麻豆影视

Business

    • Stock market today: Apple juices a rally after a brutal week

    markets
    Share
    NEW YORK -

    Apple is leading a rally Friday after Wall Street's most influential stock reported a better profit than feared. Stocks of beaten-down banks are also leaping to recover a smidgen of their sharp losses from a brutal week.

    The S&P 500 was 1.5% higher in afternoon trading, though it's still on pace for its worst week in nearly two months. The Dow Jones Industrial Average was up 418 points, or 1.3%, at 33,546, as of 1:04 p.m. Eastern time, while the Nasdaq composite was 1.9% higher.

    Treasury yields were jumping in the bond market after a report showed hiring accelerated across the economy by much more than expected last month. The U.S. government's jobs report also showed workers won bigger pay raises in April than expected.

    While that's good news, particularly when many economists fear a recession may arrive this year, the data also raises worries inflation may stay high and push the Federal Reserve to keep interest rates higher.

    High interest rates have already caused cracks in the U.S. banking system, and fears about what may be next to fall have rocked the industry. This week began with regulators seizing First Republic Bank, which became the third large U.S. bank failure to hit since March.

    Investors have been hunting for the next possible weak link in the system and driving down stock prices for those seen as at risk of a sudden exodus by customers. That's even as banks protested that they were seeing deposit levels stabilize or strengthen. Several of the hardest hit recovered some of their steep losses Friday.

    PacWest Bancorp. soared 80.7%, though it's still down 43% for the week. Western Alliance Bancorp. gained nearly 49.2% to trim its loss for the week to 27%.

    The worry is falling stock prices for banks could cause a vicious cycle that causes customers to lose faith and pull their deposits, which then raises more fear for the system.

    Apple didn't rise as much as those banks Friday, but its moves pack a more potent punch for the market. Apple is the most valuable stock on Wall Street, which gives its moves outsized weight on the S&P 500 and other indexes.

    Its 4.5% gain made it the biggest force lifting S&P 500. The iPhone maker reported a drop in earnings and revenue, but the results nevertheless topped analysts' muted expectations.

    The story has been similar across the broader market for results during the first three months of the year. Analysts came into this earnings reporting season with very low expectations given high interest rates and a slowing economy.

    Companies in the S&P 500 are on pace to report a second straight quarter of profit drops from year-earlier levels, which would mark what Wall Street calls a "profit recession." But the results have been largely better than feared, which has helped give some support to the market.

    Live Nation Entertainment jumped 16.5% after reporting a more modest loss than analysts expected, while Cigna Group rose 7.1% after topping forecasts for profit and revenue.

    Lyft slumped 21.1% after its first-quarter revenue fell short of Wall Street expectations and it gave investors a weak revenue forecast for the current quarter. Competitor Uber gained 11% Tuesday after reporting strong financial results and is still up solidly for the week.

    In the bond market, yields leaped immediately after the jobs report as traders bet on it pushing the Fed to keep rates high for longer than earlier expected.

    The Fed on Wednesday said that it wasn't sure of its next move after raising its benchmark overnight rate to a range of 5% to 5.25%, up from virtually zero early last year. It's been raising rates at the fastest pace in decades to drive down inflation, but its tool also slows the economy and hurts investment prices.

    Many traders expect the Fed to hold rates steady at its next meeting in June, which would be the first time that's happened in more than a year. After that is where expectations diverge.

    The Fed has been insistent that it sees inflation coming down slowly, which would mean rates would stay high for a while, if not rise further if inflation were to reaccelerate. Many traders, meanwhile, see the economy weakening so much that the Fed will have to cut rates later this year.

    Adding to the uncertainty is what comes out of the U.S. banking industry's turmoil. If it causes banks to pull back on their lending, that could act like rate increases that further smother the economy.

    Friday's jobs report offered encouraging and discouraging news, depending on one's outlook.

    The strong hiring numbers reaffirm that the job market is remaining resilient. It's propping up the rest of the economy, which has already begun to slow under the weight of much higher interest rates.

