Stocks fell sharply in afternoon trading on Wall Street Wednesday, led by led by steep drops in retailers as Target plunged after issuing a grim quarterly earnings report.
The S&P 500 fell 2.9% as of 12:03 p.m. Eastern. The Dow Jones Industrial Average fell 804 points, or 3.4%, to 31,850 and the Nasdaq fell 3.4%.
Target lost a quarter of its value after reporting earnings that fell far short of analysts' forecasts, while citing higher costs. The report comes a day after Walmart said its profit took a hit from higher costs. The nation's largest retailer fell 6.6%, adding to its losses from Tuesday.
The weak reports stoked concerns that persistently rising inflation is putting a tighter squeeze on a wide range of businesses and could cut deeper into their profits.
Retailers had some of the biggest losses. Dollar Tree fell 16.8% and Dollar General slumped 11.3%. Best Buy fell 9.3% and Amazon fell 5.5%. Technology stocks also fell broadly. Apple lost 4.2%.
Makers of household goods and grocery stores also fell sharply. Kroger slipped 5.6% and Procter & Gamble fell 4.4%.
Bond yields fell. The yield on the 10-year Treasury fell to 2.92% from 2.97% late Tuesday. Utilities held up better than the rest of the market as investors shifted money to investments that are considered less risky.
The disappointing report from Target comes a day after the market cheered an encouraging report from the Commerce Department that showed retail sales rose in April, driven by higher sales of cars, electronics, and more spending at restaurants.
Stocks have been struggling to pull out of a slump over the last six weeks as concerns pile up for investors. Trading has been choppy on a daily basis and any data on retailers and consumers is being closely monitored by investors as they try to determine the impact from inflation and whether it will prompt a slowdown in spending. A bigger-than-expected hit to spending could signal more sluggish economic growth ahead.
The Federal Reserve is trying to temper the impact from the highest inflation in four decades by raising interest rates. On Tuesday, Fed Chair Jerome Powell told a Wall Street Journal conference that the U.S. central bank will "have to consider moving more aggressively" if inflation fails to ease after earlier rate hikes.
Investors are concerned that the central bank could cause a recession if it raises rates too high or too quickly. Worries persist about global growth as Russia's invasion of Ukraine puts even more pressure on prices for oil and food while lockdowns in China to stem COVID-19 cases worsens supply chain problems.
The United Nations is significantly lowering its forecast for global economic growth this year from 4% to 3.1%. The downgrade is broad-based, which includes the world's largest economies such as the U.S., China and the European Union.
Canadians will learn Tuesday the entirety of the federal Liberal government's new spending plans, and how they intend to pay for them, when Deputy Prime Minister and Finance Minister Chrystia Freeland tables the 2024 federal budget.
Using genes from coffee plants around the world, researchers built a family tree for the world's most popular type of coffee, known to scientists as Coffea arabica and to coffee lovers simply as 'arabica.'
The National Capital Commission is providing a glimpse inside the gutted 24 Sussex Drive, more than a year after the heritage building along the Ottawa River was closed.
NASA confirmed Monday that a mystery object that crashed through the roof of a Florida home last month was a chunk of space junk from equipment discarded at the International Space Station.
Here's a look at the workings and meaning of the elaborate flame-lighting ceremony held among the ruins of Ancient Olympia ahead of each modern Olympiad.
An Ontario woman was shocked to find she’d been charged nearly $7,000 after unknowingly using an unauthorized taxi company while on vacation in January.
Tim Hortons is launching flatbread pizzas nationally in a bid to pick up more afternoon and evening customers.
Following the Iranian missile and drone strikes against Israel over the weekend, Canada should take the threat of Iran and potential escalation of the conflict seriously, one global affairs analyst says.
A controversial former school trustee from B.C.'s Fraser Valley who described a political rival as a "strip-tease artist" during an election campaign has been ordered to pay her $45,000 for defamation.
Ontario Provincial Police are investigating after human remains were found in the Ottawa River in Clarence-Rockland on Monday.
A mass exodus of elected officials from a rural Manitoba municipality has put the community in limbo and may force the province to dissolve what's left of the crumbling council.
Saskatchewan and the RCMP have inked a deal that would see the province fund hundreds more officers if Mounties can recruit to fill those positions.
An Ontario woman was shocked to find she’d been charged nearly $7,000 after unknowingly using an unauthorized taxi company while on vacation in January.
An agreement between the provincial and federal governments will see Premier Doug Ford’s flagship Highway 413 move forward with a joint working group dedicated to minimizing environmental impacts.
