Yields climb, stocks sink
On Thursday, the U.S. 10-year yield continued to rise, touching 4.278% by the close, based on fears that the U.S. Fed will hike interest rates again. American markets sank across most sectors as the S&P finished -0.77%, the Nasdaq -1.17%, and the Dow -0.84% to fall below 34,500. Volumes were typically summertime light.
Key movers included CVS at -8.14%, Intel as well as Tesla -2.83%, Moderna jumping 7.4% and Cisco Systems up 3.34%. Bitcoin wasn’t immune to the selling as it slid 3.7% to $27,600.
The TSX fared slightly better, closing -0.44%, though energy was the only positive sector. Leading the laggards were tech, industrials and financials. Major movers in Toronto included Suncor up 2.51%, Teck Resources at 3.89%, Bombardier -6.66%, Quebecor -3.94% and Shopify -3.8%. One of the few areas enjoying gains was crude oil, advancing nearly 1% to $80 a barrel.
👨⚕️ CVS Health Corp (CVS-N) -8.14%
💾 Intel (INTC-Q) -2.83%
🚗 Tesla Inc (TSLA-Q) -2.83%
💉 Moderna (MRNA-Q) +7.4%
🧬 Cisco (CSCO-Q) +3.34%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.7%
🛢 Suncor Energy Inc (SU-T) +2.51%
⛏ Teck Resources Ltd. (B) (TECK.B-T) +3.89%
🚂 Bombardier Inc (B) (BBD.B-T) -6.66%
🖨 Quebecor Inc (B) (QBR.B-T) -3.94%
🛍 Shopify Inc. (SHOP-T) -3.8%
