Stocks dropped amid a selloff in big tech and speculation that this month’s rally has outpaced prospects for an economic rebound as coronavirus cases surge. Treasuries fell.
The S&P 500 retreated from a two-month high as the slide in technology shares outweighed gains in industrial and energy companies. The Nasdaq 100 slumped as much as 2.7 per cent on Tuesday. Amazon.com Inc. sank as the online-retail giant faced an antitrust complaint from the European Union, while American depositary receipts of Alibaba Group Holding Ltd. tumbled after China tightened the scrutiny over internet behemoths. Meanwhile, the Dow Jones Industrial Average outperformed as Boeing Co. surged on news that regulators could lift the 737 Max grounding as soon as next week. The Russell 2000 Index of smaller companies climbed 2 per cent.
After all the enthusiasm that lifted global equities and sent havens into a tailspin, some analysts said the moves may have gone too far. The coronavirus shot still has several hurdles to clear, there’s concern over fiscal stimulus, the transition of power to President-elect Joe Biden and surging virus cases. The U.S. reported a record 142,907 new infections on Monday, and Governor Phil Murphy said New Jersey’s jump in cases is “devastating.” Despite the uncertainties, this month’s rally in the S&P 500 put its valuations near the highest levels since the dot-com era.
“You still have a tremendous amount of uncertainty out there, and while equities may continue to climb a wall of worry, the stock market is still subject to the rules of gravity,” said Jonathan Boyar, managing director at Boyar Value Group.
With the Nasdaq Composite Index down for a second straight session, an ominous double-top pattern has formed. That should put all eyes on the 50- and 100-day moving averages as the first and second line of support for the tech-heavy stock gauge. Megacaps extended the slide that accompanied Monday’s rotation out of pandemic favorites and into value stocks, and potentially setting up a test of the 11,000 level around the 100-day line.
Meanwhile, China unveiled regulations to root out monopolistic practices in the internet industry, seeking to curtail the growing influence of corporations like Alibaba and Tencent Holdings Ltd. The rules, which sent both stocks tumbling and sparked a wider selloff in the Asian nation’s equities, landed about a week after new restrictions on the finance sector that triggered the shock suspension of Ant Group Co.’s US$35 billion initial public offering.
These are some of the main moves in markets:
The S&P 500 fell 0.2 per cent as of 2:57 p.m. New York time.
The Stoxx Europe 600 Index increased 0.9 per cent.
The MSCI Asia Pacific Index was little changed.
The Bloomberg Dollar Spot Index dipped 0.1 per cent.
The euro climbed 0.1 per cent to US$1.182.
The Japanese yen was little changed at 105.33 per dollar.
The yield on 10-year Treasuries increased three basis points to 0.96 per cent.
Germany’s 10-year yield rose two basis points to -0.49 per cent.
Britain’s 10-year yield climbed three basis points to 0.401 per cent.
The Bloomberg Commodity Index gained 1.7 per cent.
West Texas Intermediate crude increased 2.3 per cent to US$41.21 a barrel.
Gold strengthened 0.7 per cent to US$1,876.70 an ounce.
Saskatchewan suspends sports, expands masking as COVID-19 numbers rise – Saskatoon StarPhoenix
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Restrictions will be revisited by chief medical health officer Dr. Saqib Shahab on Dec. 17.
While the province is no longer seeing “super-spreader” events, Shahab said Saskatchewan has reported an average of more than 200 new cases per day over the past week, quadruple what it saw approximately a month ago.
“Some of the measures we’ve made in the last few weeks have made a difference, but the difference has not been enough to bring our numbers down,” Shahab said.
U of S epidemiologist Dr. Cordell Neudorf said the latest set of restrictions is positive, but warned they might not be sufficient given the extent of community transmission.
His advice is to hunker down and support local businesses via curbside pickup or delivery, he said.
“The danger is that all we’re going to do is affect the slope, and the cases are just going to keep going up, and that might be enough to take our hospitals over capacity in the coming weeks. That’s the danger in this kind of move.”
Moe said the government is considering financial relief for businesses affected by new restrictions, but would not say which businesses may received it, or when further details might be provided.
He said the new measures are “significant” and expressed confidence they will reduce the infection rate.
However, he did not rule out further steps in the weeks ahead.
“Had (previous measures) worked perfectly, we wouldn’t be here today,” he said.
