adplus-dvertising
Connect with us

News

S&P/TSX composite down Thursday, U.S. stock markets also lower, led by Nasdaq losses

Published

 on

 

TORONTO – Canada’s main stock index moved lower on Thursday, led by weakness in technology and base metals, while U.S. markets were also down, with the Nasdaq falling 1.7 per cent.

The S&P/TSX composite index closed down 84.26 points at 23,037.47.

In New York, the Dow Jones industrial average was down 177.71 points at 40,712.78. The S&P 500 index was down 50.21 points at 5,570.64, while the Nasdaq composite was down 299.63 points at 17,619.35.

Markets started the day on a more positive note before selling off, said Allan Small, senior investment adviser at iA Private Wealth.

Treasury yields rose after some new economic data in the U.S., with one report showing slightly more workers applied for unemployment benefits last week than expected, and another giving a mixed bag on U.S. business activity.

Investors may also be taking some profits after an almost-unbroken run of positive trading days, he added.

But overall, Small said they are likely just looking ahead — somewhat nervously — to U.S. Federal Reserve chairman Jerome Powell’s speech Friday as the annual Jackson Hole symposium kicks off.

“I think we’ve been hearing some mixed messaging out of Fed officials,” said Small. “Some are dovish, some are a little hawkish.”

A 25-basis-point cut for September is baked into expectations now, said Small, but there’s still a lot of economic data to come before the Fed’s decision. However, he thinks a 50-basis-point cut, which some market watchers are calling for, is unlikely.

Recently the environment has shifted for markets, said Small, from weaker economic data being seen as good news for rate cuts, to bad news just being plain bad news.

In particular, markets are increasingly concerned about weakening in the job market, he said, and that’s trumping any lingering concerns about inflation.

“I don’t think the market wants to see big job or small job gains or even job loss,” he said. “The market does not want to see contraction in manufacturing or manufacturing services. They don’t want to see weak numbers, bad retail sales. They want to see good, but not too good.”

On Friday, investors will be listening for any sign from Powell that he sees that middle ground or Goldilocks scenario in the data, said Small.

“I think it’s getting to the point where (if) they don’t start cutting soon, it might be too late, and then they’ll just be lambasted for being too late once again.”

In Canada, a work stoppage at the two major railways didn’t seem to weigh on the companies’ stock prices.

TD Bank shares were down more than two per cent after it reported a third-quarter loss due to the ongoing investigation into its anti-money-laundering measures.

The Canadian dollar traded for 73.52 cents US compared with 73.57 cents US on Wednesday.

The October crude oil contract was up US$1.08 at US$73.01 per barreland the October natural gas contract was down 12 cents at US$2.19 per mmBTU.

The December gold contract was down US$30.80 at US$2,516.70. an ounce and the September copper contract was down four cents at US$4.15 a pound.

— With files from The Associated Press

This report by The Canadian Press was first published Aug. 22, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

Source link

Continue Reading

News

A linebacker at West Virginia State is fatally shot on the eve of a game against his old school

Published

 on

 

CHARLESTON, W.Va. (AP) — A linebacker at Division II West Virginia State was fatally shot during what the university said Thursday is being investigated by police as a home invasion.

The body of Jyilek Zyiare Harrington, 21, of Charlotte, North Carolina, was found inside an apartment Wednesday night in Charleston, police Lt. Tony Hazelett said in a statement.

Hazelett said several gunshots were fired during a disturbance in a hallway and inside the apartment. The statement said Harrington had multiple gunshot wounds and was pronounced dead at the scene. Police said they had no information on a possible suspect.

West Virginia State said counselors were available to students and faculty on campus.

“Our thoughts and prayers are with Jyilek’s family as they mourn the loss of this incredible young man,” West Virginia State President Ericke S. Cage said in a letter to students and faculty.

Harrington, a senior, had eight total tackles, including a sack, in a 27-24 win at Barton College last week.

“Jyilek truly embodied what it means to be a student-athlete and was a leader not only on campus but in the community,” West Virginia State Vice President of Intercollegiate Athletics Nate Burton said. “Jyilek was a young man that, during Christmas, would create a GoFundMe to help less fortunate families.”

Burton said donations to a fund established by the athletic department in Harrington’s memory will be distributed to an organization in Charlotte to continue his charity work.

