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Stocks on both sides of the border were under water for most of Tuesday, but rallied at the end. The TSX added 0.13%, the Dow 0.5% and the S&P 0.17% but many tech names lost ground as the Nasdaq gave back 0.5%. Meanwhile, the U.S. 10-year yield jumped 3.5% to 1.68%. In Toronto, materials and tech showed weakness, though the other components were in the green, most notably energy. WTI crude jumped 2.6% to nearly $79 per barrel while WCS added 3.6% to nearly $59. The big news in oil was that President Biden was releasing 50 million barrels to temper high gas prices and wider inflation.
Naturally, the TSX’s biggest gainers included oil names, such as Crescent Point by 6.57%, Cenovus up 6.15% and Meg Energy at 5.85%. Beyond oil, TD leapt 2.43% and Denison Mines soared 7.39%. In contrast, Lundin Mining closed -3.27%, Hexo lost nearly 6%, and Yamana Gold finished at -3.71%. Gold dipped below $1,800 an ounce.
Back on Wall Street, energy, financials and real estate gained while consumer discretionary struggled. Goldman Sachs climbed 2.57%, Bank of America 2.64% and Marathon Oil rallied 5.43%. However, Best Buy reported that their margins are being squeezed, partly to customer theft, and tumbled 12.31%. Also, Tesla slid 4.14%, cheesemaker Cracker Barrel lost 8.75% and Bed Bath & Beyond tanked by 7.25%.
🛢 Crescent Point Energy Corp (CPG-T) +6.57%
🛢 Cenovus Energy (CVE-T) +6.15%
🛢 MEG Energy Corp (MEG-T) +5.85%
🏛 Toronto Dominion (TD-T) +2.43%
⛏ Denison Mines Corp (DML-T) +7.39%
⛏ Lundin Mining Corp. (LUN-T) -3.27%
🌿 Hexo Corp (HEXO-T) -6%
🥇 Yamana Gold Inc. (YRI-T) -3.71%
🏛 Goldman Sachs (GS-N) +2.57%
🏛 Bank of America (BAC-N) +2.64%
🛢 Marathon Oil (MRO-N) +5.43%
🛍 Best Buy Company Inc (BBY-N) -12.31%
🚗 Tesla Motors Inc (TSLA-Q) -4.14%
🧀 Cracker Barrel -8.75%
🛏 Bed Bath & Beyond (BBBY-Q) -7.25%
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