Rising oil, mixed stocks
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The trading week after Labour Day began with the price of crude oil rallying after Saudi Arabia and Russia announced further production cuts. WTI jumped by 1.4% to around $86.75. Energy was, by far, the strongest sector on the TSX and one of the few positive spots as the TSX closed -0.56%. Materials, utilities and financial led declines.
Tuesday’s major movers included Tilray up 4.49%, the Bank of Nova Scotia -1.48%, Nexgen Energy 5.85%, Laurentian Bank 5.02% and First Quantum Minerals -5.85%.
The picture was more mixed on Wall Street where the Nasdaq was flat, down six points, the S&P added 0.39% but the Dow sank 0.53%. Key names included Tesla up 4.87%, American Airlines -2.55%, Illumina -5.35%, Occidental 2.49% and Oracle up 2.51%. The U.S. 10-year yield inched up to 4.274% while Bitcoin gave back 0.4% to $25,700. Volumes were approaching their norms, while volatility was relatively low.
🌿 Tilray Inc. (TLRY-Q) +4.49%
🏛 Bank of Nova Scotia (BNS-T) -1.48%
⚡ NexGen Energy (NXE-T) +5.85%
🏛 Laurentian Bank (LB-T) +5.02%
⛏ First Quantum Minerals (FM-T) -5.85%
🚗 Tesla Inc (TSLA-Q) +4.87%
🛫 American Airlines Group (AAL-Q) -2.55%
🧫 Illumina Inc. (ILMN-Q) -5.35%
🛢 Occidental Petroleum Corp (OXY-N) +2.49%
💻 Oracle (ORCL-N) +2.51%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.4%