Stockchase After the Close The meltdown in cryptos continued on Wednesday as Binance backed out of its FTX bail-out. Investors and speculators sold their crypto positions hard with Bitcoin tanking 13.77% to fall below $16,000. Crypto’s tailspin overshadowed the sell-off in stocks a day after the U.S. Midterms which saw the Republicans gain a bit more power in Washington, as the street expected. The S&P and Dow slipped 2%, while the Nasdaq fell 2.48%.
Disney weighed on the indices after it delivered a disappointing quarter and forecast. The shares of Mickey slid 13.16%. Also sagging were Tesla at -7.17%, Norwegian at -8.62% and Occidental -9.22%. The latter reflected the price of WTI crude declining 3.7% to $85.50. However, Meta regained 5.18% after announcing widespread layoffs in the face of recent high spending.
Things were slightly better in Canada as the TSX shed 1.61%. The only sector trading positively was telcos. Energy and materials in particular dragged down the TSX. The biggest movers were Enbridge at -1.41%, Suncor -3.48% as well as Canopy Growth up 2.59%. Cenovus shed 5.4%, but EQB soared 12.24% after reporting a robust Q3.