A controversial former school trustee from B.C.'s Fraser Valley who described a political rival as a "strip-tease artist" during an election campaign has been ordered to pay her $45,000 for defamation.
Following the Iranian missile and drone strikes against Israel over the weekend, Canada should take the threat of Iran and potential escalation of the conflict seriously, one global affairs analyst says.
A couple who owned a Colorado funeral home where authorities last year discovered 190 decaying bodies were indicted on federal charges that they misspent nearly US$900,000 in pandemic relief funds on vacations, cosmetic surgery, jewelry and other personal expenses, according to court documents unsealed Monday.
The ship crash that destroyed Baltimore’s Francis Scott Key Bridge and left several people dead is now under federal criminal investigation, according to a U.S. official familiar with the matter.
The historic hush-money trial of Donald Trump got underway Monday with the arduous process of selecting a jury to hear the case charging the former U.S. president with falsifying business records in order to stifle stories about his sex life.
The U.S. Supreme Court on Monday let a Republican-backed law in Idaho that criminalizes gender-affirming care for transgender minors broadly take effect after a federal judge blocked it as unconstitutional.
All of Donald Trump's trials and the characters involved make for a complicated legal mess, particularly when the four criminal cases are added to Trump's civil liability for defamation and sexual misconduct and for business fraud. Here's what to know to get up to speed on this first criminal trial, starting April 15, 2024.
Canadians will learn Tuesday the entirety of the federal Liberal government's new spending plans, and how they intend to pay for them, when Deputy Prime Minister and Finance Minister Chrystia Freeland tables the 2024 federal budget.
Foreign Affairs Minister Mélanie Joly says she's urging Israel to de-escalate rising conflicts in the Middle East and not bomb Iran in retaliation for this past weekend's thwarted airstrikes.
The federal leader of the New Democrats is insisting his party's position on carbon pricing remains unchanged.
It’s common knowledge that exercise is good for your mental health and your heart health — and now a new study suggests that all three are working together.
The cybersecurity firm BrandShield has taken down more than 250 websites selling fake versions of popular weight-loss and diabetes drugs in the GLP-1 class, the company’s CEO Yoav Keren told Reuters.
Functional beverages -- or drinks promoted as offering mental or physical benefits beyond hydration -- are growing in popularity around the world. Hundreds of companies have jumped into the market, hoping to get some buzz with trendy and sometimes unfamiliar ingredients.
NASA confirmed Monday that a mystery object that crashed through the roof of a Florida home last month was a chunk of space junk from equipment discarded at the International Space Station.
Using genes from coffee plants around the world, researchers built a family tree for the world's most popular type of coffee, known to scientists as Coffea arabica and to coffee lovers simply as 'arabica.'
NASA is seeking innovative methods that could help retrieve samples collected by the Perseverance rover on Mars in the future.
Dyson Knight may look like an average college student, but since 2004, he’s actually been a member of the internationally acclaimed Baha Men.
Canadian singer Grimes apologized to fans on Saturday after her Coachella set earlier that evening was beset by technical issues that caused her to scream into the microphone in frustration.
A movie weapons supervisor was sentenced to 18 months in prison in the fatal shooting of a cinematographer by Alec Baldwin on the set of 'Rust.'
Tim Hortons is launching flatbread pizzas nationally in a bid to pick up more afternoon and evening customers.
A Vancouver woman whose company duped investors by promising big returns on real-estate deals that would house the homeless has been ordered to pay nearly $626,000 after the British Columbia Securities Commission deemed the operation a Ponzi scheme.
The U.S. Department of Justice is preparing to file an antitrust lawsuit against Live Nation as soon as next month, the Wall Street Journal reported on Monday, citing people familiar with the matter.
A high score on a Foo Fighters pinball machine has Edmonton player Dave Formenti on a high.
Celebrity food critic Keith Lee said he was blown away by Toronto, handing a rich ranking to its culinary creators, as the first international stop of his latest food tour.
Even as the cost of living goes up, there are still ways to save some cash when out shopping or using credit cards.
After four years at the University of Connecticut, Edwards was selected sixth overall by the Washington Mystics in the WNBA draft Monday night.
The Indiana Fever selected sharpshooter Caitlin Clark with the first pick of the WNBA Draft on Monday.
The NBA broke all-time regular-season records for total attendance, average attendance and sellouts for the second straight year in 2023-24.
General Motors will move its Detroit headquarters to a new downtown office building next year and work to redevelop its iconic home along the Detroit River, company and city officials confirmed Monday.
