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Stock market news today: S&P 500, Nasdaq tumble as Google slides

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The Google parent's cloud business fell short in its earnings, spreading some gloom for megacaps already under pressure from rising yields.

Other megacaps lost ground as the mixed picture sapped some faith in Big Techs, which have powered gains in stocks this year. Amazon stock — German authorities on Wednesday broke off their search for four crew members missing since their British-flagged cargo ship sank a day earlier following a collision with a larger vessel in the North Sea. A senior official said there was no longer any hope for them.

OTTAWA — The Bank of Canada held its key interest rate steady at five per cent today, noting there are clearer signs of the economy cooling and inflation easing. However, it warns that it is prepared to increase rates further if necessary. The central bank says it’s still concerned that price growth is easing too slowly and that the inflation rate has been volatile in recent months.

MONTREAL, Oct. 25, 2023 -- Nuvei Corporation , the Canadian fintech company, today announced it will release its third quarter 2023 financial results before market open on Wednesday, November 8, 2023. Management will host a conference call and webcast to discuss these results at 8:30 am ET that same day. Hosting the call will be Philip Fayer, Chair and CEO, and David Schwartz, CFO.

-- Bank of America Corp.’s Jim DeMare warned of the knock-on effects of short-term Treasury yields at 5% and said higher interest rates are having a “dramatic change” on the biggest global industry trends.

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