OPEC surprise cuts, mixed stocks
Q2 and the trading week began with a surprise announcement from OPEC that it will cut crude oil production, sending WTI gushing over 6% to $80.50 and leading the TSX 0.84% higher. On Bay Street, materials and banks also rallied while real estate showed some weakness.
Big movers in Toronto included Teck Resources soaring 18.72%, Meg Energy up 8.84%, Crescent Point Energy 6.6% and TD 2.14%. In contrast, Canfor sank 5.72%.
Oil also rallied on Wall Street, pushing the S&P up 0.37% and the Dow 0.98%, though the Nasdaq declined modestly by 0.27%. Major movers included Exxon up 5.9% and Diamondback Energy at 6.85%. Meanwhile, Humana rallied 5.11%, Hess 8.44%, but Tesla sank 6.12% after missing expectations for its EV deliveries. The U.S. 10-year yield slipped to 3.419% while Bitcoin declined 1% to $27,800.
🛢 Teck Resources Ltd. (B) (TECK.B-T) +18.72%
🛢 MEG Energy Corp (MEG-T) +8.84%
🛢 Crescent Point Energy Corp (CPG-T) +6.6%
🏛 Toronto Dominion (TD) (TD-T) +2.14%
🌲 Canfor Pulp Products (CFX-T) -5.72%
🛢 Exxon Mobil (XOM-N) +5.9%
💎 Diamondback Energy (FANG-Q) +6.85%
👨⚕️ Humana Inc (HUM-N) +5.11%
🛢 Hess Corp. (HES-N) +8.44%
🚗 Tesla Inc (TSLA-Q) -6.12%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1%
