Yields rise, stocks slide
Wall Street returned to business Tuesday and slid after yields spiked. The Dow finished -1.51%, the S&P -1.83% and the Nasdaq -2.69%, nearly putting the tech-heavy index in 10% correction territory. Stocks plunged as the 10-year yield touched 1.877% for the first time since January 2020.
There was a lot of red glowing across trading screens as Ford finished the session -3.22%, Meta/Facebook -4.14%, Apple -1.89% and Goldman Sachs -6.96% after releasing a disappointing earnings report. The rising yield overshadowed a blockbuster deal whereby Microsoft bought Activision Blizzard for $68.7 billion. MSFT shed 2.43% while ATVI jumped nearly 26%, but shares landed almost $13 short of the $95/share deal price. Among the few gainers on Tuesday were fellow gaming company, Electronic Arts, up 2.66%.
In Toronto, ever-rising oil prices helped cushion the sell off on The TSX which closed -1.22%. WTI rose 2.4% to $85.85 while WCS added 0.65% to $71.71. Gainers included MTY Food Group, up 3.07%, Cineplex 2.66%, Tourmaline 2.56%, AutoCanada 2.4% and Cargojet up 2.31%. Laggards included Crescent Point at -2.27%, Kinross Gold -3.24%, Canopy Growth at -7.61% and Brookfield Asset Management at -4.02%. Meanwhile, gold held steady at $1,813 an ounce while Bitcoin slipped 0.83% to just above $42,000.
🚘 Ford Motor (F-N) -3.22%
🕵️♂️ Meta Platforms Inc / Facebook (FB-Q) -4.14%
🍎 Apple (AAPL-Q) -1.89%
🏛 Goldman Sachs (GS-N) -6.96%
Ⓜ Microsoft (MSFT-Q) -2.43%
🎮 Activision Blizzard (ATVI-Q) +26%
🎮 Electronic Arts Inc (EA-Q) +2.66%
🍖 MTY Food Group (MTY-T) +3.07%
🎞 Cineplex Inc (CGX-T) +2.66%
🛢 Tourmaline Oil Corp (TOU-T) +2.56%
🚗 AutoCanada Inc. (ACQ-T) +2.4%
🛫 Cargojet Inc (CJT-T) +2.31%
🛢 Crescent Point Energy Corp (CPG-T) -2.27%
🥇 Kinross Gold (K-T) -3.14%
🌿 Canopy Growth Corp. (WEED-T) -7.61%
🏛 Brookfield Asset Management Inc. (BAM-N) -4.02%
🅱 Bitcoin Cash (CRYPTO:BCH) -0.83%
