Stockchase At the Close The markets reverted to ongoing fears of hot inflation and rate hikes Tuesday and sold off most sectors except energy. On Wall Street, the S&P closed -2.01%, the Nasdaq -2.98% and the Dow -1.56%.
Gainers: Hess up 5.67%, Diamondback Energy 4.35%, Qualcomm 3.29% and Occidental Petroleum 4.79%. All S&P sectors were down, especially consumer discretionary and tech, but not energy. Losers: Enphase -7.53%, Salesforce -5.43%, DocuSign -6.83%, Nike -6.99% and Amazon -5.14%. The U.S. 10-year yield touched 3.122% while Bitcoin slid nearly 3% back to $20,000.
The TSX nearly broke even on oil’s strength. The index shed only 17 points. WTI rose 2% to nearly $112 and WCS climbed 1.5% to over $93. Tech and materials were especially weak. Major movers: Arc Resources 8.81%, Tamarack Valley 6.87%, Baytex Energy 6.42% and Crescent Point Energy5.08%. Losing ground were Kinross Gold at -7.02%, Lightspeed Commerce-6.97%, Marathon Gold -6.49% and Shopify -6.17%.