The province reported a record 111 people in hospital with COVID-19, including 19 in intensive care. Seventy-nine people were reported to have recovered.
Global National: Nov. 25, 2020 | Ontario receives scathing pandemic response report – Global News
New public health measures to come into effect Friday – paNOW
Premier Scott Moe said a lockdown similar to the one that occurred in the spring is not necessary at this point because we now have a better understanding of the virus than we did back then.
“We know what we need to do to reduce the spread of this virus to keep ourselves and others safe,” he said. “We need to just slow down a little bit.”
These additional health measures come into effect at 12:01 a.m., Friday November 27 and, along with current health measures, remain in effect until Dec. 17, 2020. At that time they will be reviewed by the provincial Chief Medical Health Officer.
Enforcement of public health orders is permitted under The Public Health Act, 1994.
During the Wednesday press conference, SHA CEO Scott Livingstone said the SHA was working on setting up a drive-thru testing site in Prince Albert, he did not provide additional details.
Restaurants and licensed establishments measures
Beginning on Friday all restaurants and licensed establishments are limited to seat four at a single table. If there are barriers between restaurants they must be paced two metres apart but if there are none there must be three metres between tables.
Restaurants and licensed establishments must maintain guest/reservation information on all patrons and the curfew on liquor service remains in effect.
Performance and Gaming Venues
Capacity will be restricted to 30 people at all casinos, bingo halls, arenas, live theatres, movie theatres, performing arts venues and any other facilities that are currently supporting a capacity of 150 people.
Where any of these facilities offer food or beverage service, they must keep the activity separate (i.e. cordoned off) from the food and beverage service. No food or drink may be in the activity area.
Indoor Public Event Gatherings
Indoor events such as pubkic banquets, conferences, funerals and weddings in public buildings will be limited to 30 people.
Food or beverages may not be present or served. Note that the maximum allowable gathering size for private gatherings in the home setting remains at five. This includes in the home or in buildings located on the private property (e.g. garages, sheds). If your immediate family is five or greater, you cannot have additional visitors. Individuals, recurring caregivers, support personnel (i.e. therapists, nursing staff) and tradespersons (i.e. housekeeper, plumber) are permitted, though they should maintain two metre distancing and be masked during service provision.Gatherings of any size beyond your immediate household are strongly discouraged at this time.
Sports, Fitness and Dance
All of team or group sports, games, activities, competitions, recitals and practices are suspended. This includes amateur and recreational leagues for all age groups. Examples include hockey, curling, racquet sports, cheerleading, dance practices in group setting, etc.
Athletes and dancers 18 years of age and under may continue practicing, conditioning and skills training in groups of eight or fewer, abiding by the required mask use and at least three metres of physical distancing between participants at all times.
Individual groups of eight may not share a training/rehearsal surface or space at the same time.
Coaches /trainers are not included in the training group numbers as long as they are masked and maintain a minimum physical distance of three metres.
Fitness activities and group fitness classes in groups of eight or fewer continues to be permitted, for all ages. Mask use and at least three metres of physical distancing between participants must be maintained.
Places of Worship
All places of worship must reduce capacity to 30 people, including wedding, funeral and baptismal services. No food or drink may be present or served.
Mandatory Masking Expanded
Mandatory, non-medical mask use will be required during all indoor fitness activities, with aquatic activities the only exception.Mandatory, non-medical masking will be extended to:
- All students, employees and visitors in all schools and day cares (except while consuming food or beverage or engaging in aquatic fitness activities). Children ages 0-2 years are exempt from wearing masks. Children ages 3-12 should wear a mask if they are able to;
- All employees and visitors in all common areas in businesses and workplaces, even in those areas which the public does not have access (e.g. construction sites, manufacturing facilities); and
- All residents, employees and visitors in all common areas in provincial and municipal correctional facilities.
Note that masking continues to be required in indoor public areas that have installed barriers.
Malls and Retail
Retail businesses must enhance the expectation of mask use and mitigation measures (reduced traffic, directional flow signage, hand sanitizer, etc.) through signage and staff training.
Large retail locations are required to limit customer access to 50 per cent capacity or four square metres of space per person, whichever is less. Large retail locations are defined as retailers with a square footage larger than 20,000 square feet, and 50 per cent capacity is determined by half of the specified fire-code capacity.
On Twitter: @princealbertnow
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