Powell fuels bearish markets, cryptos up
The U.S. Fed’s Jerome Powell faced the Senate Wednesday and repeated his bearish sentiments from last week’s interest rate announcement. Though Powell said nothing new, but his tone and remarks remained bearish and reiterated more rate hikes this year. The S&P closed -0.52%, the Nasdaq -1.21%, and the Dow -0.3%.
Tech led the sell-off with Tesla finishing -5.46%, Intel -6% and AMD -5.73%. In contrast, Dollar Tree rallied 4.56% and Warner Bros. Discovery climbed 1.45%. The U.S. 10-year yield held at 3.725% as Bitcoin jumped 6% to $30,000.
Despite a 1.8% spike in WTI crude to $70, the TSX declined 0.24%. Naturally, energy led the gainers, but most sectors lagged starting with staples and real estate. Notably, Northwest Healthcare slid 11.05%, CIBC shed nearly 1% while Suncor rose 1.27% and CNQ advanced 2%.
🚗 Tesla Inc (TSLA-Q) -5.46%
💾 Intel (INTC-Q) -6%
💾 Advanced Micro Devices (AMD-Q) -5.73%
🛒 Dollar Tree (DLTR-Q) +4.56%
📺 Warner Bros. Discovery (WBD-Q) +1.45%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +6%
🏛 NorthWest Health Prop Real Est Inv Trust (NWH.UN-T) -11.05%
🏛 Canadian Imperial Bank of Commerce (CIBC) (CM-T) -1%
🛢 Suncor Energy Inc (SU-T) +1.27%
🛢 Canadian Natural Rsrcs (CNQ-T) +2%
