Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Stocks wobbled between gains and losses on Wall Street Friday as major indexes head for another weekly loss.
The S&P 500 fell 0.9% as of 1:34 p.m. Eastern. The benchmark index is on track for its third straight weekly loss and its worst weekly loss since October 2020.
The Dow Jones Industrial Average fell 167 points, or 0.5%, to 34,547 and is also on pace for its third weekly loss in a row.
The tech-heavy Nasdaq fell 1.4% and has been hit particularly hard by expectations for higher interest rates. As investors prepare for higher interest rates, shares in pricey tech companies and other expensive growth stocks look relatively less attractive. The index is on track for its fourth straight weekly loss and losses in recent months had by Wednesday left it in what Wall Street considers a market correction, or 10% below its peak.
Stocks have been falling all week amid concerns about rising inflation and an upcoming increase in interest rates. Technology stocks have been directing, and often abruptly redirecting, momentum in the market.
"The market is working through digestion of how much monetary policy change will occur over the course of 2022," said Bill Northey, senior investment director at U.S. Bank Wealth Management.
Technology and communications stocks were among the biggest weights on the market.
Streaming video service Netflix plunged 21.3% after it delivered another quarter of disappointing subscriber growth. Disney, which has also been trying to grow its subscriber base for its streaming service, fell 6%.
A mix of retailers, travel-related companies and other companies that rely on direct consumer spending also fell.
Bond yields fell significantly. The yield on the 10-year Treasury fell to 1.75% from 1.83% late Thursday. The drop weighed on bank stocks, which rely on higher yields to charge more lucrative interest on loans.
Household good makers and utilities, which are typically considered less-risky investments, made gains.
Inflation fears and concerns about the impact of higher interest rates have prompted a cautious shift in the broader market after a solid year of gains in 2021.
Supply chain problems and higher raw materials costs have prompted companies in a wide range of industries to raise prices on finished goods. Many of those companies have warned investors that their profit margins and operations continue feeling the pinch in 2022.
Rising costs have raised concerns that consumers will start to ease spending because of the persistent pressure on their wallets. The latest retail sales data for December was surprisingly disappointing and revealed a decline in sales.
The Federal Reserve is now expected to raise interest rates earlier and more often than it had previously signaled in order to fight rising inflation that threatens to derail a further economic recovery. The central bank could begin raising rates as early as March.
Investors have also been busy reviewing the latest round of corporate earnings, which could give them a better sense of how companies are dealing with persistent supply chain problems and higher costs.
Paint and coatings maker PPG Industries fell 2% after warning investors that it continues grappling with high raw materials costs and supply chain problems. Surgical device maker Intuitive Surgical fell 7.9% after warning that the focus on COVID-19 cases continues to hurt procedure volumes.
Peloton rose 14.6% after the maker of exercise bikes and treadmills said fiscal second-quarter revenue would meet previous estimates. The stock tanked a day earlier after CNBC reported Peloton was temporarily halting production of exercise equipment to stem a decline in sales.
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
B.C.’s premier and one of his top lieutenants are pushing back against allegations by the Official Opposition that he covertly commissioned a report into the diversion of safe supply drugs onto the streets.
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Doctors have transplanted a pig kidney into a New Jersey woman who was near death, part of a dramatic pair of surgeries that also stabilized her failing heart.
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
Students at a high school in York Region have been awarded perfect marks on their midterm exams in three subjects – not because of their academic performances however, but because they had no teacher.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.
Kevin the cat has been reunited with his family after enduring a harrowing three-day ordeal while lost at Toronto Pearson International Airport earlier this week.