Steel sparks despite markets
Monday markets lacked any true direction, except in steel. A bidding war erupted for U.S. Steel whose shares skyrocketed 36.8% as it rejected a big from Cleveland-Cliffs which itself jumped 8.78%. The spillover effect pushed Algoma Steel in Canada up 11.08%. Though the Dow was flat, the S&P climbed 0.58% and the Nasdaq 1.05%.
Beyond steel, other key movers on Wall Street included chipmakers Nvidia which popped 7.09%, and Micron up 6.07%, and Keyera down 4.67%. Meanwhile, the U.S. 10-year yield inched up to 4.2% while Bitcoin added 0.29% to $29,300.
The TSX began the week with a loss, down 0.57% to sink below 20,300 as all sectors except healthcare fell into the red. Materials, real estate and staples were the biggest laggards. Sleep Country Canada closed -4.59% and Northwest Healthcare REIT -6.94%, but Cargojet soared 7.24% despite reporting a mixed quarter. After slumping recently, utilities bounced back after Boralex reported a slam-dunk quarter which propelled its shares by 6.15%. WTI crude declined 0.7% to $82.60.
⛓ Cleveland-Cliffs Inc. (CLF-N) +8.78%
⛓ Algoma Steel Group Inc (ASTL-T) +11.08%
💾 NVIDIA Corporation (NVDA-Q) +7.09%
💾 Micron Technology (MU-Q) +6.07%
🛢 Keyera Corp (KEY-T) -4.67%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.29%
🛏 Sleep Country Canada (ZZZ-T) -4.59%
🏛 NorthWest Health Prop Real Est Inv Trust (NWH.UN-T) -6.94%
🛫 Cargojet Inc (CJT-T) +7.24%
💡 Boralex Inc. (BLX-T) +6.15%