U.S. stocks sink on Fed comments
As expected Wednesday afternoon, the U.S. Federal Bank raised interest rates by 25 basis points, but chair Powell’s comments afterwards triggered a sell-off of American stocks. All the major indices sank by 1.6% by the close.
Tesla changed the most hands at -2.74%, the Bank of America -2.89%, First Republic Bank -16.87% as its losses continued and Comerica -8.37%. AMD was one of the few positive named, adding 2.57%. The U.S. 10-year yield slipped to 3.445% while Bitcoin slid 4.6% below $27,000.
The TSX fared better as recent inflation decent numbers were decidedly down. The TSX closed only -0.17% though most sectors laffed, led by real estates. Consumer staples, however, rallied. Crescent Point Energy changed the most hands as it popped 3.18%, Osisko Mining soared 10.61%, Parkland rallied 9.72%, though Birchcliffe Energy sank 4.44% and Canopy Growth sank 4.43%. WTI crude added 0.5% past $70 a barrel.
🚗 Tesla Inc (TSLA-Q) -2.74%
🏛 Bank of America (BAC-N) -2.89%
🏛 First Republic Bank (FRC-N) -16.87%
🏛 Comerica Inc (CMA-N) -8.37%
💾 Advanced Micro Devices (AMD-Q) +2.57%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -4.6%
🛢 Crescent Point Energy Corp (CPG-T) +3.18%
⛏ Osisko Mining (OSK-T) +10.61%
🚚 Parkland Fuel Corp (PKI-T) +9.72%
🛢 Birchcliff Energy Ltd. (BIR-T) -4.44%
🌿 Canopy Growth Corp. (WEED-T) -4.43%