TSX flat on recession call, Wall Street climbs
Tuesday saw August economic data pointing to a mild Canadian recession in Q3. The news surprised no one and the TSX was flat, adding only 16 points. All but two sectors declined, but heavy losses in materials and to a lesser extent utilities nearly outweighed all other sectors. Staples and tech outperformed all.
Key movers were First Quantum Minerals which plunged another 20% as Panama threatens to halt its mine; Tamarack Valley up 1.95%, Cameco popped 8.35%, Celestica soared 5.34%, but First Majestic Silver sank 5.18%. WTI crude slipped another 1.2% to around $81.30.
Right before the next U.S. Fed announcement on interest rates, American stocks edged up: the S&P 0.65% to nearly 4,200, the Nasdaq 0.48% and the Dow 0.38%. Major movers were Intel up 2.27%, Bank of America 2.53%, VF Corp -13.96%, Caterpillar -6.65% and Arista Networks jumping 14.03%. The U.S. 10-year yield held around 4.92% while Bitcoin edged up 0.38% to $34,600.
🛢 Tamarack Valley Energy (TVE-T) +1.95%
⛏ Cameco Corporation (CCO-T) +8.35%
🧬 Celestica Inc (CLS-T) +5.34%
⛓ First Majestic Silver (FR-T) -5.18%
💾 Intel (INTC-Q) +2.27%
🏛 Bank of America (BAC-N) +2.53%
🛍 VF Corporation (VFC-N) -13.96%
🏗 Caterpillar (CAT-N) -6.65%
💾 Arista Networks, Inc. (ANET-N) +14.03%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.38%