Threat of Russian invasion spooks markets
Ongoing fears that Russia will invade Ukraine continued to drive markets lower on Friday. Add to this ongoing concerns that the U.S. Fed will soon hike interest rates. The S&P closed -0.72% (down 1.5% for the week), the Nasdaq -1.23% and the Dow -0.68%.
Among the few gainers were Ford up 2.85%, Dollar Tree 5.22% and Cisco at 2.58%. Notable laggards included Adobe at -3.31%, Intuit -3.02%, Deere -3% and Nvidia -3.53%. Even though tech took a drubbing, the U.S. 10-year yield also declined, slipping to 1.918%. Cryptos didn’t fare better as Bitcoin slid 2.44% below $40,000.
The TSX closed -0.81% for the day and -1.7% for the week to stay barely above 21,000. Every sector closed in the red, especially consumer staples, energy and materials. Among the few gainers were airlines Air Canada, up 3.13% and Chorus Aviation by 2.76%, as well as Pizza Pizza delivering a 5.46% gain and Yamana Gold at 2.12%. Losing ground were Bombardier at -4.14%, Tamarack Valley Energy -3.88%, Baytex -3.97% and Crescent Point Energy -3.74%. Even crude oil didn’t escape the bearish sell-off: WTI slipped 0.21% to trade around $91.60 and WCS lost a more modest 0.14% to $77.36. Investors will keep an eye on the Russian-Ukraine border this long weekend.
🚛 Ford Motor (F-N) +2.85%
🌲 Dollar Tree (DLTR-Q) +5.22%
📡 Cisco (CSCO-Q) +2.58%
💾 Adobe Systems (ADBE-Q) -3.31%
💿 Intuit Inc. (INTU-Q) -3.02%
🦌 Deere & Co. (DE-N) -3%
💾 Nvidia Corp (NVDA-Q) -3.53%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -2.44%
🛫 Air Canada (AC-T) +3.13%
✈ Chorus Aviation Inc (CHR-T) +2.76%
🍕 Pizza Pizza Royalty (PZA-T) +5.46%
🥇 Yamana Gold Inc. (YRI-T) +2.12%
🚂 Bombardier Inc (B) (BBD.B-T) -4.14%
🛢 Tamarack Valley Energy (TVE-T) -3.88%
🛢 Baytex Energy Corp (BTE-T) -3.97%
🛢 Crescent Point Energy Corp (CPG-T) -3.74%
