Oil sanctions, choppy markets
On Tuesday morning, U.S. President Biden announced long-awaited oil sanctions against Russian oil. Wall Street markets were tanking until that announcement, then see-sawed between red and green for the rest of the session though closed off the day’s lows. The S&P finished -0.72%, the Nasdaq -0.28% and the Dow -0.56%. Energy and industrials were notable gainers, while tech led other sectors downward.
Gainers included travel names Airbnb up 8.01% and Booking Holdings at 4.53%, Caterpillar jumping 6.76%, Ballard Power surging 13.56% and Bed Bath & Beyond adding 5.3%. Laggards included Procter & Gamble and Coca-Cola at -3.96%, Northrup Grunman -6.01% and Fortinet -4.99%.
Unsurprisingly, Chevron leapt 5.24% and oil extending its run. WCS popped 4.5% to over $124 while WCS climbed over 3% to $111. The TSX didn’t close in the green today, but shed only 0.34% to stay above 21,000. Materials and staples actually outperformed energy stocks, whiel industrials, telcos and tech lagged. Big movers were Intertape Polymer soaring over 76%, Bombardier rising 14.66%, SNC-Lavalin 11.23% and NFI Group advancing 7.19%. Laggards included BCE down 2.82%, Nutrien shedding -4% and Shopify sliding 7.62%. Finally, Bitcoin added 1.6% to trade around $38,500 while gold climbed 2.6% to $2,050.
🏠 Airbnb (ABNB-Q) +8.01%
🧳 Booking Holdings Inc. (BKNG-Q) +4.53%
🏗 Caterpillar (CAT-N) +6.76%
🔋 Ballard Power Systems (BLDP-T) +13.56%
🛏 Bed Bath & Beyond (BBBY-Q) +5.3%
🧴 Procter & Gamble (PG-N) -3.96%
🥤 Coca-Cola Company (KO-N) -3.96%
💣 Northrop Grumman (NOC-N) -6.01%
💾 Fortinet -4.99%
🛢 Chevron Texaco (CVX-N) +5.24%
📦 Intertape Polymer Group (ITP-T) +76%
🚂 Bombardier Inc (B) (BBD.B-T) +14.66%
⛏ SNC-Lavalin Group Inc. (SNC-T) +11.23%
🚌 New Flyer Industries Inc. (NFI-T) +7.19%
📡 BCE Inc. (BCE-T) -2.82%
🌿 Nutrien Ltd. (NTR-T) -4%
🛍 Shopify Inc. (SHOP-T) -7.62%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.6%