    But more concerning to pessimists was the 4.4% rise in wages for workers from a year earlier. The fear is too-strong wage increases could push companies to raise prices for their own goods and make other moves that create a vicious cycle that keeps inflation high. That in turn could pressure the Fed to keep rates higher for longer, which would cause more things to break other than First Republic.

    The yield on the 10-year Treasury rose to 3.45% from 3.38% late Thursday. It helps set rates for mortgages and other important loans.

    The two-year yield, which moves more on expectations for the Fed, rose to 3.92% from 3.79%

    ----

    AP Business Writers Joe McDonald and Matt Ott contributed

    CTVNews.ca Top Stories

    Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.

    The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.

    Canada

    • Two nephews of the beloved Harry R. Hamilton share stories about his life and legacy.

    • The union representing some 1,200 dockworkers at the Port of Montreal has overwhelmingly rejected a deal with their employers association.

    • A man who was critically injured in a police-involved shooting in Hamilton late Sunday afternoon has died in hospital, says the province鈥檚 police watchdog.

    World

    Politics

    • Murray Sinclair鈥檚 family members say the late justice and senator has been laid to rest according to his wishes.

    • Prime Minister Justin Trudeau announced voters in Cloverdale鈥擫angley City will pick their next member of Parliament on Dec. 16.

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    Autos

    Local Spotlight

    For the second year in a row, the 鈥楪ift-a-Family鈥 campaign is hoping to make the holidays happier for children and families in need throughout Barrie.

    Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.

    A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.

    As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.

    A group of women in Chester, N.S., has been busy on the weekends making quilts 鈥 not for themselves, but for those in need.

    A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.

    Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.

    A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.

    • Weather watchers were treated to an exceptionally rare display on Friday evening as rare cloud formations filled Vancouver skies.

    • For some shoppers it was Nov. 1, but for others the first hints of Christmas - saccharine treats, festive-fragranced candles and gaudily wrapped gift sets - were being noticed in stores long before the final Halloween decor had been cleared.

    • Thousands of people are expected to gather in downtown Vancouver on Monday to observe the city鈥檚 100th Remembrance Day ceremony.

    • Toronto is expected to see an economic boost to the tune of nearly $300 million thanks to Taylor Swift鈥檚 upcoming Eras Tour, which will be making a stop in Canada鈥檚 largest city for a six-show run later this month.

    • One man was transported to hospital early Monday morning after a stabbing in the northwest end of the city, Toronto police say.

    • Calgarians will be observing Remembrance Day at a number of different ceremonies across the city, including at the Hangar Flight Museum.

    • A home in the northeast Calgary community of Saddle Ridge was damaged in a fire on Sunday.

    • WEATHER

      WEATHER

      Conditions were warm early Monday and expected to remain that way for most of the day.

    • WATCH LIVE

      WATCH LIVE

      CTVNewsOttawa.ca looks at Remembrance Day ceremonies in Ottawa.

    • After months of controversy surrounding a dog park in Ottawa's west end, a solution has been reached to divide the park in half.

    • With fewer interments and rising maintenance fees, the money for Canada's largest military cemetery will run out in three to four years.

    • The employers association at the Port of Montreal locked out nearly 1,200 longshore workers, bringing a halt to traffic at the port.

    • Though most businesses are expected to be open on Remembrance Day, there are some establishments that will be closed to commemorate the holiday.

    • Monday is Remembrance Day, a time to honour armed forces members who have died in the line of duty.

    • WEATHER

      WEATHER

      This is shaping up to be one of the warmest Remembrance Days in the past decade, at least, for temperatures.

    • Maritimers will stop Monday to remember those who have served, and continue to serve, in Canada's armed forces for Remembrance Day.

    • A Cape Breton senior recalls her life in German-occupied France, and her mother鈥檚 death, during the Second World War.

    • Thousand of people gathered at the Menin Gate in the Ypres, Belgium for Monday鈥檚 Remembrance Day Ceremony.

