Economic cracks are getting exposed in the 2024 market bounty
BNN Bloomberg
Fresh meme-stock mania took center stage on Wall Street this week just as the world’s biggest equity market closed out another blistering quarter.
Yet behind the scenes, softening economic growth is testing bullish investor convictions, while fueling big divides between the strong and the weak across Corporate America.
Dispiriting trends that have been visible for months now — alongside the frenzy for megacap tech stocks and private credit – are on display yet again. Companies with dicey balance sheets have underperformed anew in June. Equal-weighted stock benchmarks — where disruptive AI market leaders have the same weighting as industrial bellwethers — have lagged yet again.
A dose of good news on consumer prices initially boosted sentiment in early Friday trading, with the S&P 500 closing the week little changed. Along the way, warnings have grown that the Federal Reserve is waiting too long to release the economy from its anti-inflationary grip.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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Dan Tobon outlines key market wildcards, including geopolitical risks, AI disruption and shifting investor sentiment.
U.S. stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.
Pinterest CEO Bill Ready called on world leaders to ban social media for youth under 16 in a LinkedIn post on Friday.
Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.