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Millions of Americans are on alert for unhealthy air quality as smoke from
wildfires in neighboring Canada drifts to the United States.

Wildfires have burned a record of more than 19.5 million acres across Canada so
far this year, with no end in sight. There are nearly 500 active wildfires
throughout the country and over 250 have been deemed out of control, according
to the Canadian Interagency Forest Fire Center. The smoke has been making its
way to the U.S. for more than a month.

 



LATEST DEVELOPMENTS

Jun 28, 6:05 PM


OVER 100 MILLION AMERICANS UNDER AIR QUALITY ALERTS

Air quality alerts remain in effect for more than 100 million Americans across
the Midwest and into the Northeast Wednesday evening, as wildfire smoke from
neighboring Canada blankets large swaths of the United States.




Hard-hit Chicago, Detroit and Minneapolis remain among the top five places in
the world with the worst air quality as of Wednesday evening.

The air quality alerts are mainly for people in sensitive groups who have upper
respiratory issues.




The near-surface smoke is expected to stretch from Wisconsin to Kentucky and
into the Carolinas Wednesday evening. Some of the smoke will likely make its way
into the mid-Atlantic overnight. Pittsburgh to Syracuse are forecast to see
hazy, smoky skies and poor air quality Wednesday night.




Through Thursday, the smoke is expected to move out of the Midwest and linger
farther east but not be as heavy. No significant smoke issues are forecast at
this time for major Northeast cities, including New York City.

-ABC News' Melissa Griffin

 
Jun 28, 1:10 PM



AIR QUALITY HEALTH ADVISORY ISSUED IN NEW YORK

While the poor air quality is mostly hovering over the Midwest, the dangerous
smoke is also drifting toward the East Coast.

New York Gov. Kathy Hochul has expanded Wednesday's air quality health advisory
to include the entire state.

"Air in Western New York, Central New York, and the Eastern Lake Ontario regions
is forecast to be 'Unhealthy,'" Hochul's office said. "The forecast for the
remainder of the state, including New York City and Long Island, is 'Unhealthy
for Sensitive Groups.'"

 
Jun 28, 12:39 PM



CHICAGO'S AIR QUALITY ALERT IN EFFECT UNTIL WEDNESDAY NIGHT

In Chicago, where the Air Quality Index is in the "very unhealthy" category, an
Air Quality Alert is in effect until Wednesday night.




Chicago Mayor Brandon Johnson is urging "particularly sensitive populations,
including individuals with heart or lung disease, older adults, pregnant people,
and young children" to avoid outdoor activities.

Camps have been moved indoors where possible, the mayor said, and he's
encouraging "Chicagoans without access to properly ventilated and safe indoor
conditions" to "please utilize our public libraries, senior centers, Park
District facilities, and the Cultural Center or the six community service
centers that operate from 9am-5pm."

 
Jun 28, 12:30 PM



WHITE HOUSE MONITORING AIR QUALITY ISSUES AS BIDEN VISITS CHICAGO

President Joe Biden has touched down in Chicago for fundraising and an economic
address, and the White House said his schedule has not been modified due to the
poor air quality in the city.





"No modifications to today's schedule that I'm aware of as a result of this,"
principal deputy press secretary Olivia Dalton said. "But certainly, we are
monitoring the air quality issues across the country closely and federal
agencies are ensuring that federal resources are available in affected regions
as appropriate."

The Air Quality Index in hazy Chicago reached 207 on Wednesday morning. Any
number over 100 is considered unhealthy for sensitive groups.

-ABC News' Molly Nagle

 
Jun 28, 10:34 AM



HOW TO STAY SAFE FROM WILDFIRE SMOKE AMID REDUCED AIR QUALITY

Wildfire smoke and ash can irritate eyes, nose, throat and lungs, making you
cough or wheeze and can make it hard to breathe, according to the U.S. Centers
for Disease Control and Prevention.

The CDC says the most effective way to protect yourself during wildfire
emergencies is to stay indoors or limit time outdoors when there is smoke in the
air. This is especially important for those with heart or lung conditions who
are at higher risk for adverse health effects.

