Oil slides, stocks rise, BOC hikes
Wednesday saw a busy market, starting with crude oil tanking over 5% due to a surging U.S. dollar and fears of weakening demand from China. However, stocks rallied to end five losing sessions. In New York, the S&P closed 1.84%, the Nasdaq 2.14%, and the Dow 1.4%.
Tech led the rally as Amazon rose 2.67%, Tesla 3.38% and Microsoft 1.91%. Twitter jumped 6.6% after a judge rejected Elon Musk’s request to delay the court case in his controversial non-takeover bid. Unsurprisingly, energy was the worst performer with Halliburton closing -2.85% and Marathon Oil -2.35%. WTI plunged 5.8% below $82, levels seen before Russia’s “special military operation” in Ukraine.
Despite oil’s rout, the TSX added 0.8% on the strength of all sectors except energy, especially materials and industrials. Big gainers were Osisko Mining up 9.02%, New Gold surging 7.32%, B2Gold by 7.32% while Canada Goose soared 7.27%. Heading down were oil names Suncor at -2.23%, CNQ -2.6% and Cenovus -3.71%. Big news on Bay Street was the Bank of Canada hiking interest rates by an expected 75 basis points. Meanwhile, Bitcoin rose 2.2% to around $19,250.
📦 Amazon.com (AMZN-Q) +2.67%
🚗 Tesla Motors Inc (TSLA-Q) +3.38%
Ⓜ Microsoft (MSFT-Q) +1.91%
🐦 Twitter, Inc (TWTR-N) +6.6%
🛢 Halliburton Co (HAL-N) -2.85%
🛢 Marathon Oil (MRO-N) -2.35%
⛏ Osisko Mining (OSK-T) +9.02%
🥇 New Gold Inc. (NGD-T) +7.32%
🥇 B2Gold Corp. (BTO-T) +7.32%
🧣 Canada Goose Holdings (GOOS-T) +7.27%
🛢 Suncor Energy Inc (SU-T) -2.23%
🛢 Canadian Natural Rsrcs (CNQ-T) -2.6%
🛢 Cenovus Energy (CVE-T) -3.71%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +2.2%
