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Hawkish sentiments from the U.S. Fed continued to push stocks down. Stocks tanked on Friday across the board as some members of the Fed openly consider a 75-basis point hike in interest rates. The S&P closed -2.86% to 4,268 or 2.75% for the week, the Nasdaq -2.55% and the Dow -2.81%. The indices declined for the week with the Nasdaq down 9% so far in April while the S&P fell below the 200-day moving average.
Big moves were seen in Intuitive Surgical down nearly -14%, Nucor -8.41%, Caterpillar -6.75%, Verizon -5.48% and Freeport-McMoran -6.57%. Among the few glimmers of positivity were Kimberly-Clark up 8.05% and Take-Two Interactive at 3.65%. All the major Dow components were in the red.
Even oil slid, down 2-2.5% as WCS traded down to $100.60 and WCS to $89. The TSX, which has been outperforming the American ones in 2022, slid 2.08% Friday to 21,199, down 3.06% for the week. Again, there was red across the board. Royal Bank slid 4.19% in heavy trading, Crescent Point Energy lost 4.9%, Western Copper and Gold fell 8.65%, and Bombardier dove 2.84%. Bitcoin was not immune to selling, down 2.65% to trade around $38,500. Investors are hoping that next week’s major tech earnings from Apple, Amazon and Microsoft offer some relief.
🔬 Intuitive Surgical Inc. (ISRG-Q) -14%
⛏ Nucor Corp. (NUE-N) -8.41%
🏗 Caterpillar (CAT-N) -6.75%
📱 Verizon Communications (VZ-N) -5.48%
🥇 Freeport McMoran Copper & Gold (FCX-N) -6.57%
🧻 Kimberly Clark (KMB-N) +8.05%
💾 Take-Two Interactive Softwar (TTWO-Q) +3.65%
🏛 Royal Bank (RY-T) -4.19%
🛢 Crescent Point Energy Corp (CPG-T) -4.9%
⛏ Western Copper (WRN-T) -8.65%
🚂 Bombardier Inc (B) (BBD.B-T) -2.84%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.65%
