Rising rates pressure stocks
Echoing last week, Monday morning saw rising rates pressure markets, particularly in the U.S., but buyers eventually softened losses by the close. The Dow finished -0.45%, the S&P -0.14% and the Nasdaq actually crept into the positive up 0.05%.
Healthcare was the day’s big winner with names like Moderna soaring 9.28% and Humana leaping 6.08%. Big tech, which was battered last week, mounting a recovery of sorts. Intel added 3.31%, Tesla 3.03%, Seagate 3.12% and Adobe 2.96%. However, Take-Two Interactive plunged 13.13% after buying Zynga which rocketed over 40%. Beyond tech, Estee Lauder closed -5.36%, the Gap -4.19% and Las Vegas Sands -3.88%. The U.S. 10-year yield broke 1.8% during the session but withdrew to 1.769% by the closing bell.
The TSX enjoyed a better session than New York, losing only 12 points. Tilray stock soared after issuing a better-than-expected quarter. Shares jumped 13.53%. Other weed stocks popped, such as OrganiGram by 5.8% and Fire & Flower up 6%. Materials also rallied as Franco-Nevada surged 3.6%, Eldorado Gold rose nearly as much and Barrick advanced 3%. WTI crude retreated 0.6% to trade over $78 per barrel while WCS edged down 0.25% to nearly $66. Lastly, Bitcoin continued to struggle, slipping 1.3% to dip below $42,000
💉 Moderna (MRNA-Q) +9.28%
👨⚕️ Humana Inc (HUM-N) +6.08%
💾 Intel (INTC-Q) +3.31%
🚗 Tesla Motors Inc (TSLA-Q) +3.03%
💾 Seagate Technology (STX-Q) +3.12%
💿 Adobe Systems (ADBE-Q) +2.96%
🎮 Take-Two Interactive Softwar (TTWO-Q) -13.13%
🎮 Zynga (ZNGA-Q) +40%
💄 Estee Lauder (EL-N) -5.36%
🧢 Gap (GPS-N) -4.19%
♠ Las Vegas Sands Corp. (LVS-N) -3.88%
🌿 Tilray Inc. (TLRY-Q) +13.53%
🌿 OrganiGram Holdings Inc. (OGI-T) +5.8%
🌿 Fire & Flower Holdings (FAF-T) +6%
⛏ Franco-Nevada Corp. (FNV-T) +3.6%
🥇 Barrick Gold (ABX-T) +3%
🅱 Bitcoin Cash (CRYPTO:BCH) -1.3%