Yields keep climbing
Stocks extended losses on Thursday as the U.S. 10-year yield flirted with 5%, the U.S. Fed kept future hikes on the table, and the Israel-Hamas war intensified. Investors had no shortage of worry in Toronto and New York.
The TSX slipped 0.52% as almost every sector sank. Only energy saw any true increases, with WTI crude jumping 2.5% to $90.50 a barrel. Unsurprisingly, big gainers included Baytex up 4.46% and Tamarack Valley Energy at 5.05%. In contrast, Allied Properties REIT closed -5.89% and Bausch Health -5.37%.
In New York, the S&P closed -0.85% to below 4,300, the Nasdaq -0.96%, and the Dow -0.75%. Notable names included Tesla at -9.3%, Blackstone -7.9%, Las Vegas Sands 2.87% and AT&T jumping 6.56%. Netflix reported a strong beat, and shares soared 16.05%. The backdrop to his trading was Jay Powell of the U.S. Fed who didn’t rule out further interest hikes, but also offered to maintain rates.
🛢 Baytex Energy Corp (BTE-T) +4.46%
🛢 Tamarack Valley Energy (TVE-T) +5.05%
🏛 Allied Properties REIT (AP.UN-T) -5.89%
👨⚕️ Bausch Health Companies Inc. (BHC-T) -5.37%
🚗 Tesla Inc (TSLA-Q) -9.3%
🏛 Blackstone Group LP (BX-N) -7.9%
♠ Las Vegas Sands Corp. (LVS-N) +2.87%
📱 AT&T (T-N) +6.56%
📺 Netflix Inc. (NFLX-Q) +16.05%