U.S. markets fade, oil spikes
With Canadian markets closed for Thanksgiving, American markets started the week fading into the close. Neither the tech or cyclical trade showed much conviction as the S&P closed -0.69%, the Dow -0.72% and the Nasdaq -0.64%. The U.S. 10-year yield nudged up, but only slightly to 1.612% while Bitcoin enjoyed its rally, popping 3.4% past $57,000.
Utilities and communications showed some strength, but most sectors were in the red, including materials and real estate. Losing ground were apparel names such as the Gap at -4.83, airlines including Southwest at -4.17%, and T-Mobile finishing -3.32%. Seagate offered a rare bright spot by climbing 2.13%. However, the big news was crude oil, which continued to surge amid shortages. WTI added 1.4% to reach $80.50, but touched $82 during the session to return to highs last seen seven years ago.