Stocks retreat on strong U.S. jobs numbers
Thursday saw markets backtrack after the U.S. job numbers were stronger than expected, with many still employed. This made the street fear that the U.S. Fed will be hawkish when it next raises interest rates. The S&P finished -1.25%, the Nasdaq -1.5%, and the Dow -1.13%.
Naturally, tech bore the brunt of the sell-off with Tesla closing -2.96%, Amazon -2.27% and Microsoft -3.15%. However, Warner Bros. Discovery jumped 4.58% and Ford 1.79% among the most influential names. Bitcoin was unchanged above $16,800 as was the U.S. 10-year yield at 3.711%
The TSX fared better by surrendering only 0.5%. The trading was mixed, though more sectors were in the red than green. Materials was the strongest while industrials, utilities and financials were the weakest. Major movers were Teck Resources up 5.27%, Suncor at 2.36% and Algonquin Power adding 2.16%. However, Shopify closed -3.52% and TD -2.7%.
🚗 Tesla Motors Inc (TSLA-Q) -2.96%
📦 Amazon.com (AMZN-Q) -2.27%
Ⓜ Microsoft (MSFT-Q) -3.15%
📺 Warner Bros. Discovery (WBD-Q) +4.58%
🚘 Ford Motor (F-N) +1.79%
⛏ Teck Resources Ltd. (B) (TECK.B-T) +5.27%
🛢 Suncor Energy Inc (SU-T) +2.36%
💡 Algonquin Power & Utilities Corp (AQN-T) +2.16%
🛍 Shopify Inc. (SHOP-T) -3.52%
🏛 Toronto Dominion (TD-T) -2.7%