Business
Stock market news live updates: Stocks soar to kick off key earnings week
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U.S. stocks rose on Monday to begin a key week in which Wall Street awaits earnings from some of the market’s biggest players.
The S&P 500 (^GSPC) climbed about 1.2% while the Dow Jones Industrial Average (^DJI) advanced over 400 points, or about 1.3%. The technology-heavy Nasdaq Composite (^IXIC) rose 0.9% after starting the day in the red.
Yields on U.S. Treasury bonds inched higher on Monday after a relentless climb last week that saw the 10-year note temporarily hit a 14-year high above 4.3%.
On Friday, the Wall Street Journal reported that some Federal Reserve officials were concerned with the pace of the interest rate hikes ahead of their November meeting, prompting stocks to rally to end a winning week.
San Francisco Federal Reserve President Mary Daly also said that the central bank should avoid putting the economy into an “unforced downturn” and that it’s time to consider slowing the pace of interest rate hikes.
“I think that is the wrong message,” Interactive Brokers Chairman and Founder Thomas Peterffy told Yahoo Finance Live on Friday following Daly’s remarks. “I think the Fed has to send the message that we are going to stamp out inflation, no matter what. And they are in a better position if they can scare the market into easing up on spending rather than having to force them to ease up on it.”
Data Monday also showed that the central bank’s tightening policies are beginning to weigh on U.S. business activity, with the purchasing managers’ index indicating weakness across both the service and manufacturing sectors of the economy.
The upbeat turn on Wall Street comes as investors await earnings from the five biggest tech firms – Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (FB), Apple (AAPL), and Amazon (AMZN) – which alone represent roughly a quarter of the S&P 500 index’s market capitalization.
“Historically, when these four companies report in the same trading week, Alphabet (GOOG) has been the only one to consistently see its stock react positively to earnings whereas the rest have all tended to fall. Of these prior occurrences, last quarter was the first time that all four of these stocks traded higher in response to earnings,” wrote Jake Gordon, analyst at Bespoke Investments Group.
Third-quarter earnings have come in better than expected so far, with beats from companies like Netflix (NFLX), AT&T (T), and IBM (IBM) countering misses from companies like Snap (SNAP), which tumbled 28% Friday after disappointing results.
Data from FactSet shows that S&P 500 companies that have missed expectations this earnings season have fallen 4.7% on average in the two days before their report through the two days after, compared with the five-year average of 2.2%.
Still, overall investor expectations are relatively lower than usual.
“Earnings expectations, if you strip out the energy sector, they went from about positive 6% back in July for this quarter’s earnings, all the way down to… negative 3%,” BMO Wealth Management Chief Investment Strategist Yung-Yu Ma told Yahoo Finance Live on Friday. “And so once you lower the bar that much, it does set up an environment where it’s a lot easier to beat earnings, a lot easier to have relief rallies.”
Strength in the U.S. dollar has weighed on corporate profits hard. The dollar gained on Monday against the Chinese yuan weakened. In the European markets, the pound traded stronger as U.K. government bonds rallied after Boris Johnson pulled out of the race for prime minister, leaving former chancellor Rishi Sunak closer to becoming the next prime minister.
Chinese stocks also saw their worst day since 2008, and U.S.-listed Chinese stocks Alibaba (BABA) and JD.com Inc. (JD) tumbled Monday as President Xi Jinping embarked on a precedent-breaking third term controlling over the ruling Communist Party.
The news battered other stocks that have exposure to China. Shares of Tesla (TSLA) slid 4% after the carmaker lowered prices for its vehicles sold in China as the company faces fierce competition from local rivals in its second-biggest market.
Elsewhere, crypto traded mixed as Bitcoin headed toward the $19,000 level, while Ethereum retreated as their supply seems to be descending since the Merge.
“Bitcoin remains stuck around the $19,000 level and that will probably remain the case until we get beyond next week’s FOMC policy meeting,” wrote Edward Moya, senior analyst at OANDA.
