Stocks tank on rate fears
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%