Stocks bounce
Markets convincingly rebounded Wednesday, a day after U.S. President Joe Biden announced gas and oil sanctions against Russia for invading Ukraine. The S&P closed up 2.57%, the Nasdaq 3.6% and the Dow 2%. After an incredible surge since Russian aggression began on February 24, oil retreated over 10% back down to $110 a barrel for WTI and $97 for WCS. Except oil, the Dow components were resoundingly green.
Major Wall Street gainers included travel names like Booking Holdings up 7.16%, tech names such as Alphabet up by nearly 5%, Tesla at 4.19% and Lam Research by 5.49%, and Chipotle up 8.15%. Wednesday’s laggards were the winners of recent days: Pioneer Natural Resources at -2.94%, Exxon -5.68% and Diamondback Energy -3.27%. Not only stocks, but cryptos bounced back as Bitcoin jumped 8.5% to $42,700. Meanwhile, the 10-year yield resumed its climb, hovering around 1.946%.
Despite oil’s weakness, the TSX advanced 1.23%. Except for energy and materials, all the major components rallied, though tech soared over 6%. The biggest gainers were Nuvei which leapt 13.77%, Shopify by 13.59%, Hut 8 Mining at 10.53%, Goodfood Market up 10.09% and CAE by 9.97%. Unsurprisingly, energy bore the brunt of selling as Suncor closed -3.4% and Baytex -3.94%. Gold fell back below $2,000 by shedding 2,8%. The next sessions will determine whether Wednesday was a relief rally or the start of an upward trend.
🧳 Booking Holdings Inc. (BKNG-Q) +7.16%
🧮 Alphabet Inc. / Google (GOOG-Q) +5%
🚗 Tesla Motors Inc (TSLA-Q) +4.19%
🧬 Lam Research Corp (LRCX-Q) +5.49%
🌶 Chipotle Mexican Grill (CMG-N) +8.15%
🛢 Pioneer Natural Resources (PXD-N) -2.94%
🛢 Exxon Mobil (XOM-N) -5.68%
💎 Diamondback Energy (FANG-Q) -3.27%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +8.5%
💳 Nuvei Corp (NVEI-T) +13.77%
🛍 Shopify Inc. (SHOP-T) +13.59%
⌨ Hut 8 Mining Corp. (HUT-T) +10.53%
🛒 Goodfood Market Corp. (FOOD-T) +10.09%
👨⚕️ CAE Inc (CAE-T) +9.97%
🛢 Suncor Energy Inc (SU-T) -3.4%
🛢 Baytex Energy Corp (BTE-T) -3.94%
