Canada Post receives strike notices from postal workers union
The strike notices were received from the CUPW's urban and rural bargaining units.
In case of a nationwide strike, the postal company said it would not accept any new items until the disruption was over, and mail and parcels would not be delivered.
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Reuters
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Indiana's BP refinery restarts after severe flooding
NEW YORK, Aug 20 (Reuters) - BP's (BP.L), opens new tab 440,000-bpd refinery in Whiting, Indiana, was in the process of restarting after flooding disrupted its operations earlier this week, industry monitor IIR said on Wednesday, adding the units would take several days to ramp up. The facility aims to be back running at full rates by early next week, IIR said. The refinery reported flaring due to flooding caused by a severe thunderstorm. Materials will continue to be burned in the flares as needed to maintain safe operations, BP said in a social media post on Wednesday, adding that response and operations teams have been on site since Monday evening. BP declined to comment on the refinery's restart timeline. The Whiting refinery, the largest in the U.S. Midwest, produces a wide range of liquid fuels, including gasoline, diesel and jet fuel. Consumers in the Great Lakes region including in Michigan, Indiana, Ohio, Wisconsin and Illinois will likely see retail gasoline prices rise 15 to 30 cents a gallon due to disruption at the Whiting refinery, while those in Chicago might see prices surge 20 to 50 cents, Patrick De Haan, head of petroleum analysis at GasBuddy, said in a social media post on Wednesday.
Reuters
19 minutes ago
- Reuters
Nasdaq, S&P 500 end lower as investors sell tech, buy less pricey sectors
Aug 20 (Reuters) - The Nasdaq and S&P 500 fell on Wednesday as investors sold tech stocks and moved into less highly valued sectors, as they also awaited remarks from Federal Reserve officials at their Jackson Hole symposium this week. Tech stocks, which drove much of the recovery from Wall Street's April selloff, have been pulling back. The S&P 500 technology index (.SPLRCT), opens new tab was down on the day, while sectors such as energy, healthcare and consumer staples rose. "A broader lens tells you it's more of a rotation than a true sell off," said Allspring's senior portfolio manager, Bryant van Cronkhite. "Tech valuations look extended in the context of inflated spending today. Number two, I would say that there are a lot of pockets of the market that look very attractive from a valuation standpoint and they've been broadly ignored." According to preliminary data, the S&P 500 (.SPX), opens new tab lost 16.40 points, or 0.26%, to end at 6,394.97 points, while the Nasdaq Composite (.IXIC), opens new tab lost 144.76 points, or 0.68%, to 21,170.19. The Dow Jones Industrial Average (.DJI), opens new tab rose 1.48 points, or 0.00%, to 44,923.75. Analysts listing other factors behind the tech sell-off mentioned OpenAI CEO Sam Altman's comments last week about artificial intelligence stocks being "in a bubble," and a Massachusetts Institute of Technology study that showed many tech companies were struggling to translate AI into actual profits. Some investors also worried about government interference in the private sector. President Donald Trump's administration is looking into taking equity stakes in chip firms such as Intel (INTC.O), opens new tab, weeks after unprecedented revenue-sharing deals with Nvidia and AMD. Nvidia (NVDA.O), opens new tab, Advanced Micro Devices (AMD.O), opens new tab, Intel (INTC.O), opens new tab and Micron (MU.O), opens new tab fell. Nvidia's quarterly results on August 27 are keenly awaited for clues on demand for artificial intelligence. Other megacap growth names such as Apple and Meta (META.O), opens new tab also came under pressure. Minutes from the Fed's July meeting, where interest rates were left unchanged, showed almost all policymakers viewed it as appropriate to maintain the target range for the federal funds rate at 4.25% to 4.50%, despite two dissenters. The central bank's annual conference in Jackson Hole, Wyoming, kicks off on Friday, with Chair Jerome Powell expected to speak. His remarks will be closely watched for policy signals. Investors have been pricing in a 25-basis-point rate cut in September, according to data compiled by LSEG. Meanwhile, investors also monitored Trump's call for the resignation of Fed Governor Lisa Cook, with the president citing allegations that she was involved in mortgage fraud. Earnings from big retailers, seen as a barometer for the health of the American consumer, are also due this week as sentiment has taken a hit from concerns that tariffs could drive prices higher. Target (TGT.N), opens new tab tumbled after the company named a new CEO and retained its annual forecasts that were lowered in May. Cosmetics giant Estee Lauder (EL.N), opens new tab fell after tariff-related headwinds weighed on its annual profit forecast.
