Stocks sink, oil rises
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%
