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Business

    • Wall Street starts the year with a dip; Apple, Tesla shares drag

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    Wall Street's main indexes closed lower on the first trading day of 2023 with the biggest drags from Tesla and Apple, while investors worried about the Federal Reserve's interest-rate hiking path as they awaited minutes from its December meeting.

    Shares in electric vehicle maker Tesla Inc (TSLA.O) closed down 12 per cent after hitting their lowest level since August 2020 and put pressure on the consumer discretionary sector (.SPLRCD) following a miss on Wall Street estimates for fourth-quarter deliveries.

    Apple Inc (AAPL.O) shares sank 3.7 per cent, with the iPhone maker hitting its lowest level since June 2021, after a report from Nikkei Asia pointed to weaker demand. In addition, an analyst downgraded their rating of the stock due to production cuts in COVID-19-hit China.

    The energy sector (.SPNY), which logged stellar gains in 2022, closed down 3.6 per cent in the year's first trading day as oil prices fell on bleak business activity data from China and concerns about the global economic outlook. .

    The main U.S. stock indexes in 2022 showed their steepest annual losses since 2008 following the Fed's fastest pace of rate hikes since the 1980s to stamp out decades-high inflation.

    "2022 was a terrible year for equity markets. Some of the reasons for that haven't dissipated because we turned the calendar," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "There's still elevated anxiety, uncertainty about the Fed and inflation. Until there's clarity on that, it's going to be tough to make any upside headway in equity markets."

    Given Apple and Tesla's clout in the market, James also cited specific concerns about them for broader S&P weakness Tuesday.

    The Dow Jones Industrial Average (.DJI) fell 10.88 points, or 0.03 per cent, to 33,136.37; the S&P 500 (.SPX) lost 15.36 points, or 0.40 per cent, to 3,824.14; and the Nasdaq Composite (.IXIC) dropped 79.50 points, or 0.76 per cent, to 10,386.99.

    The S&P 500 had shed 19.4 per cent in 2022, marking a roughly $8 trillion decline in market capitalization, while the Nasdaq fell 33.1 per cent, dragged down by growth stocks.

    Among the S&P 500's 11 major sectors, behind energy, technology was the second biggest decliner, losing 1%, with Apple hastening the decline as it ended the day with a market valuation below $2 trillion for the first time since March 2021.

    Tesla's biggest daily percentage drop since September 2020 helped make the consumer discretionary index (.SPLRCD) the S&P's third weakest sector on the day with a 0.6 per cent drop.

    The benchmark's biggest gainer on the day was communications services (.SPLRCL), with Facebook parent Meta Platforms Inc (META.O) leading the advancers there with a gain of 3.7 per cent.

    Investors on Wednesday will closely monitor the minutes of the Fed's December policy meeting, when the central bank raised interest rates by 50 basis points after four straight 75 basis points hikes and signaled rates could stay higher for longer.

    Other economic data due this week includes the ISM manufacturing report, also on Wednesday, and December's jobs report on Friday.

    Weakness in the labor market could give the Fed a reason to ease its monetary policy tightening, but the data so far has shown that market remains tight despite rate hikes.

    Money market participants see a 68 per cent chance the Fed will raise the benchmark rate by 25 basis points to 4.50 per cent to 4.75 per cent in February, with the rates peaking at 4.98 per cent by June.

    Advancing issues outnumbered declining ones on the NYSE by a 1.42-to-1 ratio; on Nasdaq, a 1.20-to-1 ratio favored advancers.

    The S&P 500 posted one new 52-week high and five new lows; the Nasdaq Composite recorded 92 new highs and 58 new lows.

    On U.S. exchanges 10.618 billion shares changed hands, marking an uptick from the previous week's lower volume due to the holiday season. It compared with the 10.799 billion-share average for the last 20 trading days.

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    Canada

    • BREAKING

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

    • 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 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.

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    • 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

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    • 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.

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    • 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.

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    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.

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    • 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.

    • Michael Ford, Ontario's minister of citizenship and multiculturalism, says he is taking a leave of absence from cabinet to prioritize his health.

    • Calgary Mayor Jyoti Gondek is urging the Alberta government to preserve pieces of the massive Green Line transit project now being dissolved.

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

    • 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.

    • Police say a man, 34, who was taken to hospital in critical condition after being shot Thursday night has died.

    • Ottawa police are investigating a shooting downtown Friday afternoon.

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

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    • "We love you, Eddy!" screamed the 350 students at Terry Fox Elementary School in Pierrefonds. They didn't know the man their school is named after, but they knew Eddy Nolan who would visit regularly and encourage the students to participate in "the Terry Fox Run".

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

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    • The University of Windsor has been given the privilege of hosting the 2026 U Sports men’s volleyball championship at the Toldo Centre.

    • 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.

    • The Old Man Lake wildfire near Sooke is the only one currently burning on Vancouver Island. It’s a region of the province that this year saw a drastic drop in blazes in the backcountry.

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

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    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

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    • 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.

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    N.L.

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