Stockchase After the Close Q2 and the trading week began with a surprise announcement from OPEC that it will cut crude oil production, sending WTI gushing over 6% to $80.50 and leading the TSX 0.84% higher. On Bay Street, materials and banks also rallied while real estate showed some weakness.
Big movers in Toronto included Teck Resources soaring 18.72%, Meg Energy up 8.84%, Crescent Point Energy 6.6% and TD 2.14%. In contrast, Canfor sank 5.72%.
Oil also rallied on Wall Street, pushing the S&P up 0.37% and the Dow 0.98%, though the Nasdaq declined modestly by 0.27%. Major movers included Exxonup 5.9% and Diamondback Energy at 6.85%. Meanwhile, Humana rallied 5.11%, Hess 8.44%, but Tesla sank 6.12% after missing expectations for its EV deliveries. The U.S. 10-year yield slipped to 3.419% while Bitcoin declined 1% to $27,800.