Oil, yields spike, stocks fall
Stocks fell from their previous day’s highs after hot April wholesale prices pushed yields higher. The U.S. 10-year yield reached 4.6%, the highest so far this year. Meanwhile, lack of progres in the US-Iran war led WTI crude to jump 4.6% to US$105.85 while reinforcing inflation fears. The S&P closed Friday at -1.24%, the Nasdaq -1.54% and the Dow -1.07%. The S&P barely advanced during the week, while the other two indices fell short. Key names on Wall Street: Nvidia -4.42%, Intel -6.18%, Ford -7.46%, Corning -7.91% and Coinbase -7.82%. Meanwhile, Bitcoin slipped 2.8% to US$79,120.
Materials slumped on Bay Street and dragged the TSX down 1.36% or 465 points on Friday. For the week, the TSX fell 0.72%. Silver tumbled more than 9% to US$75.70 while gold declined US$115 to US$4,536. Energy was among the only sectors that showed gains, while healthcare and discretionary were also key laggards. Major movers included Bird Construction soaring 14.21%, however, Americas Silver finished -8.66%, Barrick Gold -5.79%, Curaleaf -13.15% and Wesdome Gold Mines -11.42%.
💾 NVIDIA Corporation (NVDA-Q) -4.42%
💾 Intel (INTC-Q) -6.18%
🚘 Ford Motor (F-N) -7.46%
🧬 Corning Inc (GLW-N) -7.91%
🏛 Coinbase Global (COIN-Q) -7.82%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.8%
🧱 Bird Construction (BDT-T) +14.21%
🥈 U.S. Silver Corp. (USA-T) -8.66%
🥇 Barrick Gold Corp (ABX-N) -5.79%
🌿 Curaleaf Holdings Inc (CURA-T) -13.15%
⛏ Wesdome Gold Mines Ltd. (WDO-T) -11.42%
