Markets rose Wednesday morning, fell throughout the day, then closed on strength, albeit modestly. The choppiness was fed by recent comments by regional U.S. Fed officials and ahead of Thursday’s CPI inflation numbers. Will the Fed raise or hold rates or even pivot? That’s the question Wall Street is asking. By the closing bell, the S&P was 0.38% higher, the Nasdaq 0.69%, and the Dow 0.15%. Meanwhile, the U.S. 10-year yield edged down to 4.56%.
Key names were Exxon, down 3.59% after buying Pioneer Resources whose shares climbed 1.44%. Nvidia rose 2.17%, though Norwegian Cruise Lines slid 5.72%. The much-anticipated Birkenstock IPO was delayed and closed nearly $6 below the offering price of $46. Bitcoin sank 2.5% to $26,700.
The TSX fared relatively better by rallying 0.78% with gains across the board and only modest declines in healthcare and energy. Utilities, staples, real estate and financials bounced back strongly. Key movers were Spin Master jumping nearly 6%, TC Energy up 1.6%, TD adding 1.12% as the most-traded name and Cogeco Communications rallying 4.77%. WTI crude fell 2.4% to $84 a barrel while WCS declined to $62.65.