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Stock Market News Today, 7/06/23 – Stocks End Mixed as Nasdaq Leads Indices Lower



Last Updated 4:00 PM EST

Stock indices finished today’s trading session mixed. The Nasdaq 100 (NDX) and the S&P 500 (SPX) fell 1.75% and 0.38%, respectively. Meanwhile, Dow Jones Industrial Average (DJIA) gained 0.28%.

Furthermore, the U.S. 10-Year Treasury yield increased to 3.79%, an increase of more than 12 basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.56%.

The Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real-time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 2.2% in the second quarter.


This is higher than its previous estimate of 2%, which can be attributed to recent releases from the U.S. Census Bureau, the Institute for Supply Management, and the U.S. Bureau of Labor Statistics.

Last updated: 1:50PM EST

Stocks are mixed so far in today’s trading session. As of 1:50 p.m. EST, the Nasdaq 100 (NDX) and the S&P 500 (SPX) are down 1.5% and 0.4%, respectively. Meanwhile, Dow Jones Industrial Average (DJIA) is up 0.2%.

Surprising market observers, the Bank of Canada hiked its primary policy rate by 25 basis points, raising it to 4.75% on Wednesday. The bank cited persistent underlying inflation as the main driver for this decision, marking a departure from two consecutive meetings where the rate was held steady.

The bank also continues with its policy of quantitative tightening, indicating a response to worldwide economic growth that’s weakening due to increased interest rates. “Major central banks are signaling that interest rates may have to rise further to restore price stability,” the bank stated.

This unexpected move initially boosted the Canadian dollar but has since lost some ground as it hovers around C$1.338 per US$1. The rate increase follows a rise in CPI inflation to 4.4% in April, its first surge in 10 months, and a stronger-than-anticipated GDP of 3.1% in Q1.

The Bank of Canada’s Governing Council asserts that the rate hike is in response to previous policy not being restrictive enough to balance supply and demand and bring inflation sustainably back to the 2% target.

As a major trading partner, what happens in Canada usually has ripple effects in the U.S. Thus, this could be a sign that the Federal Reserve might have to continue hiking as well going forward.

Last updated: 10:55AM EST

Stocks have turned red so far in today’s trading session after a positive start. As of 10:55 a.m. EST, the Nasdaq 100 (NDX) and the S&P 500 (SPX) are down 0.9% and 0.2%, respectively. Meanwhile, Dow Jones Industrial Average (DJIA) is near the flatline.

Last updated: 9:50AM EST

Stocks ticked higher at open on Wednesday morning even as the trade deficit data showed that the United States’ trade deficit jumped 23% in April to $74.6 billion – a six-month high indicating a surge in imports. Imports were up 1.5% in April to $323.6 billion while exports fell by 3.6% to $249 billion.

The Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) were all up by 0.6%, 0.32%, and 0.11%, respectively, at 9:50 a.m., EST, June 7.

First published: 4:38AM EST

U.S. Futures are in the red this morning after the SPX marked its highest close in trading since August 2022 yesterday. We are almost halfway through the trading week, and markets remain elevated in the absence of any negative news. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) are down 0.26%, 0.15%, and 0.18%, respectively, at 4:00 a.m., EST, June 7.

On the economic front, traders await reports on the U.S. trade deficit and consumer credit due today, as well as the weekly initial jobless claims data scheduled for June 8. Meanwhile, the Chinese economy is showing signs of slowing, with May exports falling 7.5% year-over-year against the expected 0.4% decline. Also, imports fell 4.5% year-over-year, much lower than the expected 8% decline.

On the earnings front, fewer companies remain to report their quarterly results. Shares of Casey’s General Stores (NYSE:CASY) dropped 4.5% in extended trading yesterday, after missing both sales and earnings expectations. On the other hand, Dave & Buster’s (NASDAQ:PLAY) stock was up over 4% in yesterday’s extended trade following its report of mixed results, with earnings surpassing but sales missing estimates.

Furthermore, meme stock GameStop (NYSE:GME), travel service provider Group (NASDAQ:TCOM), e-commerce platform Rent the Runway (NASDAQ:RENT), and discount chain Ollie’s Bargain Outlet (NASDAQ:OLLI) will report their results today.

Elsewhere, European indices are trading in the red today, following weaker-than-expected data from German industrial production for April. After a disastrous March, April seems to continue bleeding from poor performance. Industrial production in April grew by a marginal 0.3% month-over-month, against an expected rise of 0.7%. Economists worry that if data remains weak in May and June, the economy’s recession will spill well into the second quarter.

Asia-Pacific Markets Trade Mixed on Wednesday

Asia-Pacific indices ended the trading session mixed today, following economic data sets from different nations. Mainland Chinese and Hong Kong indices closed mixed on signs that the economy is going into a continued slowdown. At the same time, Australian indices continue their downward spiral after reporting poor GDP growth and following the Reserve Bank of Australia’s unexpected rate hike to a record high yesterday.

Hong Kong’s Hang Seng index and China’s Shanghai Composite ended the day up 0.80% and 0.08%, respectively, while the Shenzhen Component index closed down by 0.60%.

At the same time, Japan’s Nikkei and Topix indices ended down by 1.82% and 1.34%, respectively.

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Canada's population added 1.15 million people since last year: StatsCan – CBC News



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Ottawa rolls out voluntary code of conduct for AI



The federal government is unfurling a voluntary code of conduct for generative AI as anxiety persists over its proliferation and pace of development.

