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Market Volatility: Stocks Flatten as Powell's Remarks Weigh on Gains

The stock market experienced a turbulent session on Wednesday, ultimately closing near flat after Federal Reserve Chair Jerome Powell's comments on monetary policy and inflation concerns. The S&P 500 ended nearly unchanged , giving back earlier gains as investors digested Powell’s remarks on the Fed’s stance regarding interest rates and economic restraint. Powell reiterated that the central bank remains cautious about inflation, particularly in light of tariff-driven price increases expected over the summer. While the Fed signaled that borrowing costs are likely to decline this year, the pace of future rate cuts appears to be slowing.  Following Powell’s speech, U.S. Treasury yields reversed their earlier declines , influencing market sentiment. The Dow Jones Industrial Average fell 43.83 points (0.10%) , while the Nasdaq Composite managed a slight gain of 23.66 points (0.12%).  Investors also kept a close eye on geopolitical developments, particularly tensions in the Midd...
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Mark Carney Gains More Support in Liberal Leadership Race

 


In a significant boost to his campaign, three more members of Prime Minister Justin Trudeau's cabinet have endorsed Mark Carney for the Liberal leadership. Transport Minister Anita Anand, Defence Minister Bill Blair, and Housing Minister Nathaniel Erskine-Smith announced their support for Carney on Saturday.

Anand, who recently declared she won't seek re-election, praised Carney's leadership during the 2008 global financial crisis, stating that he has the ability to steer Canada through difficult times. Blair highlighted Carney's experience in navigating national economies and his ability to work across party lines. Erskine-Smith emphasized Carney's commitment to sustainability and his capability to manage crises.

With these endorsements, Carney now has the backing of 16 ministers, outpacing his main rival, former finance minister Chrystia Freeland, who has the support of five ministers. Freeland has positioned herself as the candidate against the "Ottawa establishment," suggesting that Carney is the preferred choice of the Prime Minister's Office.

Carney's campaign continues to gain momentum as he racks up endorsements from key figures within the Liberal Party.
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