Stocks slide into the close
A choppy Wednesday session saw the indices trading positively for the day until the dying minutes. The Dow closed flat, but the S&P finished -0.55% and the TSX -0.22%, while the Nasdaq plunged 2%. Zoom Video (-7.3%), Peloton (-10.2%) and DocuSign (-4.57%) helped draft the Nasdaq down. Also, Tesla lost 4.82% and Etsy tumbled 9.33%.
Tech stocks were so hard hit that Adobe slid 1.89% despite reporting a convincing a rosy forecast and revenue and earnings beats. Performing better were the rails, including Kansas City Southern, 2.94%, enjoying the afterglow of CPR’s proposed takeover, and Union Pacific, climbing 2.33%. A ship blocking the Suez Canal, propelled oil stocks with ConocoPhillips jumping 2.9%. The Reddit short trade may be in the final innings as GameStop plunged nearly 34% after reporting a disappointing quarter, but also refusing to issue any guidance or turnaround plan.
In Toronto, energy soared on the Suez news (expected to be short-lived) while tech slid. Gainers included Vermilion Energy up 6.25%, Imperial Oil 5.15% and Crescent Point Energy 4.67%. Losers: Shopify at -4.87%, Lightspeed POS -5.98% and Lithium Americas -7.58%. The price of WTI soared 5.18% and WCS leapt 6.71%. Gold ticked up by nearly 0.5% while Bitcoin retreated 1.4%. Considering tech’s woes today, the U.S. 10-year surprisingly moved down by 1.47% to 1.614%.
📹 Zoom Video Communications Inc. -7.3
🚲 Peloton Interactive -10.2%
🖋 Docusign -4.57%
🚗 Tesla Motors Inc -4.82%
🛍 Etsy Inc. -9.33%
💾 Adobe Systems -1.89%
🚂 Kansas City Southern +2.94%
🚂 Union Pacific Corp +2.33%
🛢 ConocoPhillips +2.9%
🎮 GameStop Corp. -34%
🛢 Vermilion Energy Inc +6.25%
🛢 Imperial Oil +5.15%
🛢 Crescent Point Energy Corp +4.67%
🛍 Shopify Inc. -4.87%
💿 Lightspeed POS -5.98%
🥈 Lithium Americas Corp -7.58%
🅱 The Bitcoin Fund -1.4%