—
Business
Gas prices see 'largest single-day jump since early 2022': En-Pro International – Yahoo Canada Finance
Gas prices across Canada climbed an average of 9.4 cents per litre of regular fuel over the past seven days, the biggest weekly gain so far in 2024. Cities in Ontario and Quebec booked eye-watering 20 cent-plus gains, while prices were virtually flat for drivers in the Western and Maritime regions.
The average cost per litre of regular gasoline in cities nationwide rose to $1.806 from $1.712 between April 11 and April 18, according to data firm Kalibrate. Chicoutimi, Que. saw the biggest increase at 26.7 cents per litre, followed by Gatineau, Que., and North Bay, Ont. The Greater Toronto Area was hit with widespread gains above 15 cents per litre.
On Thursday afternoon, En-Pro International posted on X that “gas prices spiked 14 cents overnight, the largest single-day jump since early 2022.”
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“The steady build in U.S. crude inventories, combined with the reluctance of the Fed to lower interest rates, which would increase gasoline demand, should neutralize the impact of the conflict in the Middle East,” En-Pro chief petroleum analyst Roger McKnight wrote in a blog post.
“The refining industry will come back to normal levels by mid-June, so supply will balance demand, and prices should fall soon after the U.S. Memorial Day launch of summer.”
Rising gas prices was the top factor behind Statistics Canada’s slightly higher annual inflation reading for March. Year over year, the agency found gasoline prices increased 4.5 per cent last month, following a 0.8 per cent rise in February.
“Higher global prices for crude oil stemmed from supply concerns amid geopolitical conflict and continued voluntary production cuts, leading to higher prices at the pump,” StatCan said on Tuesday.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
LOCATION |
April 11 |
April 18 |
Price change |
Canada Average (V) |
171.2 |
180.6 |
9.4 |
WHITEHORSE |
189.9 |
189.9 |
0 |
VANCOUVER* |
210.7 |
212.7 |
2 |
VICTORIA |
206.2 |
206.9 |
0.7 |
PRINCE GEORGE |
169.6 |
169.3 |
-0.3 |
KAMLOOPS |
172.5 |
181 |
8.5 |
KELOWNA |
174.6 |
175.8 |
1.2 |
FORT ST. JOHN |
171.2 |
174.9 |
3.7 |
ABBOTSFORD |
194.2 |
198.5 |
4.3 |
YELLOWKNIFE |
161.9 |
161.9 |
0 |
CALGARY* |
161.2 |
158.8 |
-2.4 |
RED DEER |
159 |
159 |
0 |
EDMONTON |
154.9 |
153.6 |
-1.3 |
LETHBRIDGE |
161.9 |
161.9 |
0 |
LLOYDMINSTER |
154.6 |
154.6 |
0 |
GRANDE PRAIRIE |
156.9 |
158.7 |
1.8 |
REGINA* |
158 |
157.3 |
-0.7 |
SASKATOON |
157.4 |
156.9 |
-0.5 |
PRINCE ALBERT |
154.6 |
155.8 |
1.2 |
MOOSE JAW |
158.7 |
158.7 |
0 |
WINNIPEG * |
141.4 |
141.6 |
0.2 |
BRANDON |
142.5 |
143.3 |
0.8 |
CITY OF TORONTO* |
163.7 |
179.3 |
15.6 |
BRAMPTON |
164.3 |
179.6 |
15.3 |
ETOBICOKE |
163.4 |
179 |
15.6 |
MISSISSAUGA |
162.8 |
179.3 |
16.5 |
NORTH YORK |
163.9 |
179.6 |
15.7 |
SCARBOROUGH |
163.3 |
179.5 |
16.2 |
VAUGHAN/MARKHAM |
163.5 |
179.2 |
15.7 |
OTTAWA |
162.4 |
179 |
16.6 |
KINGSTON |
162.3 |
179.3 |
17 |
PETERBOROUGH |
160.1 |
172.2 |
