Silver shines, stocks wobble
The price of silver shot past US$60 an ounce on Tuesday to make a record high as the market bets on the U.S. Fed cutting interest rates tomorrow. In contrast, the stock market was tepid with the TSX advancing 0.25% and the Nasdaq 0.13%, but the S&P slipping six points and Dow losing 0.38%.
Accordingly, materials performed well on the TSX as did healthcare, while energy and industrials lagged the most. Only four sectors were positive. Winners included Pan American Silver soaring 11.07% and Aya Gold & Silver up 7.47%. Losers included CNQ at -1.14%, Ivanhoe Mines -5.47% and Paramount Resources -4.29%. Gold advanced by US$20 to US$4,210 while WTI slipped half a dollar to US$58.35.
In New York, Newmont surged 5.72%, AppLovin 5.05% and Warner Bros. Discovery rose another 3.78% as rivals threaten to take it over. In contrast, AutoZone closed -7.17%, and soup maker Campbell‘s -5.23%. The U.S. 10-year yield climbed to 4.186% ahead of the Fed meeting.
🥈 Pan American Silver (PAAS-T) +11.07%
⛏ Aya Gold & Silver (AYA-T) +7.47%
🛢 Canadian Natural Rsrcs (CNQ-T) -1.14%
⛏ Ivanhoe Mines Ltd (IVN-T) -5.47%
🛢 Paramount Resources (POU-T) -4.29%
⛏ Newmont Mining (US) (NEM-N) +5.72%
💾 AppLovin Corporation (APP-Q) +5.05%
📺 Warner Bros. Discovery (WBD-Q) +3.78%
🚗 Autozone Inc. (AZO-N) -7.17%
🥫 Campbell Soup Company (CPB-N) -5.23%
