Wall Street is drifting Friday as it heads toward the end of its worst week in a month.
The S&P 500 was 0.2 per cent lower in early trading and on track to break a two-week winning streak. The Dow Jones Industrial Average was down 31 points, or 0.1 per cent, as of 9:45 a.m. Eastern time, and the Nasdaq composite was 0.2 per cent lower.
The stock market has been struggling under the weight of the bond market, where the yield on the 10-year Treasury has shot to the edge of 5 per cent for the first time since 2007. High yields make borrowing more expensive for everyone, and they slow the economy while dragging on prices for stocks and other investments.
The yield on the 10-year Treasury was sitting at 4.90 per cent, down from 4.99 per cent late Thursday. But it was again just a hair below 5 per cent earlier in the morning, according to Tradeweb. It's been catching up to the Federal Reserve's main interest rate, which is already above 5.25 per cent at its highest level since 2001.
Yields swung a day earlier after investors took comments from Federal Reserve Chair Jerome Powell to indicate the central bank won't raise its main interest rate at the end of the month. But financial markets are less sure about what the Fed will do after that, and the central bank has said its upcoming moves will depend entirely on how inflation and the job market behave.
The Fed has raised its overnight interest rate at a furious pace in hopes of suffocating high inflation, which has come down from its peak last summer. But a rise in oil prices is threatening to add more upward pressure, and crude climbed again amid worries about war in the Middle East.
A barrel of benchmark U.S. oil added 0.6 per cent to US$88.89. It's been bouncing around since the latest Hamas-Israel war began, after leaping from US$70 to more than US$93 through the summer. Brent crude, the international standard, rose 0.9 per cent to US$93.19 per barrel.
On Wall Street, SolarEdge tumbled 29.3 per cent after the solar technology company slashed its sales and profit expectations for the current quarter. The company, based in Tel Aviv, Israel, said the war there was not a factor. Rather, it was a slew of order cancellations in Europe due in part to slower-than-expected installation rates.
Other solar stocks also fell, including an 11.9 per cent drop for Enphase Energy.
Regions Financial sank 13.2 per cent after it reported weaker profit than expected for the latest quarter. Focus has been on the banking industry outside its biggest titans. It was under heavy pressure earlier this year after high interest rates helped cause three high-profile collapses of U.S. banks.
Other regional banks were also weaker. Comerica fell 6.3 per cent despite reporting better profit for the summer than expected. Huntington Bancshares sank 4.8 per cent after likewise topping earnings forecasts.
SLB, formerly known as Schlumberger, fell 4.2 per cent despite reporting stronger profit than expected for the summer. Its revenue fell just shy of analysts' expectations.
On the winning side of Wall Street was Knight-Swift Transportation. The trucking company jumped 12.8 per cent after reporting stronger profit for the latest quarter than expected.
In stock markets abroad, indexes slumped across Europe and Asia.
AP Business Writers Zimo Zhong and Matt Ott contributed.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
Twenty-seven year Â鶹ӰÊÓ reporter and anchor John Vennavally-Rao shares his story of what it was like to have an ostomy bag as part of his health-care battle. 'I’m grateful for what it did to extend my life,' he writes in a personal column for CTVNews.ca.
The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
A new study is adding to emerging research showing that exposure to metals such as cadmium, uranium and copper may also be associated with the leading cause of death worldwide, cardiovascular disease.
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The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
A body has been found in the vicinity where a woman went missing on the Ottawa River near Pembroke, Ont. while kayaking Tuesday night, according to the Ontario Provincial Police (OPP).
Donald Trump returned to North Carolina on Saturday, stumping in the southern battleground state with direct appeals to women, claiming he would be a better champion for them than U.S. Vice President Kamala Harris, who is vying to become the first female president.
Sheba, a 50-year-old seal at the Cornish Seal Sanctuary in southwest England, has far surpassed the average lifespan for seals and could be the oldest in captivity in the world.
The more Chelsea Walsh talked to the eccentric fellow American who seemed to pop up in every square and cobblestone street of Ukraine's capital, the more she got creeped out.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
The Lebanese militant group Hezbollah announced that it fired a barrage of missiles at a military base deep inside Israel early Sunday following an Israeli airstrike more than a day earlier that killed at least 37 people, including one of the militant group’s senior leaders as well as women and children.
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Foreign Affairs Minister Melanie Joly says close to 45,000 Canadians are in Lebanon, months after warning there is no guarantee Ottawa can evacuate them if the situation deteriorates further.
The federal firearm buyback program has cost taxpayers nearly $67.2 million since it was announced in 2020, but it still hasn't collected a single gun.
A new study is adding to emerging research showing that exposure to metals such as cadmium, uranium and copper may also be associated with the leading cause of death worldwide, cardiovascular disease.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
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'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
The death of the Tragically Hip’s lead singer Gord Downie united fans across Canada in their grief, but in many ways pulled his bandmates apart.
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The maker of the popular party game Cards Against Humanity is accusing Elon Musk's SpaceX of trespassing on and damaging a plot of vacant land the company owns in Texas.
The Canadian Food Inspection Agency says a recall of Nutrabolics brand Feed Me Vegan Real Food Protein & Oats bars due to undeclared milk has been expanded.
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While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.
Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.
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General Motors (GM) has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.
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The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
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Volunteers and staff members gathered along Vancouver’s Stanley Park Seawall Saturday to pick up litter as part of International Coastal Cleanup Day.
A heritage home in Vancouver suffered "extensive damage" in a fire that broke out late Saturday morning, according to firefighters.
Toronto police are investigating a shooting in Scarborough that left one person injured Saturday night.
A pedestrian was struck by a vehicle involved in a collision in Scarborough Saturday evening, Toronto police said.
A 23-year-old man has been arrested after one person was found dead at a home in Richmond Hill Saturday morning.
Milla White from Cochrane literally drew her way into a meeting with former boxer and actor Mickey Rourke.
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For 12 hours Saturday Canadian Pacific Kansas City (CPCK) employees, service personnel and corporate teams rode spin bikes to raise funds and awareness for charities focusing on housing homeless veterans in Canada and the U.S.
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Halifax Regional Police warned the public of a series of high-value thefts targeting retail stores Friday.
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The Cambridge Professional Fire Fighters’ Association held their annual Muscular Dystrophy Boot Drive on Saturday.
Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.
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The St. Thomas police is asking the public for help locating a missing man.
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The St. Clair College golf teams were successful at the Niagara Knights Invitational tournament on Friday.
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A sea lion swam free after a rescue team disentangled it near Vancouver Island earlier this week.
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The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
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Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.
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The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
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Jim Lester’s farm hopped on the cow-cuddling trend in early August, and his time slots have been pretty well sold out ever since.
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