Stock market live news updates: Stocks sink after more bad news on the US economy – Yahoo Canada Finance

Stocks sank on Friday as the U.S. stock market logged its second-straight weekly loss.
At the close, the S&P 500 was down 1.1%, the Dow was off 0.9%, and the Nasdaq fell 1%.
Friday's leg lower for stocks followed preliminary readings on economic activity in the U.S. this month from S&P Global, which showed a further deterioration in activity to start December.
S&P Global's services PMI fell to a four-month low, while its manufacturing index hit a 31-month low in December.
"Business conditions are worsening as 2022 draws to a close, with a steep fall in the PMI indicative of GDP contracting in the fourth quarter at an annualized rate of around 1.5%," said Chris Williamson, chief business economist at S&P Global Market Intelligence. "Jobs growth has meanwhile slowed to a crawl as firms across both manufacturing and services take a much more cautious approach to hiring amid the slump in customer demand."
On Thursday, the November retail sales report was unexpectedly weak, prompting concern over the health of the U.S. consumer, which has been the driver of a better-than-expected economy this year.
Investors also had an eye on crude oil Friday, with WTI futures down more than 3% to trade near $74.30 a barrel. Early this week, oil hit a new 2022 low.
The moves down Friday clinched another week of losses for markets during a historically bullish period. Last week saw the S&P 500 suffer its worst weekly loss since late September.
Friday's trading came after Thursday's deep sell-off that saw the Nasdaq fall more than 3%, as the Federal Reserve's interest-rate increase on Wednesday was followed by matching moves Thursday morning from the Bank of England and the European Central Bank.
On the the earnings calendar, news was light, with Darden Restaurants (DRI) and Winnebago Industries (WGO) both rising after their latest reports.
In crypto markets, bitcoin (BTC-USD) and other major cryptocurrencies were under selling pressure Friday, with bitcoin dropping below $17,000. Earlier this week, bitcoin had risen above $18,000 for the first time since the collapse of FTX in early November.
News accounting firm Mazars had paused its work with Binance and all other crypto firms weighed on the space early Friday.
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Blockchain security firm CoolBitX, maker of the award-winning CoolWallet hardware wallet, has launched CoolWallet HOT: a new software wallet module in its CoolWallet App that will enable all crypto users to self-custody their crypto assets with confidence.
The billionaire did not give details on when he would step down if the poll results said he should. Replying to one Twitter user's comment on a possible change in CEO, Musk said "There is no successor". Musk had told a Delaware court last month that he would reduce his time at Twitter and eventually find a new leader to run the company.
Aluminium makers are set to boost low-carbon metal output by 10% in 2023 and churn out even more in the years ahead, driving down the cost for carmakers seeking climate-friendly supplies and shrinking the industry's hefty carbon footprint. Aluminium is the most energy-intensive metal to produce, accounting for about 1.1 billion tonnes of global CO2 emissions per year. Next year's forecast increase in "green aluminium" output would reduce that by 13 million tonnes, or about 1.2%.
Two royalty stocks paying over-the-top dividends are profitable options for TFSA investors in 2023. The post How a $6,500 TFSA Annual Limit Can Produce $470 Every Year appeared first on The Motley Fool Canada.
The CEO of Uniper has asked shareholders to approve a planned bailout by Berlin that will cost more than 50 billion euros ($52.91 billion), warning that the stricken German gas trader will otherwise have to consider filing for insolvency. Ahead of Monday's extraordinary shareholder meeting in Duesseldorf, Chief Executive Klaus-Dieter Maubach said the disarray caused by the loss of supplies from Russia could lead to shareholders walking away with nothing if they did not accept the proposal to take Uniper into German public ownership. Gazprom was once its biggest supplier, but a big drop in deliveries after the Russia's invasion of Ukraine forced Uniper to buy gas elsewhere at much higher prices to meet existing contracts.
COVID-19 is sweeping through trading floors in Beijing and spreading fast in the financial hub of Shanghai, with illness and absence thinning already light trade and forcing regulators to cancel a weekly meeting vetting public share sales. Many banks and asset managers have dusted off plans devised to cope with previous COVID crises, injecting another layer of unpredictability into currency and stock markets, where the outlook is clouded by a rocky exit from strict health curbs. Internal surveys by several big asset managers and banks suggest more than half of their employees in Beijing, the epicentre of the virus surge, have tested positive.
