Yields up, earnings good, stocks wobble
Thursday saw the all-important U.S. 10-year yield continue to climb, touching 4.23%. Meanwhile, U.S. earnings kept rolling in, offering generally positive results. However, the indices gave back recent gains as the S&P closed -0.8%, the Nasdaq -0.61%, and the Dow -0.3%. Eight of the 11 S&P sectors were negative.
Winners and losers depended on their earnings reports. In the former camp were AT&T, jumping 7.69%, Las Vegas Sands at 5.42% and IBM adding 4.73% on good quarters. In contrast, Allstate sank 12.9% and Tesla slid 6.4% on a disappointing report. Elon Musk’s carmaker was the talk of the town as it cut growth projections and missed some key metrics.
Crude oil rose modestly to the tune of $86 per barrel of WTI and $58 for WCS. That still made energy as well as real estate the leader sectors in Toronto, while utilities and consumer staples lagged. The TSX itself shed 0.63%. Major gainers were Cenovus up 3.11%, Shopify by 4.87% and First Majestic Silver popping 5.46%. Losing ground were the banks, including CIBC at -1.12% and Royal at -1.26%. Also weak was Mullen Group at -9.07%.
📱 AT&T (T-N) +7.69%
♠ Las Vegas Sands Corp. (LVS-N) +5.42%
💾 IBM (IBM-N) +4.73%
👨⚕️ Allstate (ALL-N) -12.9%
🚗 Tesla Motors Inc (TSLA-Q) -6.4%
🛢 Cenovus Energy (CVE-T) +3.11%
🛍 Shopify Inc. (SHOP-T) +4.87%
🥈 First Majestic Silver (FR-T) +5.46%
🏛 Canadian Imperial Bank of Commerce (CM-T) -1.12%
🏛 Royal Bank (RY-T) -1.26%
🚚 Mullen Group Ltd (MTL-T) -9.07%
