Stocks extend declines

For the second day in a row, stocks fell on Wall Street, but were joined Tuesday by Bay Street. In the U.S., strong economic data coupled with hot inflation and profit-taking pushed the Nasdaq and Dow down by 1% while the S&P shed 0.72%. Meanwhile, the U.S. 10-year yield crept up to 4.368%. Headlining on Wall Street were the health insurers, hit hard after it was announced that the rate increase of Medicare Advantage plans would be lower than expected.

Humana bore the brunt of selling, sliding 13.41%. Elsewhere, Tesla closed -4.9%, VF Corp -6.67% and Norwegian Cruise Line -8.02% on geopolitical threats to tourism. Bitcoin also tanked, shedding 5.45% to below $66,000.

The TSX slipped 0.48% as only energy and materials rallied. Staples, real estate and financials led the laggards. Athabasca Oil closed the session -2.88%, Baytex 4.95%, Canada Goose -5.8%, Ballard Power -4.72% and Mag Silver 5.94%. WTI edged up by 1.65% on those same geopolitical concerns to $85 a barrel while gold made yet another new high at $2,279 an ounce.

👨‍⚕️ Humana Inc (HUM-N) -13.41%

🚗 Tesla Inc (TSLA-Q) -4.9%

🛍 VF Corporation (VFC-N) -6.67%

🚢 Norwegian Cruise Line Holdings (NCLH-N) -8.02%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -5.45%

🛢 Athabasca Oil Sands Corp (ATH-T) -2.88%

🛢 Baytex Energy Corp (BTE-T) +4.95%

🧣 Canada Goose Holdings (GOOS-T) -5.8%

🧬 Ballard Power Systems (BLDP-T) -4.72%

⛏ Mag Silver Corp (MAG-T) +5.94%