Oil slides, but stocks hold on China’s weakness

The week began with surprisingly weak economic data from China and an announcement to raise their interest rates which took many by surprise. Crude oil prices immediately sank with WTI falling 3.35% below $89 and WCS sliding 4% below $70. North American stocks tumbled at first, but gradually recovered throughout the session. By the closing bell, the TSX was flat at 20,180, while the S&P closed 0.4%, the Nasdaq 0.62%, and the Dow 0.45%. Naturally, energy was weak in Toronto and New York, but materials also lagged. However, consumer staples and industrials rallied.

In Toronto, cannabis names saw big gains again as Canopy leapt 17.18% and Aurora nearly 9%. Also rallying were Home Capital Group by 9.87% and Nuvei at 6.41%.

In contrast, Cenovus closed -2.27%, Meg Energy -4.02% and Turquoise Hill Resources -10.41%. In New York, gainers included Nvidia up 2.13%, Tesla 3.08%, Ulta Beauty 2.6% and Gilead by 5.16%. Falling were Schlumberger at -3.72%, Diamondback Energy -3.94%, Freeport-McMoRan -3.43% and Warner Bros. Discovery -4.46%. The U.S. 10-year yield was 2.79% while Bitcoin slipped 1.25% to $24,000.

🌿 Canopy Growth Corp. (WEED-T) +17.18%
🌿 Aurora Cannabis (ACB-T) +9%
🏛 Home Capital Group (HCG-T) +9.87%
💾 Nuvei Corp (NVEI-T) +6.41%
🛢 Cenovus Energy (CVE-T) -2.27%
🛢 MEG Energy Corp (MEG-T) -4.02%
⛏ Turquoise Hill Resources (TRQ-T) -10.41%
💾 Nvidia Corp (NVDA-Q) +2.13%
🚗 Tesla Motors Inc (TSLA-Q) +3.08%
💄 Ulta Salon Cosmetics and Fragrance Inc. (ULTA-Q) +2.6%
🧫 Gilead Sciences Inc. (GILD-Q) +5.16%
🛢 Schlumberger Ltd. (SLB-N) -3.72%
🛢 Diamondback Energy (FANG-Q) -3.94%
⛏ Freeport McMoran Copper & Gold (FCX-N) -3.43%
📺 Warner Bros. Discovery (WBD-Q) -4.46%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.25%