Stocks sink after early bounce
Tuesday morning’s rally faded into the close, though crude oil sharply rebounded. The U.S. released its latest inflation numbers which showed a 8.5% increase year-over-year, the highest since 1981, which is reinforcing pressure on the Fed to raise interest rates even higher. Despite that, stocks rallied after the opening bell, but faded throughout the day. Both the TSX and S&P finished -0.34%, the Nasdaq -0.3.% and the Dow -0.26%.
Gaining were Marathon Oil by 4.6%, Devon Energy at 3.71% and Darden Restaurants up 3.16%. Losers were Carmax at -9.54%, Twitter -5.38% and Danaher -3.57%. The U.S. 10-year-yield slipped to 2.77%
Crude oil jumped after Russia’s Vladimir Putin prepares his army to launch a major battle in eastern Ukraine, raising fears of more bloodshed. Also, China is easing some of its lockdowns sooner than thought. As a result, WTI leapt 6.7% above $100 a barrel % to $95.50. Naturally, energy was the strongest sector in Toronto, followed by materials. All other sectors were in the red, especially staples and financials. Major movers were TD, down 2.16% in heavy trading. CNQ rallied 2.64%, Tamarack Valley 3.76% and Whitecap Resources 4.68%. Tech names Shopify slipped 4.2% and Lightspeed tumbled 3.75%. Boralex slid about 3% while Ballard Power lost 3.67%.
🛢 Marathon Oil (MRO-N) +4.6%
🛢 Devon Energy Corp (DVN-N) +3.71%
🍽 Darden Restaurants (DRI-N) +3.16%
🚗 CarMax (KMX-N) -9.54%
🐦 Twitter, Inc (TWTR-N) -5.38%
👨⚕️ Danaher Corp. (DHR-N) -3.57%
🏛 Toronto Dominion (TD-T) -2.16%
🛢 Canadian Natural Rsrcs (CNQ-T) +2.64%
🛢 Tamarack Valley Energy (TVE-T) +3.76%
🛢 Whitecap Resources (WCP-T) +4.68%
🛍 Shopify Inc. (SHOP-T) -4.2%
💾 Lightspeed Commerce Inc (LSPD-T) -3.75%
♻ Boralex Inc. (BLX-T) -3%
🔋 Ballard Power Systems (BLDP-T) -3.67%