    • Remembrance Day is today, and a number of ceremonies are taking place around the province to honour those who gave their lives to serve our country.

    • A pillar in Canada鈥檚 history was honoured in Winnipeg Sunday afternoon, with thousands showing up to pay tribute to the life and legacy of the late Murray Sinclair.

    • Winnipeg police have identified two men involved in a stabbing incident earlier this week.

    • There will be two ceremonies taking place in Regina for Remembrance Day, hosted by the Royal Canadian Legion.

    • Regina author Valerie Crowther is celebrating the release of her book 鈥榃ar Letters: Linking Lives in the Second World War.鈥

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • A team of tornado experts is heading to Fergus, Ont. after a storm ripped through the area Sunday night.

    • People across Canada will pause to reflect Monday at Remembrance Day Ceremonies across the country.

    • A man has been charged after a stabbing at an apartment building in Kitchener.

    • Saskatchewan RCMP are searching for a suspect after a man was seriously injured in a farm-related incident in Montreal Lake.

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • The Regina Rams claimed the Hardy Cup after a hard fought battle against the Saskatoon Huskies 19-14 on Saturday in the first all Saskatchewan U-Sports western conference final since 2002.

    • WATCH LIVE

      WATCH LIVE

      The events will start at 10:15 a.m. with a parade that forms up in front of the Delta London Armories, marches east on Dundas Street and turns north onto Waterloo Street to Dufferin Avenue, the west to the Cenotaph.

    • Emergency crews responded to the scene on Road 68/Highway 2 east of Thamesford around 7 p.m.

    • On Friday, the Sarnia Police Service (SPS) received a report of an alleged abduction in the area of Kathleen Avenue and Walnut Avenue.

    • Watch Live

      Watch Live

      Barrie residents will gather on Monday to honour Canada鈥檚 veterans and pay tribute to those who served and sacrificed for the country.

    • A driver is facing multiple charges after a multi-vehicle collision on Highway 400 early Sunday morning.

    • A heavy police presence has been seen in an Innisfil neighbourhood throughout the day.

    • WATCH LIVE

      WATCH LIVE

      Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.

    • One person has been arrested after Chatham-Kent Police Service (CKPS) received multiple complaints about an alleged drunk driver.

    • More details have been released about a police investigation at the Ambassador Bridge that connects Windsor, Ont. and Detroit, MI.

    • Environment Canada says heavy rain and winds could cause power outages on Vancouver Island as an "intense" storm system is set to hit the B.C. coast Sunday.

    • Six deer were struck by vehicles in six different locations in a six-hour period on B.C. highways on Saturday, according to the transportation ministry.

    • The union for locked-out port workers in British Columbia says the BC Maritime Employers Association cut off talks in less than an hour Saturday, refusing to budge on a final offer that the union has so far rejected.

    • The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.

    • Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.

    • More than two years after Alannah Brown and Douglas Barker were found dead north of Penticton, police are asking for help identifying a vehicle they believe was associated with the crime.

    • The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year鈥檚 host for the Southern Alberta Summer Games.

    • The Lethbridge Hurricanes broke open a close game with three goals in the first two minutes of the third period as they defeated the Warriors 7-3 in a game played Friday night in Moose Jaw.

    • There might not a lot snow just yet, but many southern Albertans are still itching to get outdoors.

    • It was just days before the COVID-19 pandemic shut the world down when the Shaft Bottom Boys of Sudbury broke a world record for 'Deepest Concert Underground.' Now, more than four years later, a Timmins band is looking to take the title.

    • Police have arrested a 15-year-old in connection with a break-in and $50,000 in damage done to the Centennial Arena in Elliot Lake in September.

    • Mayors of the five largest cities in northern Ontario met in North Bay the last two days to discuss a range of critical issues impacting their cities and the region.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at 麻豆影视. We may earn a commission when you use our links to shop.聽Read about us.

    Stay Connected
    Follow 麻豆影视