Oil tops $92, stocks flat
Monday saw the rally in crude oil continue as WTI hit $92 after surging 1.3%. Despite oil’s performance, energy was one of the weakest sectors on the TSX along with tech and materials. All sectors except for a modest rise in telcos lagged. The TSX shed 0.63%, but stayed above 20,000.
In contrast, American stocks were flat for the session, with all three major indices gaining only a few points. Higher oil prices stoked fears of more inflation and a greater likelihood of the U.S. Fed hiking rates this week. Key movers included Apple up 1.69%, Tesla -3.32%, Ford -2.14% and Moderna -9.12%. The U.S. 10-year yield held around 4.305% as Bitcoin gained nearly 1% to $26,700.
🛢 Athabasca Oil Sands Corp (ATH-T) -2.74%
🌿 Tilray Inc. (TLRY-Q) -14.21%
🛍 Shopify Inc. (SHOP-T) -5.44%
🧬 Ballard Power Systems (BLDP-T) -6.12%
🛢 TC Energy (TRP-T) -0.81%
🍎 Apple Inc (AAPL-Q) +1.69%
🚗 Tesla Inc (TSLA-Q) -3.32%
🚘 Ford Motor (F-N) -2.14%
💉 Moderna (MRNA-Q) -9.12%