Stocks fade to end week
Friday saw markets tumble to close a week of declines, driven by recessionary fears. On Wall Street, the S&P closed -0.73% for the day but -3.31% for the week, the Nasdaq -0.7% (day) and -3.31% (week), and the Dow -0.9% (day) and -2.5% (week).
Though WTI remained flat at $71.50, energy names were among the big losers, including Devon Energy -5.98% and Schlumberger -6.17%. Elsewhere, some tech regained ground, namely Tesla up 3.12% and Netflix 3.14%. Also, Paramount Global jumped 5.19%. The U.S. 10-year yield was at 3.58% while Bitcoin declined 0.6% to $17,000.
The TSX was flat for the day, but -2.44% for the week and remained just below 20,000. Sectors were mixed, with consumer staples once again outperforming all others. However, energy and consumer discretionary led the laggards. Major movers were Baytex at 3.17%, Torex Gold 6.75%, Laurentian Bank 5.98%, Paramount Resources 4.71% and Canopy Growth 6.46%.
🛢 Devon Energy Corp (DVN-N) -5.98%
🛢 Schlumberger Ltd. (SLB-N) -6.17%
🚗 Tesla Motors Inc (TSLA-Q) +3.12%
📺 Netflix Inc. (NFLX-Q) +3.14%
🎞 Paramount Global (PARA-Q) +5.19%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.6%
🛢 Baytex Energy Corp (BTE-T) +3.17%
🥇 Torex Gold Resources (TXG-T) +6.75%
🏛 Laurentian Bank (LB-T) +5.98%
🛢 Paramount Resources (POU-T) +4.71%
🌿 Canopy Growth Corp. (WEED-T) +6.46%
