Tech and oil decline
Ongoing escalation in Russia’s invasion of Ukraine and the backdrop of hot inflation continued to weigh on markets Monday as both tech stocks and oil sold off. WTI sank 7% to below $102 and WCS sank over 8.5% to $88. Oil’s weakness, joined by materials, pushed the TSX down by 1.34%. The only sector to enjoy any gains was financials.
The most-traded stocks were CNQ at -4.41%, Suncor -2.64%, Cenovus -5.95%, Shopify -5.32%, Dye & Durham -3.94% and BCE -3.26%. The few gainers included Aritzia, up 3.57% and Cineplex, adding 3%. Turquoise Hill Resources rocketed over 32% after Rio Tinto’s bid to buy it.
The picture was only marginally better on Wall Street as the S&P closed -1.29%, the Dow -0.7% and the Nasdaq -2.18%. Tech bore the brunt of the selling yet again. Eyes were on Apple, which fell beneath a key level of support by 2.66% to finish just above $150. Affirm Holdings sank 15%, Amazon slipped 2.52% and Chinese stocks continued to fall as Baidu slipped 8.37%. The few bright spots included BioNTech jumping 12% and AMC rallying nearly 7%. Bitcoin slipped 0.3% to stay below $39,000 while gold retreated nearly 2% to $1,950. Meanwhile, the U.S. 10-year yield surged to 2.147%.
🛢 Canadian Natural Rsrcs (CNQ-T) -4.41%
🛢 Suncor Energy Inc (SU-T) -2.64%
🛢 Cenovus Energy (CVE-T) -5.95%
🛍 Shopify Inc. (SHOP-T) -5.32%
💾 Dye & Durham (DND-T) -3.94%
📡 BCE Inc. (BCE-T) -3.26%
👗 Aritzia Inc. (ATZ-T) +3.57%
🎞 Cineplex Inc (CGX-T) +3%
⛏ Turquoise Hill Resources (TRQ-T) +32%
🍎 Apple (AAPL-Q) -2.66%
🏛 Affirm Holdings (AFRM-Q) -15%
📦 Amazon.com (AMZN-Q) -2.52%
🈲 Baidu.com (BIDU-Q) -8.37%
👨⚕️ BioNTech (BNTX-Q) +12%
📺 AMC Entertainment Holdings Inc. (AMC-N) +7%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.3%
