Oil surges, but stocks mixed
Crude oil prices jumped Monday as investors anticipate higher demand and supply not keeping up. The price of WTI jumped 2% to roughly $75.50 per barrel while WCS rose 2.2% to $63.50. This helped lift the TSX by 0.36% even though real estate and tech stocks lagged.
Unsurprisingly, oil names outperformed: Crescent Point soared over 10%, Baytex Energy topped 7.89% with Meg Energy closely behind. Weed names like Aurora jumped 7% while airlines Air Canada and Chorus Aviation both climbed nearly 3.5%. On the losing end were Goeasy at -6.42%, Descartes System at -4.37% and Enghouse at -4.13%.
Wall Street saw a mixed Monday though stocks faded into the close. The Dow finished up 0.21%, the S&P -0.28% and the Nasdaq at 0.52%. On the Dow, energy and industrials rallied, but healthcare was weak. Gainers included Dow up 5.12%, JPMorgan at 2.42% and Chevron up 2.4%. Also lagging was tech: Adobe shed 3% and Microsoft retreated 1.73%. Vaccine names also fell back: BioNTech was down nearly 8% while AstraZeneca slipped 2.7%. Inflation fears have pushed the U.S. 10-year yield to 1.48%. Gold was steady though Bitcoin lost 0.78%.
🛢 Crescent Point Energy Corp +10%
🛢 Baytex Energy Corp +7.89%
🌿 Aurora Cannabis +7%
🛫 Air Canada +3.5%
✈ Chorus Aviation Inc +3.5%
🏛 goeasy -6.42%
💿 Descartes -4.37%
💾 Enghouse Systems -4.13%
🏛 JP Morgan Chase & Co +2.42%
🛢 Chevron Texaco +2.4%
💾 Adobe Systems -3%
Ⓜ Microsoft -1.73%
🧫 BioNTech -8%
💉 Astrazeneca P L C -2.7%
🅱 The Bitcoin Fund -0.78%