Tesla will lay off more than 10 per cent of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales amid an intensifying price war for electric vehicles.
Looking for a break on car insurance premiums is often top of mind for drivers. And finding ways to reduce that figure is especially important now, when rampant thefts have led to higher insurance costs.
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.
A school teacher who took part in the Quebec version of the Survivor reality TV show took time off work to be a contestant is now out of a job.
A young actor from Prince Edward Island is getting the chance to fulfill a childhood dream, playing the precocious and iconic Anne Shirley on stage.
Nicholas Zhang, 17, will be competing at the Paris Olympics in July. He is the youngest Canadian male fencer to ever compete in the category.
For many, Monday's total solar eclipse will become a distant memory or collection of photos to scroll through in the years to come. But for Alannah Duarte and her family, they'll be reminded of the rare celestial event every year they celebrate their youngest son's birthday, as he was born on the day of the momentous occasion.
A Montreal couple is having a hard time driving without stress and is unhappy with the city's maintenance after a chunk of highway crashed into their windshield while driving on Thursday night.
The family of a Victoria, B.C., woman who was seriously injured in an accident in Thailand is pleading for help as medical bills pile up.
Last summer, Jessica Michalofsky ran from Nelson to Victoria, raising awareness about the toxic drug crisis that claimed her son Aubrey’s life. Nearly a year later, she's disappointed by the lack of movement on the crisis, as more families lose loved ones.
A Vancouver real estate services firm is pushing back against the widely held view that not enough homes are being built in Metro Vancouver.
Some flights may be departing from Toronto Pearson International Airport with “less or no food” after workers who prepare meals for in-flight service walked off the job on Tuesday, the union representing employees says.
An Ontario woman was shocked to find she’d been charged nearly $7,000 after unknowingly using an unauthorized taxi company while on vacation in January.
Hundreds of cyclists came together Monday evening to remember a well-known and long-time member of Toronto’s cycling community.
Alberta legislation pitched to protect provincial priorities could slow down grant funding and allow federal money to be spent elsewhere, say officials representing rural municipalities and faculty members at post-secondary institutions.
A young Okotoks, Alta., family is preparing for a long year ahead, as the first of their two children begins a stem cell transplant they hope will prolong her life.
The cradle is an anonymous drop-off site where an infant can be left in a heated, secured bed, signalling a silent alarm which informs staff.
A recent initiative out of CHEO's YouthNet program is working to destigmatize mental illness in the younger generation.
Ontario Provincial Police are investigating after human remains were found in the Ottawa River in Clarence-Rockland on Monday.
After four years at the University of Connecticut, Edwards was selected sixth overall by the Washington Mystics in the WNBA draft Monday night.
Linda Simard says her husband frantically told her to call 911 as he watched two volunteer firefighters get swept away in rushing floodwaters in Quebec's Charlevoix region last year.
Quebec City police say three people were arrested in connection with an alleged assault in the Beauport borough.
A man is fighting for his life after falling about 30 feet in an air duct at the Olympic Stadium on Monday, authorities say.
Two tickets were issued after an unleashed dog was seen in front of a home where a boy died in a dog attack earlier this month.
In an exclusive interview with CTV News Edmonton on Monday, the premier said a study out of the United Kingdom, the Cass Review, echoes some of her concerns in regards to a lack of scientific rigor when it comes to puberty blockers.
The Alberta government is offering a 7.5-per-cent wage increase in the midst of collective bargaining, with government workers calling for a 26-per-cent bump.
Canadians will learn Tuesday the entirety of the federal Liberal government's new spending plans, and how they intend to pay for them, when Deputy Prime Minister and Finance Minister Chrystia Freeland tables the 2024 federal budget.
Police are looking for a youth who allegedly stabbed another youth in Halifax on Monday morning.
A low pressure system brought a series of weather fronts across the Maritimes on Friday and into the start of the weekend.
A mass exodus of elected officials from a rural Manitoba municipality has put the community in limbo and may force the province to dissolve what's left of the crumbling council.
An approaching low-pressure system that could bring 50 millimetres of mixed precipitation has triggered a flood warning for parts of Manitoba.
If you’ve ever felt the allure of Hollywood and wanted to be in a big-budget movie your time to shine is now.
Moose Jaw's hyperbaric chamber has now partially resumed services after being discontinued in 2021 due pandemic related staffing shortages. However, only one patient is currently being treated leading to criticism over a perceived lack of service.
