NEW AI helping to identify undiagnosed genetic disorders in children
Researchers have developed the world's first algorithm powered by artificial intelligence to identify children with undiagnosed rare genetic disorders.
Canada's main stock index closed down almost 200 points Tuesday as the price of crude oil plunged and losses mounted in the energy and base metal sectors.
It was the first day of trading in the U.S. after the Fourth of July holiday and on both sides of the border, things quickly got off to an "ugly start," said Greg Taylor, chief investment officer at Purpose Investments.
By late morning, the S&P/TSX index had plunged more than 400 points, though it rallied later in the day to close at 18,834.16, down 194.70 from the previous day's closing.
U.S. markets also fell after the opening bell, but the S&P 500 index managed to eke out late-day gains, closing up 6.06 points at 3,831.39, while the Nasdaq composite closed up 194.39 points to end the day in positive territory at 11,322.24.
The Dow Jones industrial average closed down 129.44 points at 30,967.82.
While it's true that some of the early morning losses were recovered later in the day, Taylor said, Tuesday's sell-off still indicates that for many investors, "the recession is here."
"It feels like everyone came in this morning completely in a recession panic," he said. "The narrative all year has gone back and forth between inflation fears and recession fears, and today feels like the day the recession fears really took hold."
Bond yields fell, an indication of risk-averse sentiment, and the Canadian dollar declined by more than a cent amid mounting concerns about the economic outlook around the world -- particularly in the European Union where a jump in natural gas prices has added fuel to recession fears.
The euro fell to its lowest level in two decades on Tuesday, while the Canadian dollar traded for 76.70 cents US compared with 77.72 cents on Monday.
In Canada, the same energy and commodity stocks that surged in recent months when inflation was the top concern plunged on Tuesday over fears that recession will dampen demand.
"Given the severity of the sell-off earlier this year, the only sector that was working was energy. So a lot of momentum funds and managers were hiding in energy stocks, and now we've had to see a quick reversal of people out of energy trying to put it back into tech or something or else," Taylor said.
The TSX Capped Energy Index closed down 6.8 per cent while the Capped Materials Index closed down 4.4 per cent.
The August crude contract was down US$8.93 at US$99.50 per barrel and the August natural gas contract was down 21 cents at US$5.52 per mmBTU. The August gold contract was down US$37.60 at US$1,763.90 an ounce and the September copper contract was down 19 cents at US$3.42 a pound.
Against the backdrop of plunging commodity prices, Canadian oil and gas stocks suffered large losses Tuesday. Athabasca Oil Corp. closed down more than 13 per cent, while Precision Drilling Corp. was down more than 12 per cent and MEG Energy Corp. closed down more than 10 per cent.
But Taylor said in spite of Tuesday's eight per cent decline in the price of oil, and the blow to stock prices, investors should not forget that the Canadian oil and gas sector remains incredibly profitable right now.
"At the end of the day, these companies are still incredibly positive from a cash flow point of view. At US$100 oil, it's still a huge win for them. They were set up to work at $50 or $60," Taylor said.
Even as recession fears stalk markets, Taylor said investors still expect the Bank of Canada to announce another 75-basis point interest rate increase in its policy decision next week. The biggest question at this point is whether the central bank will ease off after that, or continue with additional rate hikes.
For that reason, Taylor said everyone will be watching for the latest U.S. inflation data, expected to be released the same day as the Bank of Canada's upcoming rate announcement. Investors will be looking to see if U.S. inflation has peaked, which may be a signal to central banks on both sides of the border to back off additional interest rate hikes.
Investors are also watching for the latest Canadian employment data, expected Friday, as well as second quarter corporate earnings releases coming later this month.
"From a stock point of view, the next big thing is going to be earnings. We're a few weeks away from that, but that's going to be a concern -- to see how these companies are hanging in," Taylor said.
Researchers have developed the world's first algorithm powered by artificial intelligence to identify children with undiagnosed rare genetic disorders.
Eating more ultraprocessed foods is linked to a higher risk of cognitive decline and stroke, even if a person is trying to adhere to a Mediterranean diet, the DASH diet or the MIND diet, a new study found.
Charlie Colin, bassist and founding member of the American pop-rock band Train, best known for their early-aughts hits like 'Drops of Jupiter' and 'Meet Virginia,' has died. He was 58.
Toronto has been awarded the WNBA's first franchise outside the United States, with the expansion team set to begin play in 2026.
Diminished but not deterred, Hamas is still putting up a fight after seven brutal months of war with Israel, regrouping in some of the hardest-hit areas in northern Gaza and resuming rocket attacks into nearby Israeli communities.
Police say they have wrapped up their on-scene investigation into a deadly boat crash in eastern Ontario as details of the incident begin to emerge.
WestJet Airlines plans to launch a new cheaper fare category that would be available to travellers willing to fly without a carry-on bag.
Canada's dental care plan is 'getting there' Health Minister Mark Holland said Wednesday defending the program's rollout that's now seen two million seniors sign up, but just 10,000 oral health providers enrolled to treat them.
A new survey found a majority of Canadian respondents plan to stay within the country on their next trip amidst high costs of living.
When Jujhar Mann said he wanted to be a pastry chef on a grade school career project, he didn't imagine that pursuing his dream would land him on a popular Netflix baking competition.
A city known for its history, ties to outer space and southern barbecue, is also home to a Winnipeg chef dishing out dozens of perogies.
A Montreal photographer captured the moment a Canada goose defended itself from a fox at the Botanical Garden.
Public libraries in Atlantic Canada are now lending a broader range of items.
Flashes of purple darting across the sky mixed with the serenading sound of songs will be noticed more with spring in full force in Manitoba.
Catching 'em all with impressive speed, a 7-year-old boy from Windsor, Ont. who only started his competitive Pokémon journey seven months ago has already levelled up to compete at a world championship level.
A sanctuary dedicated to animals with disabilities is celebrating the third birthday of one of its most popular residents.
2b Theatre recently moved into the old Video Difference building, seeking to transform it into an artistic hub, meeting space, and temporary housing unit for visiting performers in Halifax.
A B.C. woman says her service dog pulled her from a lake moments before she had a seizure, saving her life.