{"id":234377,"date":"2021-07-08T18:36:06","date_gmt":"2021-07-08T22:36:06","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=234377"},"modified":"2021-07-08T18:36:06","modified_gmt":"2021-07-08T22:36:06","slug":"markets-sell-off-after-recent-highs","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/markets-sell-off-after-recent-highs\/","title":{"rendered":"Markets sell off after recent highs"},"content":{"rendered":"

Markets in Toronto and New York sold off sharply Thursday after recent days of record highs. The TSX closed -1.13% as jitters over the current OPEC+ spat over production levels pressured oil stocks as well as financials and materials. TD<\/a> slid 3.67% in heavy trading while Kinross Gold<\/a> and B2Gold<\/a> both closed -3.47%.<\/p>\n

However, U.S. President Biden surprised many by vowing to challenge consolidation in rail and ocean shipping. This news slammed shares of CP Rail<\/a> by 5.7% as investors now worry that Biden will derail the Kansas City Southern<\/a> deal. KSU fell 7.87% on the Nasdaq. In contrast, Canfor<\/a> popped 3.23%, Goodfood Market<\/a> jumped 4.33% and A&W<\/a> climbed 2.91%. The price of crude oil actually rose after inventories were reported lower than expected. WTI rose 1.2% and WCS 2.3%. However, the Canadian dollar dipped below 80 cents against the US dollar for the first time since April.<\/p>\n

Wall Street sold off particularly in the morning over fears that recovery momentum is slowing down, though the American economy continues to hum along. The S&P closed -0.85%, the Dow -0.76% and the Nasdaq -0.72%. All the Dow components showed weakness, but financials took it on the chin. Goldman Sachs<\/a> closed -2.37%, American Express<\/a> -2.04%, MetLife<\/a> -3.65% and Visa<\/a> -1.41%, the latter of which just came off record highs. There were some gainers, including Amazon<\/a> by nearly 1% and Biogen<\/a> up 3.86%. However, the U.S. 10-year yield continued to slip, ticking down to 1.2928%.<\/p>\n

🏛 Toronto Dominion<\/a> -3.67%
\n🥇 Kinross Gold<\/a> -3.47%
\n🥇 B2Gold Corp.<\/a> -3.47%
\n🚂 Canadian Pacific Rail<\/a> -5.7%
\n🚂 Kansas City Southern<\/a> -7.87%
\n🌲 Canfor Corp<\/a> +3.23%
\n🍱 Goodfood Market Corp.<\/a> +4.33%
\n🏛 A&W Revenue Royalties Income Fund<\/a> +2.91%
\n🏛 Goldman Sachs<\/a> -2.37%
\n🏛 American Express<\/a> -2.04%
\n👨‍⚕️ Metlife<\/a> -3.65%
\n💳 Visa Inc.<\/a> -1.41%
\n📦 Amazon.com<\/a> +1%
\n🧫 Biogen IDEC Inc.<\/a> +3.86%<\/p>\n","protected":false},"excerpt":{"rendered":"

Markets in Toronto and New York sold off sharply Thursday after recent days of record highs. The TSX closed -1.13% as jitters over the current OPEC+ spat over production levels pressured oil stocks as well as financials and materials. TD […]<\/p>\n","protected":false},"author":12,"featured_media":174836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[178],"tags":[],"class_list":["post-234377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/234377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=234377"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/234377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/174836"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=234377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=234377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=234377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}