12.1 |
WINDSOR |
162.4 |
177.8 |
15.4 |
LONDON |
163.5 |
177.4 |
13.9 |
SUDBURY |
167.4 |
185.8 |
18.4 |
SAULT STE MARIE |
160.2 |
174.3 |
14.1 |
THUNDER BAY |
165.8 |
175.5 |
9.7 |
NORTH BAY |
161.5 |
182.6 |
21.1 |
TIMMINS |
169.7 |
183.6 |
13.9 |
HAMILTON |
161.6 |
178 |
16.4 |
ST. CATHARINES |
160.4 |
177.1 |
16.7 |
BARRIE |
162.8 |
178.2 |
15.4 |
BRANTFORD |
161.1 |
176.2 |
15.1 |
GUELPH |
163.4 |
178.4 |
15 |
KITCHENER |
163.1 |
179 |
15.9 |
OSHAWA |
163.8 |
179.4 |
15.6 |
SARNIA |
161.7 |
178.9 |
17.2 |
MONTRÉAL* |
173.7 |
190.5 |
16.8 |
QUÉBEC |
172.1 |
187.4 |
15.3 |
SHERBROOKE |
169.5 |
185.3 |
15.8 |
GASPÉ |
172.7 |
189.4 |
16.7 |
CHICOUTIMI |
155.1 |
181.8 |
26.7 |
RIMOUSKI |
169.4 |
189.4 |
20 |
TROIS RIVIÈRES |
169.8 |
186.7 |
16.9 |
DRUMMONDVILLE |
166.7 |
183.9 |
17.2 |
VAL D’OR |
169.6 |
182.7 |
13.1 |
GATINEAU |
152.7 |
175.9 |
23.2 |
SAINT JOHN* |
175.1 |
179.1 |
4 |
FREDERICTON |
176.6 |
181.7 |
5.1 |
MONCTON |
176.8 |
181.9 |
5.1 |
BATHURST |
176.8 |
182.3 |
5.5 |
EDMUNDSTON |
175.2 |
175.8 |
0.6 |
MIRAMICHI |
177.9 |
183.1 |
5.2 |
CAMPBELLTON |
175.7 |
179.9 |
4.2 |
SUSSEX |
176.2 |
181 |
4.8 |
WOODSTOCK |
177.8 |
183.1 |
5.3 |
HALIFAX* |
172.1 |
175.4 |
3.3 |
SYDNEY |
174.1 |
177.2 |
3.1 |
YARMOUTH |
173.2 |
176.3 |
3.1 |
TRURO |
173.3 |
176.4 |
3.1 |
KENTVILLE |
172.7 |
175.8 |
3.1 |
NEW GLASGOW |
173.3 |
176.4 |
3.1 |
CHARLOTTETOWN* |
173 |
173 |
0 |
ST JOHNS* |
190.4 |
193.9 |
3.5 |
GANDER |
192.9 |
196.4 |
3.5 |
LABRADOR CITY |
197 |
200.5 |
3.5 |
CORNER BROOK |
191.1 |
194.6 |
3.5 |
GRAND FALLS |
192.9 |
196.4 |
3.5 |
SOURCE: KALIBRATE • All figures in CAD cents
(*) Denotes markets used in Volume Weighted Canada Average
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
Download the Yahoo Finance app, available for Apple and Android.
Business
RCMP national security team investigating Yellowhead County pipeline rupture: Alberta minister – Global News
Alberta’s minister of forestry and parks said the RCMP national security investigation team is involved in a probe looking into what caused a pipeline to rupture and catch fire west of Edmonton earlier this week.
On Tuesday, a wildfire was sparked following a natural gas pipeline rupture about 40 kilometres northwest of Edson, Alta. The fire has since been deemed under control.
“We have no indication of any kind of cause on that fire yet; the investigation is happening,” Forestry and Parks Minister Todd Loewen said at a wildfire-related news conference Thursday morning. “The national security investigation team of the RCMP are investigating the cause.
“My understanding, since the cause was unknown, that’s standard practice for them to come in on anything that’s unknown.”
RCMP said as of Tuesday, initial reports had shown no signs of foul play.
Global News has reached out to the RCMP for more information. On its website, the RCMP states it has a wide range of national security-related mandates and responsibilities. It says its national security criminal investigations program involves critical infrastructure protection and critical incident management.
