Oil soars, stocks slide
Western countries are considering sanctioning Russian oil to punish Russia for illegally invading Ukraine. The news triggered a sharp sell-off in world equities Monday. The S&P closed -2.95%, the Dow -2.37% and the Nasdaq -3.62%. As in recent sessions, surging commodity prices led by crude oil cushioned the TSX’s losses to only 0.46% on Monday. In Toronto, materials surged yet again while staples held even. Other sectors, namely tech, lost ground.
The most active stocks were Suncor, up 5%, and Bombardier which plunged 16%. Other notable movers were Barrick Gold up 3.38%, Vermilion Energy up 12.86%, Meg Energy by 7.89%, Nutrien up 5.3%, Cargojet which plunged 16.54%, Air Canada down 10.55%, Canada Goose falling 9.38% and Linamar sinking 9%. WTI continued to soar, up 3.5% to $120 a barrel while WCS jumped about 5% to $107.50, levels last seen in 2008.
Wall Street faced an uglier day. Apple sank 2.37%, Bank of American shed 6.37% and American Airlines dove 12%. The Dow components were covered in red, with only energy showing any gains. Losing ground were Boeing at -6.45%, Nike -5.14%, American Express -7.99% (after all the major credit card companies pulled their business from Russia). Among the few gainers was Bed Bath & Beyond which soared 34% on news of a major investment in the company. Meanwhile, Bitcoin slid 3% to fall below $38,000 though gold cracked $20,000 during the session.
🛢 Suncor Energy Inc (SU-T) +5%
🚂 Bombardier Inc (B) (BBD.B-T) -16%
🥇 Barrick Gold (ABX-T) +3.38%
🛢 Vermilion Energy Inc (VET-T) +12.86%
🛢 MEG Energy Corp (MEG-T) +7.89%
🌿 Nutrien Ltd. (NTR-T) +5.3%
🛫 Cargojet Inc (CJT-T) -16.54%
🛫 Air Canada (AC-T) -10.55%
🧣 Canada Goose Holdings (GOOS-T) -9.38%
🚗 Linamar Corp (LNR-T) -9%
🍎 Apple (AAPL-Q) -2.37%
🏛 Bank of America (BAC-N) -6.37%
🛫 American Airlines Group (AAL-Q) -12%
✈ Boeing (BA-N) -6.45%
👟 Nike Inc (NKE-N) -5.14%
💳 American Express (AXP-N) -7.99%
🛏 Bed Bath & Beyond (BBBY-Q) +34%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3%