American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
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.
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Cabinet minister Dominic LeBlanc says he plans to run in the next election as a candidate under Prime Minister Justin Trudeau's leadership, amid questions about his rumoured interest in succeeding his longtime friend for the top job.
A group of suspects that allegedly defrauded seniors across Ontario and other parts of Canada using a so-called emergency grandparent scam appear to have ties to 'Italian traditional organized crime,' according to an investigator involved in the OPP-led probe.
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball’s highest scorer Caitlin Clark’s first news conference as an Indiana Fever player.
Most Canadians in March reported feeling angry or pessimistic towards the federal government than at any point in the last six years, according to a survey by Nanos Research.
Short-term rental platforms that violate B.C.'s pending regulations can face administrative penalties of up to $10,000 per day, officials announced Thursday.
A Google Drive link allegedly containing 17 tracks that are purportedly from Swift's eagerly awaited "The Tortured Poets Department" album has been making the rounds on the internet in the past day and people are equal parts mad, sad and happy about it.
A motion to reverse a ban on the keffiyeh within Queen’s Park failed to receive unanimous consent Thursday just moments after Ontario Premier Doug Ford reiterated his view that prohibiting the garment in the House is divisive.
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.
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.
Molly Knight, a grade four student in Nova Scotia, noticed her school library did not have many books on female athletes, so she started her own book drive in hopes of changing that.
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.
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.