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Alberta Voters Reject Push for Separation Referendum

  Alberta voters have delivered a clear message: the province should  remain part of Canada. Early results from Monday’s referendum show about 76% supported remaining in Canada, while roughly 23% backed starting a legal process that could lead to a future vote on separation. The vote was not a direct decision on whether Alberta should become an independent country. Instead, voters were asked whether Alberta should remain a Canadian province or begin the constitutional process required to hold a binding referendum on separation. What the Results Mean The result is a setback for Alberta’s separatist movement and a boost for supporters of Canadian unity, including Prime Minister Mark Carney. Alberta Premier Danielle Smith had called the referendum amid pressure from separatist advocates, although she has said she supports Alberta remaining in Canada. The result is still unofficial. Elections Alberta is continuing its verification process, with the official announcement scheduled...
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Wall Street Stumbles Toward Longest Weekly Losing Streak Since September


Wall Street is stumbling to close out its latest losing week. U.S. stocks fell after oil prices briefly surged overnight on worries about fighting in the Middle East. The S&P 500 was 0.7% lower in afternoon trading and on track for its third straight losing week. That would be its longest such streak since September, before it broke out into a record-setting romp. The Dow Jones Industrial Average was up 125 points, or 0.3%, as of 12:46 p.m. Eastern time, and the Nasdaq composite was down 1.6%.

In the oil market, a barrel of Brent crude was back to $87.20, up 0.1%, after briefly leaping above $90 overnight. Iranian troops fired air defenses at a major air base and a nuclear site during an apparent Israeli drone attack, raising worries in the market. But crude prices pared their big gains as traders questioned how Iran would respond.

On Wall Street, Netflix sank 8.9% despite reporting stronger profits for the latest quarter than expected. Analysts called it a mostly solid performance, but the streaming giant disappointed some investors by saying it will stop giving updates on its subscriber numbers every three months, beginning next year. Procter & Gamble also weighed on the market after the consumer-products giant reported lower revenue for its latest quarter than analysts expected. Sales trends for its baby care products weakened following hikes to their prices and sank for its super-premium SK-II skincare brand, diluting gains made elsewhere. The company behind Pampers, Oral-B, and other brands reported stronger profit for its fiscal third quarter than analysts expected and raised its forecast for earnings in the fiscal year. But it did not raise its forecast for sales. Its stock slipped 0.4%.

Helping to limit the market’s losses was American Express, which rose 5.1%. It reported stronger profit for the latest quarter than analysts expected. Fifth Third Bancorp rose 6.1% after it likewise topped expectations.

The pressure is even higher than usual on companies to meet forecasts for their quarterly results. That’s because the other lever that helps set stock prices, interest rates, looks unlikely to offer much help in the near term. Top Fed officials said recently that they could hold interest rates at their high level for a while. That’s a letdown for traders after the Fed had signaled earlier that three cuts to interest rates could be possible this year. Lower rates would juice the economy and financial markets, and they earlier appeared to be on the horizon after inflation cooled sharply last year.


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