Recession and rate fears rattle stocks, cryptos
Ongoing worries of a future recession and rising interest rates continued to pressure stocks on Thursday. The TSX ended -1.18% for the day (to fall below 19,000), but -11% for the first half of 2022. That is roughly half as bad as the S&P’s performance, which has sunk over 20% for the first half. Only real estate and utilities saw gains in Toronto, leaving the other sectors in the red.
Losers included Air Canada at -6% as it continues to cancel flights due to staffing shortages, Canopy -18.49%, Equinox Gold -6.82%, New Gold -6.16% and Osisko Mining -6.13%. Among the few gainers were Canfor up 3.74% and Brookfield Infrastructure up 2.87%. It didn’t help that crude oil slid, with WTI down 3.5% below $106.
On Wall Street, the S&P closed -1.25%, the Nasdaq -1.7% and the Dow -1.15%. Gainers included Enphase up 5.74%, Northrup Grunman by 3.63% and defence name Raytheon adding 3%. There were more losers, including Ford at -3.3%, Carnival -2.76%, Nvidia -3%, Apple -2.32% and Amazon -2.84%. The S&P had its worst first half of a year since 1962. The U.S. 10-year yield slipped to 3.018%, but Bitcoin tanked over 5% to $19,000 as the crypto rout continued. The TSX is closed tomorrow for Canada Day.
🛫 Air Canada (AC-T) -6%
🌿 Canopy Growth Corp. (WEED-T) -18.49%
🥇 Equinox Gold (EQX-T) -6.82%
🥇 New Gold Inc. (NGD-T) -6.16%
⛏ Osisko Mining (OSK-T) -6.13%
🌲 Canfor Corp (CFP-T) +3.74%
🏛 Brookfield Infrastructure Partners (BIP.UN-T) +2.87%
⚡ Enphase Energy (ENPH-Q) +5.74%
🚚 Northrop Grumman (NOC-N) +3.63%
💣 Raytheon (RTX-N) +3%
🚘 Ford Motor (F-N) -3.3%
🚢 Carnival Corp. (CCL-N) -2.76%
💾 Nvidia Corp (NVDA-Q) -3%
🍎 Apple (AAPL-Q) -2.32%
📦 Amazon.com (AMZN-Q) -2.84%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -5%
