Today's news: Trending business stories for February 20, 2024

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Loblaw to build more than 40 new stores in $2 billion expansion

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Loblaw Cos. Ltd. announced it will build more than 40 new stores as part of a record investment plan of more than $2 billion.

The parent company of Loblaws & Shoppers Drug Mart has announced the expansion or relocation of 10 additional stores.

More than 700 other renovations are planned.

Loblaw said the company's capital investments this year are expected to create more than 7,500 jobs in Canada.

The company has a network of 2,500 stores nationwide.

In addition to Loblaws and Shoppers Drug Mart, the company's banners also include No Frills, Real Canadian Superstore and T&T.

— Canadian Press

noon

TSX seesaw, US stocks fall

Canada's main stock indexes ranged between narrow gains and losses on Tuesday, while U.S. stocks fell after both markets were closed for a public holiday on Monday.

The S&P/TSX Composite Index fell 0.03% to 21,248.45.

In New York, the Dow Jones Industrial Average fell 0.36% to $38,485.80. The S&P 500 Index fell 0.64% to 4,973.58, and the Nasdaq Composite Index fell 1.5 percentage points to 15,540.54.

The Canadian dollar was down 0.20% at 73.94 cents on the U.S. dollar, compared with 74.16 cents on Friday.

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The April crude oil contract was down 0.42% from Friday at US$78.86 per barrel, while the March natural gas contract was down less than a penny at US$1.61 per millimeter BTU.

The April gold contract rose 0.71% from Friday to US$2,038.40 per ounce, while the March copper contract rose a penny to US$3.85 per pound.

— Canadian Press

11:41am

Ford lowers prices on Mustang EV models

Ford Motor Co. has cut the price of its Mustang Mach-E electric car by as much as $8,100 after sales fell 51% in January when it was forced to end tax incentives for plug-in models. .

The company has reduced prices for multiple versions of the 2023 Mach-E, ranging from $3,100 to $8,100, according to an emailed statement Tuesday. Prices for the battery-powered crossover SUV manufactured by Ford in Mexico will start at US$42,995 and US$39,895. The biggest discounts are available on several versions, including the high-end premium model with a long-range battery, currently starting at $45,895.

Ford's EV sales fell 11% in January amid weak demand for electric vehicles across the industry. On January 1, the Mach-E lost eligibility for a US$3,750 US tax credit as the Biden administration tightened stimulus rules to prevent EV makers from sourcing battery materials from China and other hostile countries. . Ford will also cut production of its Mach-E and F-150 Lightning plug-in pickup trucks.

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“We are adjusting pricing for 2023 models as we continue to adapt to the market to achieve the best combination of sales growth and customer value,” Ford said in a statement.

— Bloomberg

10:25am

U.S. and Canadian stocks fall at start of shortened business week

Stocks on Wall Street fell in Tuesday morning trading as the holiday-shortened week began.

The S&P 500 fell 0.6%, just coming off its second-lowest week among the last 16. The benchmark index is below its all-time high reached last week.

The Dow Jones Industrial Average fell 30 points, or 0.1%. The Nasdaq Composite fell 1.2%.

Markets in the United States were closed on Monday for President's Day.

In Toronto, the S&P/TSX Composite Index fell 0.04% as Ontario closed Monday for Family Day.

— Bloomberg, Financial Post

8:30am

Inflation rate fell to 2.9% in January

Canada's inflation rate slowed to 2.9 per cent in January from 3.4 per cent in December, Statistics Canada's monthly consumer price index data showed.

Statistics Canada said the headline slowdown was mainly due to a year-over-year decline in gasoline prices, which fell 4 per cent in January from 1.4 per cent the previous month.

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It was announced that the headline CPI excluding gasoline was 3.2% in January, slowing from the 3.5% growth in December.

— Dennis Paglinawan, Financial Post

Read the full text here.

7:15am

Stock market before the opening bell

U.S. stock futures fall amid growing confidence that the Federal Reserve will raise interest rates for an extended period of time to constrain economic resilience, with some investors predicting the next move will be higher I'm starting to speculate that it might be.

S&P 500 and Nasdaq 100 futures were pointing to a lower day when Wall Street reopens after the holiday Monday. Nvidia fell in premarket trading ahead of its widely anticipated earnings report scheduled for Wednesday. Discover Financial Services soared after Capital One Financial Corp. agreed to buy the credit card issuer. Capital One fell. 10-year US Treasury yields and the dollar stabilized.

Traders have been pushing expectations for rate cuts in recent weeks from March to June, as Federal Reserve officials warned against too much expectations for policy easing and economic data continued to rise unexpectedly. It has been postponed until April. Former U.S. Treasury Secretary Lawrence Summers said Friday that the next move is “very likely.”

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The S&P/TSX Composite Index ended Friday up 0.16 per stock.

— Bloomberg

what will you see today

Innovation Minister François-Philippe Champagne will participate in a discussion with stakeholders from the mining and critical minerals sector at an event in Rouyn-Noranda, Kenya.

Deputy Prime Minister Chrystia Freeland will deliver remarks and participate in a fireside conversation at the 2024 Energy and Renewable Energy Association Quebecois Symposium in Quebec City.

Statistics Canada will release the Consumer Price Index for January this morning.

Companies reporting earnings today include First Quantum Minerals Ltd., Walmart Inc., The Home Depot Inc. and Barclays PLC.

Need a refresher on Friday's top headlines? Catch up here.

Additional reporting from The Canadian Press, Associated Press and Bloomberg

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