NEW Toxic forever chemicals in drinking water: Is Canada doing enough?
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
Stocks gave back some of their recent gains Wednesday after a disappointing jobs report stoked worry about the strength of the economic recovery as a highly contagious variant of the coronavirus spreads.
The S&P 500 fell 0.5%, easing back from the all-time high the benchmark index set a day earlier. Crude oil prices fell more than 3% and pushed energy companies lower. Industrial firms, banks, retailers, hotels and other companies that rely on direct consumer spending also fell. Those losses outweighed gains in technology and communication stocks.
Payroll processor ADP revealed a disappointing snapshot of the nation's employment recovery, adding to concerns about the lagging recovery in the jobs market. ADP said the private sector added 330,000 jobs in July, falling far short of economists' expectations. The report comes ahead of the Labor Department's more comprehensive July jobs report on Friday.
"You're getting some mixed signals, certainly, but we think we'll get some good growth and the underlying economy is pretty good," said Scott Wren, senior global market strategist at Wells Fargo Investment Institute.
The recovery in the jobs market will likely continue to be bumpy, but it's on track to continue improving over the long term, he said.
The S&P 500 fell 20.49 points to 4,402.66. The Dow Jones Industrial Average dropped 323.73 points, or 0.9%, to 34,792.67. The Nasdaq composite added 19.24 points, or 0.1%, to 14,780.53. The Dow and Nasdaq each hit all-time highs just last week.
Stocks have been choppy this week as investors continue to pore over corporate earnings reports while reviewing economic data for clues as to how the economic recovery is going.
Wednesday's jobs survey from ADP raised doubts that Friday's broader July jobs report will exceed expectations. Economists are projecting that U.S. employers added 700,000 jobs last month, and that the national unemployment rate slipped to 5.7% from 5.9%, according to FactSet.
That outlook is now likely too optimistic, because of the sudden resurgence in COVID-19 cases due to the delta variant, Brad McMillan, chief investment officer for Commonwealth Financial Network, wrote Wednesday.
And if Friday's job report shows a similar shortfall as the ADP survey, that "would signal that the job recovery has slowed, at a minimum," McMillan wrote.
Traders also weighed an encouraging report on growth in the services sector, which makes up the bulk of the U.S. economy. The Institute for Supply Management reported that in July the sector grew at its fastest pace since the survey started in 2008.
Bond yields mostly recovered from an early slip following the release of the report. The yield on the 10-year Treasury dropped to 1.16%, down from 1.17% late Tuesday. It dipped as low as 1.13% in early trading.
The resurgence of COVID-19 with the highly contagious delta variant in spots around the world is also a key concern for Wall Street. China's worst outbreak since the start of the pandemic a year and a half ago escalated Wednesday with dozens more cases around the country and the sealing-off of one city.
While analysts don't expect the spike in infections to send the world back in to the lockdowns experienced a year ago, it could still stunt economic growth.
Still, worries about the delta variant, sluggish employment growth and signs the Federal Reserve is beginning to consider reducing its support for the economy amid rising inflation all point to "slowing growth later in the year, or more likely 2022," said Jay Hatfield, CEO of Infrastructure Capital Advisors.
Investors are also still in the thick of corporate earnings season. The results have been solid so far. Roughly 75% of companies in the S&P 500 have turned in their earnings and the majority have been surprisingly good.
Strong profit and revenue results weren't enough to lift stocks for many companies on Wednesday, however. General Motors fell 8.9% despite overcoming an industry-wide chip shortage to beat analysts' profit expectations and raise its forecast. CVS Health slipped 2.9% after also reporting solid results.
Ticket seller and concert promoter Live Nation rose 1.5% after reporting surprisingly mild second-quarter loss. Cruise line operator Royal Caribbean Group slid 2.5% after its latest quarterly results fell short of analysts' expectations.
Online broker Robinhood surged 50.4%, a big turnaround following its tepid stock market debut last week. Trading was volatile and had to be halted three times shortly after the market opened. Market experts have cautioned that Robinhood's stock could be in for a jagged ride because of its popularity among smaller investors.
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
Calgary police have arrested a man and a charge is pending in connection with the death of a toddler in 2022.
The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
Prince William will return to public duties on Thursday for the first time since his wife Kate revealed she was undergoing preventative chemotherapy for cancer.
Russian air defences downed what authorities described as five Ukrainian balloons overnight, the defence ministry in Moscow said Thursday, as the sides kept up long-range strikes that have featured heavily in what has largely become a war of attrition.
When Les Robertson was walking home from the gym in North Vancouver's Lower Lonsdale neighbourhood three weeks ago, he did a double take. Standing near a burrow it had dug in a vacant lot near East 1st Street and St. Georges Avenue was a yellow-bellied marmot.
A moulting seal who was relocated after drawing daily crowds of onlookers in Greater Victoria has made a surprise return, after what officials described as an 'astonishing' six-day journey.
Just steps from Parliament Hill is a barber shop that for the last 100 years has catered to everyone from prime ministers to tourists.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
A compound used to treat sour gas that's been linked to fertility issues in cattle has been found throughout groundwater in the Prairies, according to a new study.
While many people choose to keep their medical appointments private, four longtime friends decided to undergo vasectomies as a group in B.C.'s Lower Mainland.
A popular highway in Alberta's Banff National Park now has a 'no stopping zone' to help protect two bears.
B.C. resident Robert Conrad spent thousands of hours on Crown land developing an unusual bond with deer.
A Sudbury woman said her husband was bringing the recycling out to the curb Wednesday night when he had to make a 'mad dash' inside after seeing a bear.