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Hot U.S. hot employment numbers from last Friday continued to fuel investor fears on Wall Street of the U.S. Fed slowing or even reversing interest rate cuts this year. The U.S. 10-year yield touched 4.8%, its highest in 52 weeks. This pressured value stocks on Monday, extending losses for sectors including tech, but the indices recovered some of the session’s weakness. The Nasdaq closed -0.38%, the S&P managed to add 0.16% and the Dow 0.86%.
Nvidia sank 1.97% after President Biden announced plans to curb AI chip sales to select EU countries out of security concerns. U.S. Steel jumped 6.94% on reports that Cleveland-Cliffs and Nucor want to buy it. Meanwhile, Abercrombie and Fitch sank 15.66% on a weak sales report and forecast. Moderna plunged 16.8% also on a weak forecast. However, healthcare stocks jumped on reports of potentially more Medicare payments, sending CVS 7.31% higher. Bitcoin slipped 0.8% to US$93,560.
The TSX fell 0.9% as only teclos saw gains. Healthcare, materials and energy led the sell-off. Key names: CNQ -3.85%, Meg Energy -5.58%, Orla Mining -7.08%, Bausch Health -6.41% and Nutrien 5.4%. WTI continued to rally, up 2.75% to US$78.70 while gold slipped US$28 to US$2,661.
💾 NVIDIA Corporation (NVDA-Q) -1.97%
👕 Abercrombie & Fitch (ANF-N) -15.66%
💉 Moderna (MRNA-Q) -16.8%
👨⚕️ CVS Health Corp (CVS-N) +7.31%
🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -0.8%
🛢 Canadian Natural Rsrcs (CNQ-T) -3.85%
🛢 MEG Energy Corp (MEG-T) -5.58%
⛏ Orla Mining (OLA-T) -7.08%
👨⚕️ Bausch Health Companies Inc. (BHC-T) -6.41%
🌿 Nutrien Ltd. (NTR-T) +5.4%
