Yields hit highs, stocks sink

Allan Tong Posted On October 18, 2023

The U.S. 10-year treasury yield topped 4.9% on Wednesday, a 16-year high. As a result, stocks slid across the board. The S&P closed -1.06%, the Nasdaq -1.62% and the Dow -0.98%.

Notable names were Tesla, closing -4.78%, Nvidia -3.96%, and Albemarle -9.79%. Airlines took a hit as American sank 4.88% and United slid 9.67%. Meanwhile, Bitcoin edged up by 0.4% to $28,300.

Canadian equities didn’t fare much better. The TSX declined 1.23% as all sectors except energy lost ground. Staples, financials and industrials led the sell-off. Major movers were Royal Bank at -1.63%, Shopify -2.02%, Algonquin Power -4.62% and CAE -4.72%. WTI crude advanced 1.7% to over $88 a barrel.

🚗 Tesla Inc (TSLA-Q) -4.78%

💾 NVIDIA Corporation (NVDA-Q) -3.96%

⛏ Albemarle Corp (ALB-N) -9.79%

🛫 American Airlines Group (AAL-Q) -4.88%

🛫 United Airlines Holdings (UAL-Q) -9.67%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) +0.4%

🏛 Royal Bank (RY-T) -1.63%

🛍 Shopify Inc. (SHOP-T) -2.02%

💡 Algonquin Power & Utilities Corp (AQN-T) -4.62%

🚚 CAE Inc (CAE-T) -4.72%