WASHINGTON (Reuters) -Mesa Airlines said late Saturday it is finalizing an agreement to operate regional flights for United Airlines after an announcement it will wind down flights for American Airlines early next year. In a memo sent to employees and provided to Reuters by the company, Mesa Air Group Chief Executive Jonathan Ornstein said the Arizona-based carrier is "finalizing a new agreement with United which would transition all CRJ900s currently flying for American Eagle to United Express." American Eagle is a network of six regional carriers operating 3,400 daily flights under a codeshare with American – often flights to smaller regional cities.
“ Avatar: The Way of Water ” didn’t make quite as big of a splash as many assumed it would, but James Cameron’s big budget spectacle still helped breathe life into the box office this weekend. The sequel earned $134 million from North American theaters and $300.5 million internationally for a $434.5 million global debut, according to studio estimates on Sunday. It tied with “The Batman” as the fourth highest domestic debut of the year, behind “Doctor Strange in the Multiverse of Madness” ( $187.
Soccer fans enjoyed an extraordinary final of the World Cup on Sunday as high emotion and intense drama gave way to Lionel Messi leading Argentina to victory against France in a penalty shootout. Global markets are devoid of any such drama as investors hunker down ahead of interest rate hikes by the world's top central banks and reconcile with weak economic growth. And while the European Central Bank eased the pace of its interest rate hikes, it stressed significant tightening remained ahead as it fights runaway inflation.
The Harmony Foundation awarded Education Cannot Wait – the United Nations global fund for education in emergencies – with its prestigious Mother Teresa Memorial Award for Social Justice at its Annual Awards Ceremony today in Mumbai, India.
These two dividend stocks have seen lots of growth lately, and with cash coming in, you can certainly look forward to more. The post 2 TSX Dividend Stocks That Could Pay You Forever appeared first on The Motley Fool Canada.
JP Morgan has signed a deal to buy a 48.5% stake in Athens-based payments fintech Viva Wallet for more than $800 million, a person with knowledge of the matter told Reuters on Saturday. Both JP Morgan and Viva Wallet declined to comment. JP Morgan announced in January that it had agreed to acquire a stake in Viva Wallet.
Constellation Software stock and Brookfield Asset Management stock can be excellent long-term additions to your portfolio at current levels. The post The 2 TSX Stocks I’d Buy Right Now and Hold Forever appeared first on The Motley Fool Canada.
Recently, Frost & Sullivan assessed the Asia-Pacific facility management industry and, based on its findings, recognizes Jones Lang LaSalle Property Consultants Pte Ltd (JLL) with the 2022 Asia-Pacific Facility Management Company of the Year Award. The company's suite of services addresses clients' space-related needs and helps them shape their workplace and portfolios to offer better workforce support, specifically focusing on the disruptions caused by COVID-19. Organic business development wit
Reuetrs had first reported on Saturday that L3Harris was nearing the deal to acquire U.S. rocket maker Aerojet. The offer price of $58 per share represents a premium of 6.5% to Aerojet's close on Friday. The deal, which is expected to be completed in 2023, would add on to L3Harris' Space & Airborne Systems unit, which makes electronic warfare equipment and avionics sensors.
On December 18th, the final day of FIFA World Cup 2022™, Hisense Global Partner Conference successfully landed in Qatar. Its global partners joined together for this event to prepare for their journey to a new stage of development. Meanwhile, Mr. Jian Zhou, Chinese Ambassador to the State of Qatar and Mr. Nick Brown, FIFA SVP-Commercial Partnerships, also attended the event, and each sent their warmest wishes for the success of the conference.
There's a reason investors are warned not to fight the Fed, but sometimes they still need to learn the hard way. When the second most powerful central bank in the world is standing shoulder to shoulder with the Fed too, markets are bound to get a bloody nose. This is essentially what happened last week – a sea of red across Wall Street and world stocks after the Fed and European Central Bank raised interest rates by 50 basis points and gave the clearest signals to date that they are far from done.
Investors with a high-risk appetite can consider investing in cannabis stocks such as Tilray and Green Thumb Industries right now. The post 3 Top Cannabis Stocks to Buy for the Long Haul appeared first on The Motley Fool Canada.


Leave a Comment

%d bloggers like this: