U.S. stocks sink on Fed day
All eyes Wednesday were on the U.S. Fed. Markets were trending modestly higher until Fed chair Jerome Powell announced a 0.25% interest rate (surprising no one), but made comments that the market interpreted as higher-for-longer. Then again, others discerned hints of pausing hikes down the road. Nevertheless, all S&P sectors closed in the red as the S&P finished the session -0.7%, the Nasdaq -0.46%, and the Dow -0.8%. Earnings and guidance continued to roll in.
AMD slumped 8.75%, Estee Lauder plunged 17.33% and Starbucks fell by 9.2%. Adobe declined 6.34% after U.K. regulators announced they would scrutinize a proposed merger while Marathon Petroleum 5.9% sank on weak oil prices. The U.S. 10-year yield clocked in at 3.364% while Bitcoin slipped 1.3% to $28,400.
Canadian stocks saw less weakness as the TSX closed -0.18%. Sectors were mixed, though more weak than strong, led by utilities but dragged down by staples, discretionary and energy. Oil names led losses: Suncor -2.01%, Cenovus -2.04% and Crescent Point Energy -2.46%. However, Equinox Gold soared 9.91% and Tilray rallied 4.81%.
💾 Advanced Micro Devices (AMD-Q) -8.75%
💄 Estee Lauder (EL-N) -17.33%
☕ Starbucks (SBUX-Q) -9.2%
💾 Adobe Systems (ADBE-Q) -6.34%
🛢 Marathon Petroleum (MPC-N) -5.9%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -1.3%
🛢 Suncor Energy Inc (SU-T) -2.01%
🛢 Cenovus Energy (CVE-T) -2.04%
🛢 Crescent Point Energy Corp (CPG-T) -2.46%
🥇 Equinox Gold (EQX-T) +9.91%
🌿 Tilray Inc. (TLRY-Q) +4.81%