Officials say the investigation into what caused the TC Energy pipeline to break could take months or even years.
The Canada Energy Regulator had investigators on site on Wednesday. The Transportation Safety Board of Canada is also investigating the incident.
The rupture sparked a blaze that could be seen for kilometres, sending large flames and plumes of smoke into the air.
More on Science and Tech
No injuries were reported, and officials said the fire was never a threat to any surrounding communities.
“I want to commend the Yellowhead County Fire Department, industry and our wildfire team for the timely manner that this fire was brought under control,” Loewen said Thursday.
“Fast information sharing between all parties facilitated an effective wildfire response.”
The wildfire sparked by the pipeline rupture is located about 28 kilometres northeast of Obed Lake. More than 30 firefighters were expected to be in the area Thursday to continue working on the wildfire.
— with files from The Canadian Press
— more to come…
© 2024 Global News, a division of Corus Entertainment Inc.
Business
A sunken boat dream has left a bad taste in this Tim Hortons customer's mouth – CBC.ca
A St. John’s woman says she won’t be paying many more visits to Tim Hortons, after an email from the coffee chain led her to believe that she’d won a new boat — when she hadn’t won anything at all.
“I go to Tim’s quite a lot, seven days a week. I’m afraid now that’s going to change to no days a week,” Carol Evans told CBC News on Thursday.
Evans said she received an email from Tim Hortons on Wednesday afternoon while on a break from her work as an licensed practical nurse.
The email recapped the prizes she’d won in the annual Roll Up the Rim to Win contest, but there was one extra prize included — a brand new boat and trailer, valued at about $55,000.
Unfortunately, the excitement was over by the time she got home from work.
“I was just so excited, really excited. I thought I really won a boat and a trailer, $55,000 worth, and to find out at five to six, I had an email from them come in telling me it was a technical error,” she said.
“I don’t get my boat and I don’t get my trailer.”
Evans said her win was the talk of her co-workers.
“I work with about a hundred people in the run of a day, and more than that outside the OR, and everybody was so happy for me. They couldn’t believe it, I finally won something in my life,” she said.
“But to find out a few hours later I didn’t, it was disappointing, very disappointing.… I cried, it was so sad.”
Although she may not have taken it out on the water, Evans said winning would have meant a lot to her, like helping fund her retirement after more than five decades in nursing.
“I could have sold the boat and trailer and had some money, paid off some bills, probably could have, who knows, retired after 55 years of work,” she said.
In an emailed statement to CBC News on Thursday, Tim Hortons said the message was meant to show what each customer won over the course of the contest — and the boat was included by mistake.
“We developed a Roll Up To Win recap email message with the best intentions of giving our guests a fun overview of their 2024 play history.
“Unfortunately there was a human error that resulted in some guests receiving some incorrect information in their recap message.”
The company didn’t disclose how many people across the country received the email, but CBC News spoke to another person in western Newfoundland who got it.
Others in Edmonton, Hamilton and Brampton, Ont., were also told they’d won the boat.
By Wednesday afternoon, a Facebook group had formed with more than 200 people expressing outrage about the mistake and threatening to file lawsuits.
Tim Hortons apologizes
Tim Hortons sent the affected customers a letter, telling them to disregard that winning email and that it was sent as a result of “technical errors.”
“Unfortunately, some prizes that you did not win may have been included in the recap email you received. If this was the case, today’s email does not mean that you won those prizes,” the letter read.
“We apologize for the frustration this has caused and for not living up to our high standards.”
It’s a familiar story for Tim’s, however, as last year, its app mistakenly informed users they’d won $10,000.
Evans said two years of big mistakes just isn’t fair. She’d like to see Tim Hortons move away from the Roll Up to Win smartphone app and back to paper cups.
“It’s not fair to the public who spend their hard-earned money to go into Tim’s and buy their coffee every day, buy their lunch, and then think they won a prize and all of a sudden you learn, three hours later, you didn’t win a prize, and it’s not fair.”
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