"People who are most at risk are [the] elderly, immunocompromised, young
children and people who already have respiratory problems, people with asthma
and things like that," said Dr. Stephanie Widmer, a member of ABC News' Medical
Unit.




Read more here.

-ABC News' Nadine El-Bawab and Youri Benadjaoud

 
Jun 28, 10:32 AM



WHERE THE WILDFIRE SMOKE IS CONCENTRATING AND WHY

The latest round of unhealthy air quality due to smoke from wildfires in Canada
has pushed into the United States, and it's ability to concentrate over areas
from Wisconsin to Kentucky is aided by recent storms that spawned tornadoes,
large hail and [damaging winds]).



Winds at the mid-levels of the atmosphere are causing the Canadian wildfire
smoke to concentrate over a specific area of the midwestern and eastern U.S.

Meanwhile, a heat dome that’s been causing stagnant deadly heat in the Deep
South for weeks is keeping the smoke largely out of the region.

The next round of widespread showers and thunderstorms for this area of the
eastern Midwest and the East is forecast to arrive on Friday and continue
through the weekend, which will clear the smoke.

But as long as the wildfires continue to rage in Canada, these events of dense
smoke plumes will likely continue to disperse into the U.S. Canada's wildfire
activity typically peaks from June to August.

 
Jun 28, 7:59 AM



WHAT TO KNOW ABOUT THE AIR QUALITY INDEX FROM WILDFIRE SMOKE AND HOW IT AFFECTS
HUMAN HEALTH

Heavy blankets of smoke billowing over the United States from wildfires burning
in neighboring Canada are threatening the health of millions of people -- even
non-vulnerable populations with no preexisting conditions. But what about the
smoke makes it so hazardous for humans to be around?



Wildfire smoke contains fine particulate matter, known as PM2.5, which are
microscopic solid or liquid droplets -- often 30 times smaller than the diameter
of a human hair -- that can be inhaled and cause serious health problems,
according to the U.S. Environmental Protection Agency.

Most particles form in the atmosphere as a result of complex reactions of
chemicals, such as sulfur dioxide and nitrogen oxides -- pollutants emitted from
power plants, industries and automobiles. But wildfires likely contain PM2.5
that is up to 10 times more harmful than the same type of air pollution coming
from combustion activity, according to a 2021 study conducted in California.




PM2.5 is considered unhealthy for "Code Orange" and sensitive groups once the
Air Quality Index surpasses 100, according to AirNow, a website that publishes
air quality data. Once the AQI surpasses 150, it is considered "Code Red,"
unhealthy for some members of the general public who may experience health
effects, with sensitive groups experiencing more severe effects.

The AQI is at "Code Purple" once it surpasses 200, considered "very unhealthy"
with increased health risk for all populations. "Code Maroon" is labeled as
"hazardous" and a health warning for emergency conditions once the AQI reaches
300 and higher.

At Code Maroon, "everyone is more likely to be affected," according to AirNow.

A "good" AQI is measured at 50 and below, and a "moderate" air quality index
ranks between 51 and 100.

Read more here.

-ABC News’ Julia Jacobo

 
Jun 28, 9:37 AM



CHICAGO AIR QUALITY HITS 'VERY UNHEALTHY' CATEGORY

As Canadian wildfire smoke infiltrates the midwestern United States, the air in
Chicago has deteriorated to the Air Quality Index's> "very unhealthy" category.

The AQI in hazy Chicago reached 250 on Tuesday afternoon. Any number over 100 is
considered unhealthy for sensitive groups.

"We recommend children, teens, seniors, people with heart or lung disease, and
individuals who are pregnant avoid strenuous activities and limit their time
outdoors," Chicago Mayor Brandon Johnson warned in a statement. "For additional
precautions, all Chicagoans may also consider wearing masks, limiting their
outdoor exposure, moving activities indoors, running air purifiers, and closing
windows."




The smoke is forecast to clear on Friday when showers and thunderstorms hit the
region.

Earlier this month, the AQI in the northeastern U.S. reached near maximum with
levels in the high 400s.

 
Jun 28, 9:36 AM



20 US STATES UNDER AIR QUALITY ALERTS

As of Wednesday morning, 20 U.S. states are under air quality alerts from
Minnesota down to Georgia and as far north as western New York.

