Stocks slide ahead of earnings
Though crude oil rebounded Tuesday, stocks sold off across the board ahead of earnings reports by heavyweights Microsoft and Alphabet which were released after the bell. Inflation, interest rates and Russia continue to weigh on investor sentiment. It was an ugly day as the S&P closed -2.81%, the Nasdaq -3.95% to 12,517 and the Dow -2.38% after shedding 754 points.
Major movers were Apple at -3.58% in heavy trading, Twitter -3.89% and Tesla -11.83% as investors feared that Elon Musk will some of his shares to pay for his Twitter purchase. Also down were Nvidia by 5.12% and Ford losing 3.29%. However, there were some notable gainers: Sherwin-Williams popping 9.63%, Waste Management gaining 5.63% and Whirlpool adding 4.63%. The U.S. 10-year yield slipped to 2.759% while Bitcoin slid over 5% to fall below $38,000.
Meanwhile, WTI crude jumped 3.6% to over $102 while WCS. Oil’s rebound cushioned the TSX’s losses to 1.33% to close at 20,731. Major laggards were Bank of Montreal at -1.82%, Bombardier at -8.09%, Air Canada -7.27% after missing its quarter, and Copper Mountain Mining at -12.26%. Gainers included Well Health Technologies up 3.51%, Baytex up 2.7% and Vermilion at 2.57%. Major earnings continue on Wednesday with Meta/Facebook.
🍎 Apple (AAPL-Q) -3.58%
🐦 Twitter, Inc (TWTR-N) -3.89%
🚗 Tesla Motors Inc (TSLA-Q) -11.83%
💾 Nvidia Corp (NVDA-Q) -5.12%
🚘 Ford Motor (F-N) -3.29%
🎨 Sherwin-Williams Co. (SHW-N) +9.63%
♻ Waste Management (WM-N) +5.63%
🔌 Whirlpool Corp (WHR-N) +4.63%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -5%
🏛 Bank of Montreal (BMO-T) -1.82%
🚂 Bombardier Inc (B) (BBD.B-T) -8.09%
🛫 Air Canada (AC-T) -7.27%
⛏ Copper Mountain Mining (CMMC-T) -12.26%
👨⚕️ WELL Health Technologies (WELL-T) +3.51%
🛢 Baytex Energy Corp (BTE-T) +2.7%
🛢 Vermilion Energy Inc (VET-T) +2.57%
