Stocks dip, despite weak inflation numbers
On Tuesday, markets rose initially after American CPI numbers showed inflation coming in lower than expected in August. However stocks then dipped as investors remain cautious in the face of the Delta variant, worries of a corporate tax hike and overall geopolitical tensions. The three major American indices all closed half-a-percent down, and the TSX followed suit at -0.52%. In Toronto, only materials and real estate escape a sell-off as the price of oil also weighed on Canadian investor sentiment. The price of WTI was down modestly at -0.13% and WCS at -0.66%.
Suncor closed -1.9% and CNQ -1.66% as Cascades finished -3.59% and weed names like Canopy ended -2.52%. On the upside were Teck Resources popping 4.71%, CI Financial up 2.69% and Park Lawn nearly 3%.
On Wall Street, only tech escaped a sell-off among the major components. Las Vegas tumbled nearly 10%, Oracle slid 2.81% and Comcast fell 7.3%. Travel and banks took it on the chin while tech was a mixed bag. As it unveiled now products, Apple shares lost nearly 1% though AMD gained about that much. Gold added 0.72% to top $1,800 an ounce while Bitcoin bounced over 4% higher to well over $46,000. The U.S. 10-year yield reacted to the weak inflation numbers by falling 3.8% to 1.275%.
⚡ Suncor Energy Inc -1.9%
🛢 Canadian Natural Rsrcs -1.66%
📦 Cascades Inc -3.59%
🌿 Canopy Growth Corp. -2.52%
⛏ Teck Resources Ltd. (B) +4.71%
🏛 CI Financial Corp +2.69%
🏛 Park Lawn Corp +3%
♠ Las Vegas Sands Corp. -10%
💾 Oracle -2.81%
💾 Comcast Corp -7.3%
🍎 Apple -1%
💾 Advanced Micro Devices +1%
🅱 The Bitcoin Fund +4%