Stocks sink, oil rises

Allan Tong Posted On June 28, 2022

The markets reverted to ongoing fears of hot inflation and rate hikes Tuesday and sold off most sectors except energy. On Wall Street, the S&P closed -2.01%, the Nasdaq -2.98% and the Dow -1.56%.

Gainers: Hess up 5.67%, Diamondback Energy 4.35%, Qualcomm 3.29% and Occidental Petroleum 4.79%. All S&P sectors were down, especially consumer discretionary and tech, but not energy. Losers: Enphase -7.53%, Salesforce -5.43%, DocuSign -6.83%, Nike -6.99% and Amazon -5.14%. The U.S. 10-year yield touched 3.122% while Bitcoin slid nearly 3% back to $20,000.

The TSX nearly broke even on oil’s strength. The index shed only 17 points. WTI rose 2% to nearly $112 and WCS climbed 1.5% to over $93. Tech and materials were especially weak. Major movers: Arc Resources 8.81%, Tamarack Valley 6.87%, Baytex Energy 6.42% and Crescent Point Energy 5.08%. Losing ground were Kinross Gold at -7.02%, Lightspeed Commerce -6.97%, Marathon Gold -6.49% and Shopify -6.17%.

🛢 Hess Corp. (HES-N) +5.67%
💎 Diamondback Energy (FANG-Q) +4.35%
💾 Qualcomm (QCOM-Q) +3.29%
🛢 Occidental Petroleum Corp (OXY-N) +4.79%
⚡ Enphase Energy (ENPH-Q) -7.53%
💨 SalesForce.com Inc. (CRM-N) -5.43%
💻 Docusign (DOCU-Q) -6.83%
👟 Nike Inc (NKE-N) -6.99%
📦 Amazon.com (AMZN-Q) -5.14%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3%
🛢 Arc Resources Ltd (ARX-T) +8.81%
🛢 Tamarack Valley Energy (TVE-T) +6.87%
🛢 Baytex Energy Corp (BTE-T) +6.42%
🛢 Crescent Point Energy Corp (CPG-T) +5.08%
🥇 Kinross Gold (K-T) -7.02%
💾 Lightspeed Commerce Inc (LSPD-T) -6.97%
🥇 Marathon Gold Corp (MOZ-T) -6.49%
🛍 Shopify Inc. (SHOP-T) -6.17%