Oil jumps as stocks sag
Markets on both sides of the border closed on weakness Wednesday and were in the red, apart from the Dow which inched up 0.16%. Tech gave up yesterday’s gains as the Nasdaq closed -1% and high-flyers Zoom and Tesla both finished -3.95%. Similarly, Nvdia ended the session -2.57%. The S&P moved -0.41% and the TSX -0.13% for the day.
Industrials, financials and energy led the Dow upward as the banks kicked off earnings season: Wells Fargo jumped 5.63%, Morgan Stanley rose 1.65% and Bank of America advanced 1.63% after the group reported strong earnings. Despite blowing past estimates, JP Morgan faded throughout Wednesday to finish -1.87%. The other big news on Wall Street was the debut of Coinbase which helped send Bitcoin to intraday highs, though the latter lost 1.2% by the close. Coinbase itself closed 14% below its $381 opening price.
On Bay Street, crude oil fueled the energy sector. Meg Energy soared nearly 10% while Suncor rallied 3.91%, Whitecap Resources by 9.04% and Cenovus Energy 5.93% all in heavy trading. The price of WTI and WCS leapt 4.5-5%. Speaking of gasoline, AutoCanada soared nearly 28% after announcing a $100-million offering and robust preliminary Q1 results. Not doing so well were Organigram at -10.99% and Shopify at -5.11% on a tough day for tech stocks.
📹 Zoom Video Communications Inc. -3.95%
🚗 Tesla Motors Inc -3.95%
💾 Nvidia Corp -2.57%
🏛 Wells Fargo +5.63%
🏛 Morgan Stanley +1.65%
🏛 Bank of America +1.63%
🏛 JP Morgan Chase & Co -1.87%
🅱 The Bitcoin Fund -1.2%
🅱 Coinbase +14%
🛢 MEG Energy Corp +10%
🛢 Suncor Energy Inc +3.91%
🛢 Whitecap Resources +9.04%
🛢 Cenovus Energy +5.93%
🚘 AutoCanada Inc. +28%
🌿 OrganiGram Holdings Inc. -10.99%
🛍 Shopify Inc. -5.11%