Innovation Minister Francois-Philippe Champagne announced the code on Wednesday at the All In artificial intelligence conference in Montreal, where Canadian technology companies including OpenText and Cohere pledged to sign on.

The document lays out measures organizations can take when working in generative AI — the algorithmic engine behind chatbots such as ChatGPT, which can spit out anything from term papers to psychotherapy.

The government says the measures align with six key principles that include equity, transparency and human oversight.


Amid both excitement and angst over the seemingly boundless scale of AI advancement, the federal government in June tabled a bill outlining a general approach to AI guardrails and leaves details to a later date, saying it will come into force no sooner than 2025.

Artificial intelligence pioneer Yoshua Bengio, who has stated the legislation puts Canada on the right path even as progress remains too slow, says public fear still hangs over the sector and that more investment toward safety and standards is essential.

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‘We’re not there yet’: Metrolinx CEO won’t provide opening date for troubled Eglinton Crosstown LRT



Construction workers work on a construction site in a city. Cars and buses are seen in the background on the road.
The Eglinton LRT construction just west of Yonge Street on September 27, 2023. On Wednesday, Metrolinx CEO Phil Verster said he wouldn’t provide an updated opening date for the already-delayed project. (Michael Wilson/CBC)

Metrolinx is refusing to provide an update on an opening date for the long-delayed Eglinton Crosstown LRT line, citing technical issues in the testing and commissioning phase that are continuously pushing the finish date further down the road.

“Any prediction of an opening date at this stage of the project will just be an estimate, and I’m not comfortable giving that,” said Metrolinx CEO Phil Verster.

“When I give you a date it must be something I believe in and we’re not there yet.”

Phil Taberner, the project’s vice president, says construction is “pretty much” complete except for a small section near Eglinton-Yonge.


He said testing and commissioning is considered a “high-risk” part of the project, and that they’re anticipating “faults and issues” that will take an “unpredictable” amount of time to rectify.

“We want the tests to be rigorous, and we want to identify these issues,” he said. “This then gives us the assurance that we’ve got a robust, safe and reliable railway.”

Metrolinx CEO ‘not comfortable’ providing new opening date for Eglinton Crosstown

“When I give you a date it must be something I believe in and we’re not there yet,” said Metrolinx CEO Phil Verster.

Verster says Metrolinx has a “really good idea” of the approximate opening date, even though he chose not to divulge it. The transit agency intends to give an update every two months, with the next one slated for November.

“Given the facts of what has caused the different delays. I am very excited about the Eglinton Crosstown. We are not that far away,” said Verster.

History of delays, legal disputes

The 25-stop, 19-kilometre line was last slated to be up and running in the fall of 2022, but construction has stretched on long past that.

The regional transit agency attributes some of the challenges behind the delay to the COVID-19 pandemic, repairs to the existing Yonge-Eglinton subway station, and the consortium of four companies, Crosslinx Transit Solutions (CTS), contracted by Ontario’s previous Liberal government to design and build the Crosstown.

A man speaks in the front of a room full of people. A presentation is loaded onto a screen behind him.
Metrolinx CEO Phil Verster gives an update on the Eglinton Crosstown LRT’s completion to a room full of reporters on September 27, 2023. (Robert Krbavac/CBC)

Work began on the Crosstown in 2011 and Metrolinx previously announced completion dates of 2020 and 2021.

The repeatedly delayed and over-budget project has been stymied amid reports of some 260 quality control issues, which Verster said is now down to 225.

It’s also faced legal threats from CST. In May, the consortium alleged that Metrolinx failed to retain an operator for the unfinished transit line. Verster confirmed Wednesday that the courts sided with Metrolinx and CTS has to follow the agreed path of arbitration.

The transit line, also known as Line 5, is expected to run along Eglinton Avenue from Mount Dennis in the west to Kennedy in the east.

Internal Metrolinx documents obtained by CBC Toronto last year show that the budget for the project has ballooned to nearly $13 billion, a figure that includes 30-year maintenance costs. That’s more than double the initial estimates.

Fire Metrolinx CEO, NDP says

Toronto-St. Paul’s Coun. Josh Matlow, who’s been critical of the project’s delays, is renewing his call for a public inquiry into Metrolinx’s handling of the project since it’s been more than a decade since work started.

“If Phil Verster is going to do a press conference, actually provide some information,” said Matlow.

“You have a duty and a responsibility to tell the public the truth and be accountable for the hundreds of millions of dollars in cost overruns, tax dollars and the years of delays that have hurt communities and devastated businesses.”

Susan Bazarte owns one such business. She’s been running Eglinton Fast Food Inc. for 14 years and has been operating for the entire duration of construction.

“I’ve been waiting for a long time,” said Bazarte. “I almost want to close.”

An Eglinton Crosstown test vehicle is loaded onto the tracks on Eglinton Avenue.
An Eglinton Crosstown test vehicle is loaded onto the tracks. (Christopher Mulligan/CBC)

Verster says he’s accountable for delays and is “doing everything possible” to get the project over the line.

On Wednesday, the Ontario NDP demanded action over to the LRT’s continued delay. Ottawa Centre MPP Joel Harden called for the newly appointed Transportation Minister Prabmeet Sarkaria to fire Verster.

Verster makes nearly $900,000 and is the fifth-highest paid public servant in the province, the party pointed out.

“Consumed by scandal, Ford’s Conservatives have lost control of the province’s transit agency and the vital Eglinton Crosstown,” he said. “It’s clear they can’t build transit projects in this province, and people are left waiting for transit that feels like it will never arrive.”


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