Oil soars, stocks lag, war rages

Tuesday extended Monday’s losses as Russia’s barbaric invasion of Ukraine raged on. The price of WTI crude oil soared over 10% to shatter $100 a barrel for the first time since 2014. Meanwhile, other asset classes sank. The S&P closed -1.55%, the Nasdaq -1.59% and the Dow -1.76%.

Financials were especially hard hit as the Bank of America sank 3.91% and American Express tumbled 8.47%. Industrials also suffered as Boeing fell 5% and Honeywell lost 3.27%. Energy names, of course, rallied, including Chevron by nearly 4% as well as defence stocks such as Lockheed Martin climbing 5.26%. Retail continued its streak as Target jumped nearly 10%. While gold inched up to $1,940 an ounce, Bitcoin leapt over 5% to $44,000. Even though a rate hike is all but assured, the U.S. 10-year yield fell to 1.721%.

Oil’s outsized gains cushioned the TSX’s decline to -0.58%. WCS rocketed by 11.5% to approach $94 a barrel. Materials as well as energy led the Toronto market on Tuesday and topped the list of gainers, including Fortuna Silver Mines up 9.73%, Equinox 8.45%, Cardinal Energy 6.64% and Yamana Gold 5.62%. As in the U.S., Canada’s financials took a hit: Sun Life Financial at -2.43%, Manulife -3.23% and TD -3.29% despite a positive earnings season for banks so far. Also, Bombardier dove 6.33% and Air Canada dropped 4.51%.

🏛 Bank of America (BAC-N) -3.91%
💳 American Express (AXP-N) -8.47%
🛫 Boeing (BA-N) -5%
🍯 Honeywell International (HON-N) -3.27%
🛢 Chevron Texaco (CVX-N) +4%
🚚 Lockheed Martin (LMT-N) +5.26%
🛒 Target Corp (TGT-N) -10%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +5%
⛏ Fortuna Silver Mines (FVI-T) +9.73%
🥇 Equinox Gold (EQX-T) +8.45%
🛢 Cardinal Energy Ltd (CJ-T) +6.64%
🥇 Yamana Gold Inc. (YRI-T) +5.62%
🏛 Sun Life Financial Inc (SLF-T) -2.43%
🏛 Manulife Financial (MFC-T) -3.23%
🏛 Toronto Dominion (TD-T) -3.29%
🚂 Bombardier Inc (B) (BBD.B-T) -6.33%
🛫 Air Canada (AC-T) -4.51%