89% and Citigroup declined 2.66%. Despite losses in tech stocks, the U.S. 10-year yield slipped to 2.34%. Bitcoin lost a bit of ground but remained above $47,000.
Crude oil rebounded as WTI and WCS rose around 3% past $107 and $96 respectively. Oil’s strength allowed the TSX to remain essentially flat for the day, down 11 points. In Toronto, materials and telcos also rallied while real estate sank. Major movers were Lithium Americas up 11.68%, Xebec Adsorption at 11.46%, Bonterra Energy 4.84% and Aritizia 4.55%. In contrast, Valens tanked 26%, Shopify slid 5.38% and Bitcoiner Hut 8 Mining slid 5.12%. The Canadian dollar managed to inch to 80 cents against the American greenback.
👨⚕️ UnitedHealth Group Inc (UNH-N) +2%
💣 Lockheed Martin (LMT-N) +2%
💾 Micron Technology (MU-Q) -3.52%
💾 Advanced Micro Devices (AMD-Q) -3.25%
💾 Nvidia Corp (NVDA-Q) -3.37%
🏛 Wells Fargo (WFC-N) -2.89%
🏛 Citigroup Inc. (C-N) -2.66%
🥈 Lithium Americas Corp (LAC-T) +11.68%
🔩 Xebec Adsorptions Inc (XBC-T) +11.46%
🛢 Bonterra Energy Corp (BNE-T) +4.84%
👗 Aritzia Inc. (ATZ-T) +4.55%
🌿 The Valens Company (VLNS-T) -26%
🛍 Shopify Inc. (SHOP-T) -5.38%
⌨ Hut 8 Mining Corp. (HUT-T) -5.12%