Couple randomly attacked, 1 stabbed, by group of teens in Toronto, police say
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
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.
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
One of greatest climbing guides on Mount Everest has scaled the world's highest peak for the 29th time, extending his own record for most times to the summit, expedition organizers said Sunday.
Israeli forces were battling Palestinian militants across the Gaza Strip on Sunday, including in parts of the devastated north that the military said it had cleared months ago, where Hamas has exploited a security vacuum to regroup.
He once said he would take a bullet for Donald Trump. Now Michael Cohen is prosecutors' biggest piece of legal ammunition in the former president's hush money trial.
Amid significant criticism from advocates, Diversity, Inclusion and Persons with Disabilities Minister Kamal Khera is defending her government's long-promised, newly unveiled Canada Disability Benefit, calling the funds an "initial step," but without laying out a timeline for future expansion of the program.
With carriers' flight volumes above the 60th parallel hovering below pre-pandemic levels, Canadian North’s first Inuk CEO now bears the task of balancing those financial and logistical challenges with the needs of communities for which she feels a deep affinity.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.