Michael Gordon Jackson, the man on trial after being charged with contravention of a custody order for allegedly abducting his daughter in late 2021 to prevent her from getting a COVID-19 vaccine, called himself to the stand Monday.
Regina's Jon Ryan is set to sign a one-day contract with the Seattle Seahawks tomorrow officially bringing to an end his pro-football career.
Cambridge resident Samantha Falkiner explains why something felt "off" about the men who approached her and her neighbours on Friday.
Police are searching a residence just east of downtown Guelph after a man went to hospital with injuries from a homemade explosive device.
Wellington County OPP is currently investigating a double fatal collision near Drayton.
Friends are raising money for the grieving family of a 16-year-old Saskatoon boy who was killed in a high-speed crash that injured two other teens on Sunday morning.
Dr. Ana-Maria Bosonea is the only allergist in Saskatoon seeing children under 12, and now she’s moving to Alberta.
The city says there may be some odour emanating from the landfill in the coming weeks as crews dig new gas wells and piping to collect more methane from decomposing waste.
A northern Ontario family is devastated after a jury found a Moose Factory man not guilty of a 2021 murder.
A digital forensics analyst testified Monday in Sudbury at the trial of Liam Stinson, who is charged with three counts of first-degree murder in connection to an April 2021 firebombing.
The Thunder Bay police chief is acknowledging some residents' eroding trust in the service as his predecessor and other high-ranking members of the force face criminal charges.
A number of students have been displaced after a house fire in east London near Fanshawe College. Crews were called to the scene on Prosperity Court late Monday night.
A massive surplus remains from last year’s municipal budget in London, but city staff warned councillors against using it for a tax break this year.
Cigarette butts remain the most littered item in the world — including London. On Monday, a ‘butt blitz’ was held behind city hall in Reg Cooper Square.
The residents of Kashechewan First Nation are in a race against time, preparing for a mass evacuation as the relentless threat of flooding from the Albany River looms closer.
It's been more than two years since Jim Lynne died in a crash along Mosley Street in Wasaga Beach.
A street sign in Barrie, renamed to honour 11-year-old Chase McEachern's legacy after he died in 2006, has gone missing again from an alleyway at the heart of the city's waterfront.
General Motors will move its Detroit headquarters to a new downtown office building next year and work to redevelop its iconic home along the Detroit River, company and city officials confirmed Monday.
Windsor police are looking for a woman after a parcel was taken from a home in the 400 block of Chilver Road.
The first Canadian tornado of 2024 hit Essex County in March, says a report from the Northern Tornadoes Project.
The family of a Victoria, B.C., woman who was seriously injured in an accident in Thailand is pleading for help as medical bills pile up.
A Vancouver woman whose company duped investors by promising big returns on real-estate deals that would house the homeless has been ordered to pay nearly $626,000 after the British Columbia Securities Commission deemed the operation a Ponzi scheme.
The HMCS Max Bernays made its way into its new home at CFB Esquimalt on Monday after a long journey from Halifax.
British Columbia is planning to add 240 new units to its complex-care housing program, providing homes for people with mental-health and addictions challenges that overlap with other serious conditions.
More than 80 residents from a low-income apartment building in Kelowna, B.C., have learned they won't be able to return to their homes for at least another two weeks.
Mounties are investigating a reported "road rage" incident in Kelowna, B.C., that left two men injured last week.
Lethbridge West MLA Shannon Phillips is calling on the province to reinstate funding for the Lethbridge Elder Abuse Response Network.
If you’re planning to head to the coulees this weekend to enjoy the nice weather, don’t forget to look down.
With the weather starting to feel like spring is really here, more kids will likely be outside enjoying the sunshine and warm temperatures, which organizers of the Slow Your Roll campaign say is a perfect time to re-launch the campaign.
The City of Sault Ste. Marie is expecting a busy summer at the Downtown Plaza. City officials say the plaza is coming off a successful first winter season, which saw large crowds gathering at the outdoor rink.
The Soo Greyhounds are the talk of the town, as their second-round matchup in the OHL playoffs touches down in the Sault.
Thunder Bay Police Service held a news conference Monday afternoon to discuss the misconduct investigation that led to criminal charges being laid against the city's former police chief.
A pricing agreement has been reached between crab fishers and seafood processors that will allow for Newfoundland and Labrador's annual crab fishery to get started.
Longliners across Newfoundland and Labrador are tied up once again, as a new protest by the province's fish harvesters threatens to derail the crab fishery for a second straight year.
A unique photo exhibit is putting cameras into the hands of survivors of domestic and sexual violence in Newfoundland and Labrador.
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