Stocks slide on hot U.S. inflation, BOC holds

Wednesday’s markets sold-off after the latest U.S. consumer inflation numbers came in higher than expected. While part of the market had been expecting this result, American stocks sank across the board, with the three major indices shedding 1%, especially the Dow by -1.09%. Meanwhile, the U.S. 10-year yield jumped to 4.546% as Wall Street started to shift expectations of the first interest rate cut from June to July.

The most-traded names were Apple at -1.11%, Intel -2.95% and Tesla -2.98%. Warner Bros. Discovery closed -4.26% and American Airlines -3.87%. Bitcoin rose 1.25% to nearly $70,000.

The Bank of Canada held its key lending rate, much as Bay Street expected. However, the TSX slipped 0.72% as only energy gained among all sectors. Real estate, financials and utilities were particularly weak. Big movers were TD at -1.77%, Bank of Nova Scotia -2.1%, Manulife -1.41%, Arc Resources up 2.83% and Baytex 3.89%. Gold edged down to $,2330 as WTI crude added 1.25% to $86.30.

🍎 Apple Inc (AAPL-Q) -1.11%

💾 Intel (INTC-Q) -2.95%

🚗 Tesla Inc (TSLA-Q) -2.98%

📺 Warner Bros. Discovery (WBD-Q) -4.26%

🛫 American Airlines Group (AAL-Q) -3.87%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +1.25%

🏛 Toronto Dominion (TD-T) -1.77%

🏛 Bank of Nova Scotia (BNS-T) -2.1%

🏛 Manulife Financial (MFC-T) -1.41%

🛢 Arc Resources Ltd (ARX-T) +2.83%

🛢 Baytex Energy Corp (BTE-T) +3.89%