Stocks slide on Powell speech

The U.S. Fed’s Jay Powell spoke for six minutes on Friday morning and by the close the major American indices had plunged 3-4%. Powell said he would keep interest rates high to combat inflation, though didn’t put a number on the next hike in September. The S&P closed -3.37%, the Nasdaq -3.94% and the Dow -3.03%. All fell 3-4% for the week.

Tech led the sell-off: Apple -3.57%, Nvidia -8.88%, AMD -5.95%, and Alphabet -5.2%. However, Electronic Arts was a rare gainer, up. 3.57%. Meanwhile, Carnival sank 5.17% and 3M tanked 9.58%. The U.S. 10-year yield touched 3.032%, though Bitcoin dropped 4.3% to $20,700.

The TSX’s losses were half of Wall Street’s. The TSX closed -1.48% on Friday and only -0.22% for the week, but fell below 20,000 again. All sectors were in the red, led by consumer staples and materials. Big movers were Barrick Gold at -4.63%, and Kinross -5.72%. As in the U.S., Canadian tech suffered serious losses. Open Text finished -13.71%, Dye & Durham -11.68% and Shopify -4.84%. TD was a rare gainer, up 0.94%.

🍎 Apple (AAPL-Q) -3.57%
💾 Nvidia Corp (NVDA-Q) -8.88%
💾 Advanced Micro Devices (AMD-Q) -5.95%
🧮 Alphabet Inc. / Google (GOOG-Q) -5.2%
🎮 Electronic Arts Inc (EA-Q) +3.57%
🚢 Carnival Corp. (CCL-N) -5.17%
💾 3M Co. (MMM-N) -9.58%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4.3%
🥇 Barrick Gold (ABX-T) -4.63%
🥇 Kinross Gold (K-T) -5.72%
💾 Open Text (OTEX-T) -13.71%
💿 Dye & Durham (DND-T) -11.68%
🛍 Shopify Inc. (SHOP-T) -4.84%
🏛 Toronto Dominion (TD-T) +0.94%