West Virginia State’s home opener against Carson-Newman, originally scheduled for Thursday night, has been rescheduled to Friday, and a private vigil involving both teams was set for Thursday night. Harrington previously attended Carson-Newman, where he made seven tackles in six games last season. He began his college career at Division II Erskine College.

“Carson-Newman joins West Virginia State in mourning the untimely passing of former student-athlete Jyilek Harrington,” Carson-Newman Vice President of Athletics Matt Pope said in a statement. “The Harrington family and the Yellow Jackets’ campus community is in our prayers. News like this is sad to hear anytime, but today it feels worse with two teams who knew him coming together to play.”

___

AP college football: and

The Canadian Press. All rights reserved.

Source link

Continue Reading

News

Hall of Famer Joe Schmidt, who helped Detroit Lions win 2 NFL titles, dies at 92

Published

 on

DETROIT (AP) — Joe Schmidt, the Hall of Fame linebacker who helped the Detroit Lions win NFL championships in 1953 and 1957 and later coached the team, has died. He was 92.

The Lions said family informed the team Schmidt died Wednesday. A cause of death was not provided.

One of pro football’s first great middle linebackers, Schmidt played his entire NFL career with the Lions from 1953-65. An eight-time All-Pro, he was enshrined into the Pro Football Hall of Fame in 1973 and the college football version in 2000.

“Joe likes to say that at one point in his career, he was 6-3, but he had tackled so many fullbacks that it drove his neck into his shoulders and now he is 6-foot,” said the late Lions owner William Clay Ford, Schmidt’s presenter at his Hall of Fame induction in 1973. “At any rate, he was listed at 6-feet and as I say was marginal for that position. There are, however, qualities that certainly scouts or anybody who is drafting a ballplayer cannot measure.”

Born in Pittsburgh, Schmidt played college football in his hometown at Pitt, beginning his stint there as a fullback and guard before coach Len Casanova switched him to linebacker.

“Pitt provided me with the opportunity to do what I’ve wanted to do, and further myself through my athletic abilities,” Schmidt said. “Everything I have stemmed from that opportunity.”

Schmidt dealt with injuries throughout his college career and was drafted by the Lions in the seventh round in 1953. As defenses evolved in that era, Schmidt’s speed, savvy and tackling ability made him a valuable part of some of the franchise’s greatest teams.

Schmidt was elected to the Pro Bowl 10 straight years from 1955-64, and after his arrival, the Lions won the last two of their three NFL titles in the 1950s.

In a 1957 playoff game at San Francisco, the Lions trailed 27-7 in the third quarter before rallying to win 31-27. That was the NFL’s largest comeback in postseason history until Buffalo rallied from a 32-point deficit to beat Houston in 1993.

“We just decided to go after them, blitz them almost every down,” Schmidt recalled. “We had nothing to lose. When you’re up against it, you let both barrels fly.”

Schmidt became an assistant coach after wrapping up his career as a player. He was Detroit’s head coach from 1967-72, going 43-35-7.

Schmidt was part of the NFL’s All-Time Team revealed in 2019 to celebrate the league’s centennial season. Of course, he’d gone into the Hall of Fame 46 years earlier.

Not bad for an undersized seventh-round draft pick.

“It was a dream of mine to play football,” Schmidt told the Detroit Free Press in 2017. “I had so many people tell me that I was too small. That I couldn’t play. I had so many negative people say negative things about me … that it makes you feel good inside. I said, ‘OK, I’ll prove it to you.’”

___

AP NFL:

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Coastal GasLink fined $590K by B.C. environment office over pipeline build

Published

 on

VICTORIA – British Columbia’s Environment Assessment Office has fined Coastal GasLink Pipeline Ltd. $590,000 for “deficiencies” in the construction of its pipeline crossing the province.

The office says in a statement that 10 administrative penalties have been levied against the company for non-compliance with requirements of its environmental assessment certificate.

It says the fines come after problems with erosion and sediment control measures were identified by enforcement officers along the pipeline route across northern B.C. in April and May 2023.

The office says that the latest financial penalties reflect its escalation of enforcement due to repeated non-compliance of its requirements.

Four previous penalties have been issued for failing to control erosion and sediment valued at almost $800,000, while a fifth fine of $6,000 was handed out for providing false or misleading information.

The office says it prioritized its inspections along the 670-kilometre route by air and ground as a result of the continued concerns, leading to 59 warnings and 13 stop-work orders along the pipeline that has now been completed.

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

Trending