Treasury ploy backfires, markets sink
The U.S. Treasury’s scheme to “at least double” its government debt repurchases modestly lifted markets on Wednesday, but backfired on Thursday as the market doubted the rescue plan. The S&P closed -0.12%, the Nasdaq -1% and the Dow -1.27%. Meanwhile, the U.S. 10-year yield returned to 4.7% after spiking. Major movers: Walmart -9.15%, Bank of America -2.07%, Coinbase 7.58% and Intuitive Surgical -5.84%. Moderna gave back 23.55% after doubling the day before when it announced a breakthrough in its melanoma treatment. Meanwhile, Bitcoin continued to rebound, up 5.25% to US$72,670.
The TSX fared relatively better, down only 0.12% as strength in materials and energy nearly offset losses in financials, healthcare and six other sectors. Key names on Bay Street: CNQ 2.86%, Whitecap Resources 2.37%, Energy Fuels -6.38%, Aritzia -5.5% and CAE -4.01%. Gold added six dollars to US$4,521, silver rose 1.75% to US$68.10 and WTI rose another two dollars to US$87.83 as there was no end in sight to the U.S.-Iran war.
🛒 Walmart Inc (WMT) -9.15%
🏛 Bank of America (BAC) -2.07%
🏛 Coinbase Global (COIN) +7.58%
👨⚕️ Intuitive Surgical Inc. (ISRG) -5.84%
💉 Moderna (MRNA) -23.55%
🅱 Bitcoin (BTCUSD) (BTC-USD) +5.25%
🛢 Canadian Natural Rsrcs (CNQ.TO) +2.86%
🛢 Whitecap Resources (WCP.TO) +2.37%
⛏ Energy Fuels Inc. (EFR.TO) -6.38%
👗 Aritzia Inc. (ATZ.TO) -5.5%
🚨 CAE Inc (CAE.TO) -4.01%