Reuters
19 minutes ago
- Reuters
US tech-stock stumble shows vulnerability in AI trade
NEW YORK, Aug 20 (Reuters) - U.S. technology shares are showing signs of vulnerability after a massive run, which has some investors pointing to overdone AI-driven gains while funds have taken steps to position away from the high-flying sector. Investors are looking to de-risk portfolios or lock in profits during a seasonally difficult period for stocks. Friday's looming speech by Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium is creating caution, investors said, with the potential for volatility if his comments fail to meet growing market expectations that the central bank is poised to cut interest rates. "When you have overcrowding and you have had such strong performance, it doesn't take much to see an unwind of that," said Keith Lerner, co-chief investment officer at Truist Advisory Services. "At the same time this week, everyone is waiting for the Fed, and there is repositioning ahead of that." The heavyweight S&P 500 tech sector (.SPLRCT), opens new tab fell sharply for a second consecutive session on Wednesday, putting its decline on the week at about 2.5%, while the tech-heavy Nasdaq Composite (.IXIC), opens new tab was off about 2% for the week. Shares of some highflyers, including Nvidia Corp(NVDA.O), opens new tab and Palantir Technologies (PLTR.O), opens new tab, were getting hit particularly hard. The pullback comes after a huge rally in which the tech sector soared over 50% through last week since the market's low for the year in April. That easily topped the 29% gain of the broader S&P 500 (.SPX), opens new tab during that period and drove up valuations of tech stocks to lofty levels. Investors cited wariness about the artificial intelligence trade, which has been a key driver of tech stocks and the broader market as indexes have soared to record highs this year. Shares of Nvidia, the semiconductor giant that has symbolized the AI trade, have gained about 30% this year while shares of AI-focused data and analytics firm Palantir have roughly doubled year-to-date. Indeed, the tech sector's price-to-earnings ratio recently reached about 30 times expected earnings for the next 12 months, its highest level in a year, according to LSEG Datastream, while tech's share of the overall S&P 500's market value is nearly its highest since 2000. Recent cautionary signs included a study from researchers at the Massachusetts Institute of Technology that found that 95% of organizations are getting no return on AI investments, as well as comments by OpenAI CEO Sam Altman, who told tech news website the Verge last week that investors may be getting overexcited about AI. Since last week, some AI-linked shares have pulled back sharply: Nvidia has dropped about 5% while shares of Palantir have slumped some 16%. In Europe, stocks of so-called AI adopters have been under pressure over concerns over how powerful new AI models could disrupt the software sector. Still, some investors said, the caution is unlikely to be a sign that enthusiasm over AI is fizzling. 'These are price corrections," said Andrew Almeida, director of investments at financial planning network XYPN. "But if you look at the big picture, it's clear that more people will be investing more dollars in AI infrastructure. This is certainly not a 'reckoning' with the AI theme." Investors also could be paring back their stock exposure during a traditionally rocky period for equities. August and September rank as the worst-performing months on average for the S&P 500 over the past 35 years, according to the Stock Trader's Almanac. "Valuations were stretched, these names have not taken a breather, and we're going into a tougher season for stocks," said King Lip, chief strategist at Baker Avenue Wealth Management. Other sectors such as consumer staples (.SPLRCS), opens new tab, healthcare (.SPXHC), opens new tab and financials (.SPSY), opens new tab were up on the week, while relative strength for the equal-weight S&P 500 (.SPXEW), opens new tab signaled to some investors a possible start of broadening of gains beyond the massive tech stocks that have led indexes higher. Powell's upcoming speech comes as Fed fund futures on Wednesday were indicating an 84% chance that the central bank will cut rates at its next meeting on September 16-17. Investors will be watching to see if Powell gives any indication that the central bank is on track for such a move or if he pushes back on the market's expectation for easing, which could spark volatility. Tech stocks tend to carry higher valuations which could make them sensitive to higher-than-expected interest rates going forward. "There are a lot of people who have overweighted tech, and it has worked for them," said Chuck Carlson, chief executive officer at Horizon Investment Services. "They don't want to get caught on the wrong side of that if in fact, the Fed doesn't do anything in September. So I think that is also causing (investors) to maybe not necessarily get out of tech, but to reduce the overweight a little bit."
