Yields and oil surge, stocks mixed
Wednesday’s session saw the price of WTI crude spike 3.6% to $93.65 a barrel and the U.S. 10-year yield surge past 4.6%, creating a choppy trade for stocks on both sides of the border. Despite oil’s rally, the TSX sank 0.72% as only energy and tech gained while the remaining sectors lagged. The biggest laggards were utilities, materials and consumer staples.
Wall Street was more mixed as the S&P closed flat, the Nasdaq added 0.18% and the Dow slipped 0.22%. Some chip names rallied, such as Intel by 2.44%. Also advancing were Marathon Oil by 4.07%, Norwegian Cruise Line at 6.01%, Devon Energy at 3.98%, but Newmont plunged 5.44% and PayPal sank 2.7%. Bitcoin held around $26,200.
🛢 Suncor Energy Inc (SU-T) +2.83%
🛢 Baytex Energy Corp (BTE-T) +3.54%
⛏ Lithium Americas Corp (LAC-T) -5.42%
💾 Intel (INTC-Q) +2.44%
🛢 Marathon Oil (MRO-N) +4.07%
🛢 Devon Energy Corp (DVN-N) +3.98%
🥇 Newmont Goldcorp (NGT-T) -5.44%
💳 PayPal Holdings Inc. (PYPL-Q) -2.7%