Rising oil, depending trade war
With no end in sight to the U.S.-Iran war, crude oil continued to soar Wednesday with WTI jumping over 4% to US$96.90. Stocks such as Whitecap leapt 2.63% to 52-week highs and the U.S. 10-year yield rose to 4.841%, also a year-long high. The market was also worried by the deepening trade war between the U.S. and Canada with Trump barring some Canadian goods, although those are largely tariffed already. Markets were outright bearish: S&P -0.48%, the TSX -0.58% or 210 points, the Nasdaq -0/64% and the Dow -0.77%.
Major movers on Bay Street: North West Company 7.84%, Shopify -5.35%, Bird Construction -4.61% and MDA Space -4.3%. Energy was the best performer while tech, industrials and discretionary led eight sectors down. In New York: Datadog 7.15%, Meta 6.55%, Comcast -6.81%, PG&E -4.25% and Ford -3.93%. Silver added 2.1% to US$67 while gold rose $40 to US$4,396.
🛢 Whitecap Resources (WCP.TO) +2.63%
🛍 North West Company (NWC.TO) +7.84%
🛍 Shopify Inc. (SHOP.TO) -5.35%
🧱 Bird Construction (BDT.TO) -4.61%
🧬 MDA Space Ltd. (MDA.TO) -4.3%
💾 Datadog, Inc. (DDOG) +7.15%
🕵️♀️ Meta Platforms, Inc. (META) +6.55%
📡 Comcast Corp (CMCSA) -6.81%
💡 PG&E Corp (PCG) -4.25%
🚘 Ford Motor (F) -3.93%
