Stocks hit resistance as oil climbs
After several days of gains in Toronto and New York, markets on Wednesday struggled to extend their winning streak. The S&P closed -0.72%, the Nasdaq -1.25%, and the Dow -0.51%. Crude oil rose on signs of strong demand with WTI adding 1.4% to approach $88 a barrel. After the release of the Fed’s minutes, the U.S. 10-year yield inched up to 2.889%.
Notable movers were Moderna, down almost 6%, Boeing, sinking 2.84%, Zoom falling 6.24% and Carnival down 5.63%. The meme trade suddenly returned as AMC slid nearly 14% while Bed, Bath & Beyond jumped 11.77%. Apple shares exchanged the most hands and climbed 0.88%. Bitcoin sank 2% to $23,400. The S&P is struggling to break above its 200-day average.
In Toronto, energy and staples led while materials and tech lagged. The TSX slipped 0.44%. Influential names were Barrick Gold at -2.03%, Crescent Point Energy up 2.56%, Canopy Growth jumping 7.84%, Lundin Mining at -5.61% and Suncor adding 2.11%.
💉 Moderna (MRNA-Q) +6%
🛫 Boeing (BA-N) -2.84%
📹 Zoom Video Communications Inc. (ZM-Q) -6.24%
🚢 Carnival Corp. (CCL-N) -5.63%
📱 AMC Entertainment Holdings Inc. (AMC-N) -14%
🛏 Bed Bath & Beyond (BBBY-Q) +11.77%
🍎 Apple (AAPL-Q) +0.88%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2%
🥇 Barrick Gold (ABX-T) -2.03%
🛢 Crescent Point Energy Corp (CPG-T) +2.56%
🌿 Canopy Growth Corp. (WEED-T) +7.84%
⛏ Lundin Mining Corp. (LUN-T) -5.61%
🛢 Suncor Energy Inc (SU-T) +2.11%
