Stocks and yields drift lower
Tuesday saw markets in Toronto and New York drift generally lower, lacking a galvanizing catalyst. The TSX stayed above 20,000 but closed -0.57%, dragged down by tech and industrials while telcos rallied.
Big movers were WSP Global at -6.84% after announcing an acquisition, European Residential REIT up 3.73%, Hudbay Minerals 4.46%, and Nuvei -4.48%. TD grabbed dubious headlines for being the most shorted bank in the world and declined 2.46%. WTI crude retreated 0.4% and stayed above $80 a barrel.
Even with data showing like job growth in the private sector was slowing, Wall Street closed to the downside. The S&P finished -0.25% but stayed above 4,000, the Nasdaq -1.075% to dip below 12,000, and the Dow gained 0.24%. Tech lagged while healthcare rallied: UnitedHealth Group 3.5%, Tesla -3.35%, AMD -3.42% and Marathon Petroleum 5.29%. FedEx announced consolidation and a dividend increase, so shares rose 1.5%. The U.S. 10-year yield actually declined to 3.287% as Bitcoin remained at $28,200.
⚙ WSP Global Inc. (WSP-T) -6.84%
🏛 European Residential REIT (ERE.UN-T) +3.73%
⛏ Hudbay Minerals Inc (HBM-N) +4.46%
💾 Nuvei Corp (NVEI-T) -4.48%
🏛 Toronto Dominion (TD) (TD-T) -2.46%
👨⚕️ UnitedHealth Group Inc (UNH-N) +3.5%
🚗 Tesla Inc (TSLA-Q) -3.35%
💾 Advanced Micro Devices (AMD-Q) -3.42%
🛢 Marathon Petroleum (MPC-N) +5.29%
🚚 FedEx (FDX-N) +1.5%