ÐÇ¿Õ´«Ã½

Business

    • Wall Street drifts lower as week's rally runs out of steam

    markets
    Share
    NEW YORK -

    Stocks are drifting lower on Wall Street Friday following some discouraging readings on the global economy and another slew of profit reports from big U.S. companies.

    The S&P 500 was 0.6% lower, as of 11:30 a.m. Eastern time, following a three-day rally that had carried it back to its highest level in six weeks.

    The Nasdaq composite was leading the market lower with a 1.4% drop following weaker-than-expected profit reports from Snap, Seagate Technology and other tech-oriented companies. The Dow Jones Industrial Average was holding up better than the rest of the market, down 56 points, or 0.2%, at 31,980, in large part because constituent American Express gave an encouraging earnings report and said its cardholders were spending more.

    Sandwiched between last week's dispiriting report on inflation and next week's decision by the Federal Reserve on interest rates, the S&P 500 is still on track for its best week in a month following a collection of mostly better-than-expected reports on corporate profits.

    Falling yields in the bond market also helped, easing the pressure on stocks after expectations for rate hikes by the Fed sent yields soaring much of this year.

    On Friday the two-year Treasury yield tumbled again, to 2.95% from 3.09% late Thursday and from 3.14% a week ago, on worries about the economy. A report Friday morning indicated U.S. business activity may be shrinking for the first time in nearly two years, with service industries particularly weak.

    "Manufacturing has stalled and the service sector's rebound from the pandemic has gone into reverse, as the tailwind of pent-up demand has been overcome by the rising cost of living, higher interest rates and growing gloom about the economic outlook," Chris Williamson, chief business economist at S&P Global Market Intelligence said in a statement accompanying the survey data.

    Similar reports earlier in the morning also suggested weakness across Europe, underscoring how fragile the global economy is as central banks jack up interest rates in order to whip inflation. Higher rates make economic conditions more difficult, and the threat is that too-aggressive hikes could cause a recession.

    The reports follow several others from earlier in the week that showed parts of the U.S. economy are slowing more than expected. While that raises the threat of a recession, it also has traders pulling back expectations for how aggressively the Federal Reserve will raise interest rates next week.

    Instead of a mega-hike of a full percentage point, traders now see an increase of 0.75 percentage points as the most likely outcome. A less-aggressive approach could give some support to stocks, which have tumbled for most of this year on worries about higher interest rates.

    The 10-year Treasury yield fell to 2.77% from 2.91% late Thursday.

    In the stock market, American Express rose 3.3% after it delivered better profit for the spring than analysts expected. It said customers spent more on travel and entertainment in April than they did before the pandemic, the first time that's happened.

    The encouraging data bolstered some recent comments from CEOs at big banks, who said their customers appear to be in solid financial shape despite all the worries about inflation and the economy.

    HCA Healthcare surged 12.6% for the biggest gain in the S&P 500 after delivering better results than Wall Street forecast. Oilfield services provider Schlumberger rose 5% after it also reported stronger profits than expected.

    Several big names in the technology field slumped, though, after reporting disappointing figures.

    Snap, the company behind the Snapchat app, tumbled 38% after it reported a worse loss and weaker revenue for the spring than Wall Street forecast.

    Data storage company Seagate Technology lost 7.8% after it said anti-COVID measures in Asia and a slowing global economy last quarter hit its results, which fell short of forecasts.

    Verizon fell 6.5% after its profit fell short of forecasts, though its revenue squeaked past. It also cut its forecast for earnings this year.

    Stock markets overseas were mixed.

    ------

    AP Business Writer Elaine Kurtenbach contributed

    CTVNews.ca ÐÇ¿Õ´«Ã½

    Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

    Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.

    Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

    A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

    The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.

    Canada

    • Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.

    • Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

    • The RCMP is seeking the dismissal of three officers who have been suspended from the Coquitlam detachment since June 2021 over allegations of racist, sexist and homophobic comments made in a group chat.

    • Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

    • Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.

    • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    World

    Politics

    Health

    • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes 'indescribable' pain, she struggles to maintain the will to live.

    Sci-Tech

    Entertainment

    • Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

    • It was the last show for longtime children's TV star Ron (Buck Shot) Barge Friday as hundreds of family, friends and fans attended a public memorial in Calgary.

    Business

    Lifestyle

    • When Bernard Morissette got a call from Loto-Quebec on Sept. 18 and was asked if he was sitting down, he had no idea what was coming his way.

    • An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

    Sports

    • The Winnipeg Blue Bombers have won five in a row. The Edmonton Elks have won five of their last six games. They are the two hottest teams in the West. When they meet Saturday at Commonwealth Stadium, something has to give.

    • Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), the two sides announced Friday.

    • F1 star Max Verstappen punished over bad word

      Formula One points leader Max Verstappen was ordered to 'accomplish some work of public interest' after uttering an inappropriate word Thursday at the news conference ahead of the Singapore Grand Prix.

    Autos

    Local Spotlight

    Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

    An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

    They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

    • The RCMP is seeking the dismissal of three officers who have been suspended from the Coquitlam detachment since June 2021 over allegations of racist, sexist and homophobic comments made in a group chat.

    • Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.

    • When the federal government announced all open net fish farms on the British Columbia coast need to be out of the water by 2029, it also promised to produce a draft transition plan by the end of July. It missed that target by seven weeks.

    • Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

    • The parents of a teenager who died after allegedly consuming the poisonous products of a Mississauga man are now suing him, as well as several doctors involved in her care.

    • One person was rushed to the hospital with life-threatening injuries after a multi-vehicle collision in Milton, Ont. on Friday night.

    • The man charged with fatally stabbing lifelong Banff resident Ethan Enns-Goneau in 2022 has been convicted of second-degree murder.

    • Environment Canada issued a frost advisory for Calgary late Friday afternoon.

    • It was the last show for longtime children's TV star Ron (Buck Shot) Barge Friday as hundreds of family, friends and fans attended a public memorial in Calgary.

    • Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), the two sides announced Friday.

    • For years, the commute to Ottawa's west end was one of the biggest complaints for attending fans. But those who live in Kanata and in the immediate LeBreton area say the move would be a big change their respective neighbourhoods.

    • Ottawa police are investigating a shooting downtown Friday afternoon.

    • Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

    • When Bernard Morissette got a call from Loto-Quebec on Sept. 18 and was asked if he was sitting down, he had no idea what was coming his way.

    • A man who asserted his right to work in French has won his case before the Tribunal, invoking the new provisions of the province's French-language law (Bill 96) to that effect.

    • The Fairmont Jasper Park Lodge announced Friday it is now accepting reservations from guests for accommodations beginning Oct. 1.

    • Two Edmonton Police Service officers have been criminally charged in connection with an assault.

    • There's a friendship in the Edmonton Oilers crease between Stuart Skinner and Calvin Pickard.

    • A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

    • Halifax Regional Police warned the public of a series of high-value thefts targeting retail stores Friday.

    • Air travel is back in full swing at the Halifax Stanfield International Airport.

    • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

    • A plane approaches the grass runway at Harv’s Air School south of Steinbach. Nothing is getting in the way of a clear, smooth landing, but owner Harv Penner worries, that could soon change.

    • The University of Manitoba's College of Dentistry is dealing with some unexpected consequences from the federal government's new Canadian Dental Care Plan

    • Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

    • Regina police are responding to a collision involving a motorcycle on Friday evening.

    • Five Regina schools were placed into lockdown or secure the building mode following a report of a weapons investigation at Miller High School on Friday.

    • Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.

    • The provincial government is considering new rules to restrict a municipality’s ability to install new bike lanes if it means traffic lanes would be removed.

    • A new scam is being reported in communities across the country.

    • Hospital beds in hallways, supply shortages in the neonatal intensive care unit, and operating rooms being put on hold are some of the concerns nurses are voicing, according to the Saskatchewan Union of Nurses (SUN).

    • The Saskatchewan RCMP major crimes unit is investigating after a 29-year-old man died in hospital.

    • A garage fire in Saskatoon’s Willows neighbourhood on Friday narrowly missed igniting an attached home, according to the fire department.

    • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    • Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

    • A Brampton driver, 27, was charged this week when northern Ontario police stopped the SUV he was driving on Highway 17 after a reported shooting and found more than $100,000 in cash.

    • A man is in hospital with life threatening injuries following a collision between a motorcycle and a vehicle on Friday afternoon.

    • NEW

      NEW

      Under intense cross-examination from Crown Attorney Jennifer Moser, the embattled former Mayor of Woodstock stuck to his story denying that he ever did anything inappropriate to his female accuser.

    • Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.

    • Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.

    • A jury has found a Barrie man guilty of second-degree murder for the stabbing death of a man at a Banff bar two years ago.

    • The Special Investigations Unit (SIU) is searching for the occupants of a vehicle caught on security cameras during a fatal police-involved shooting on Goyeau Street.

    • Windsor police say a 25-year-old mother has been charged with the drowning death of her 5-year-old child in the family’s backyard pool.

    • The federal government is investing $18.4 million dollars into the region.

    • A home has been transformed for the benefit of a B.C. neighbourhood, by a man who was transformed by the caring of his community.

    • When the federal government announced all open net fish farms on the British Columbia coast need to be out of the water by 2029, it also promised to produce a draft transition plan by the end of July. It missed that target by seven weeks.

    • New Democrat Leader David Eby has launched his British Columbia election campaign a day early, making the key battle ground of Surrey his first stop.

    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • After a summer of preparation, the Lethbridge Hurricanes are ready to open the 2024-25 season.

    • As a new semester is underway, Lethbridge Polytechnic and the University of Lethbridge say the number of students on campus is on the rise.

    • A Lethbridge resident is facing charges after police seized drugs and weapons at a traffic stop for bicycle equipment violations.

    • A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.

    • Ontario Provincial Police say three suspects from southern Ontario have been charged and drugs worth $300,000 have been seized following a traffic stop Sept. 16.

    • A Brampton driver, 27, was charged this week when northern Ontario police stopped the SUV he was driving on Highway 17 after a reported shooting and found more than $100,000 in cash.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow CTV News