Oil sinks, markets sideways as war rages
As the US-Israel-Iran war continues and no oil passes through the Strait of Hormuz, markets went sideways on Tuesday and the price of oil plunged from Monday’s spike. WTI fell nearly 9% to US$88.35, while the Nasdaq was flat, the S&P slipped 0.21% and the Dow shed 0.07%. In Toronto, the TSX gained 0.25% or more than 80 points as silver advanced 1.65% to US$88.35 and gold increased US$59 to US$5,197.
Sectors were mixed on Bay Street after materials and financials led while tech and industrials lagged. Goeasy cratered 56.97% after it suspended share buybacks and withheld its forecast. Thomson Reuters tumbled 7.03%, Colliers fell 4.92% though Silvercorp Metals rallied 6.7% and Denison Mines rose 5.78%. On Wall Street, Corning advanced 5.56%, Vertex 8.31%, Ciena 5.91%, though Centene tanked 15.97% and AppLovin slid 7.7%. The U.S. 10-year yield rose to 4.156%.
🏛 goeasy (GSY-T) -56.97%
🖨 Thomson Reuters Corp (TRI-T) -7.03%
🏛 Colliers International Group (CIGI-T) -4.92%
⛏ Silvercorp Metals Inc. (SVM-T) +6.7%
⛏ Denison Mines Corp (DML-T) +5.78%
🧬 Corning Inc (GLW-N) +5.56%
👨⚕️ Vertex Pharmaceuticals Inc. (VRTX-Q) +8.31%
🧬 Ciena (CIEN-N) +5.91%
👨⚕️ Centene (CNC-N) -15.97%
💾 AppLovin Corporation (APP-Q) -7.7%