Wildfire smoke from neighboring Canada is currently blanketing large swaths of
the United States, from Iowa to western Pennsylvania to North Carolina and most
everywhere in between. Only Chicago is getting a small reprieve on Wednesday
morning due to a lake breeze, which isn't expected to last for long.




Later on Wednesday, the smoke is expected to cover areas from Minnesota to
Washington, D.C. and down to the Carolinas.




By early Thursday morning, the smoke will be seen in Minneapolis, Chicago,
Indianapolis, Atlanta and Pittsburgh. But by the afternoon, it will linger from
Detroit to Atlanta and east to Washington, D.C. and Philadelphia.




New York City could be impacted as well, but most of the smoke from the Canadian
wildfires is expected to stay in western New York state, Pennsylvania and
southern New Jersey.







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Full screen


1 of 53 Photos in Gallery©ANGELA WEISS/AFP via Getty Images


BUY THESE 52 TOP STOCKS NOW BEFORE A MULTI-YEAR MARKET RECOVERY BEGINS,
ACCORDING TO BMO CAPITAL MARKETS

 * The days of low interest rates that allowed growth stocks to take off are
   over, according to BMO.
 * Value names will outperform as a new bull market kicks off, the firm's
   strategy chief said.
 * Here are the 52 best investing ideas from BMO analysts in the first quarter
   of 2023.

A three-year stretch of chaos in markets will soon end, according to BMO Capital
Markets.

Stocks have swung from feverish highs to crushing lows since the pandemic as
interest rates rose from rock-bottom levels to historically high. That made
money harder to come by, which unwound a once-in-a-generation rally for
fast-growing companies and other riskier assets.

Though the era of easy gains for stocks is over, that's not necessarily bad news
for investors, wrote Brian Belski, BMO's chief investment strategist, in a
recent research report.

"The great unwind toward normalcy has begun," Belski wrote. "But the news is not
all dire. In fact, we believe this 'great unwind and return to normalcy' is
actually very good news — with some bumps and bruises along the way."

In this new normal, BMO believes that careful stock selection will be crucial.
Unlike in the 2010s, investors shouldn't count on index funds to deliver steady
gains while growth and rates are low.

"We believe the reality of a higher-than-zero interest rate scenario,
single-digit earnings growth, a moderation of valuation, and historical average
stock market performance will spawn more active stock-picking strategies defined
by bottoms-up characteristics instead of macro," Belski wrote.


EXPECT A COMEBACK FROM LAST DECADE'S LOSERS

Naturally, a dramatically different investing landscape should produce a fresh
set of winners.

Value stocks now appear to be at the start of a strong multi-year rally after
they trailed their growth-focused peers for the better part of a decade, Belski
wrote. The same is true for small- to mid-cap companies, which long lagged
behind their large-cap counterparts.

However, those gains may not come easy. Belski reiterated his call for choppy
performance for markets in 2023, especially since the risk of higher interest
rates hasn't fully been priced in.

"The market is likely to experience periods of heightened volatility (in both
directions) during 1H23 until overall levels of inflation trend down closer to
historical norms throughout the second half of the year," Belski wrote.

For patient investors, volatility should present buying opportunities. If Belski
is correct that the S&P 500 won't fall back to its mid-October low, then the new
bull market is already underway.


52 TOP STOCKS TO BUY NOW

In the report, dozens of BMO analysts listed 52 of their favorite stocks across
nine market sectors to buy this quarter. Below are the top investing ideas from
BMO, along with each company's ticker, market capitalization, sector, price
target, and thesis.

See More


This originally appeared in Insider's 10 Things Before the Opening Bell
newsletter.

Hello readers. Phil Rosen here, reporting from New York. As a financial
journalist, I spend a lot of time seeing what people well smarter than me have
to say about money, markets, and the economy.

One report, written by the Federal Reserve's own economists, left me with not
exactly an upbeat outlook. More on that below. 

ICYMI: This is the last week of 10 Things Before the Opening Bell. You'll still
be able to get our latest markets news directly in your inboxes via our flagship
newsletter, Insider Today, which will be revamped in the next few weeks. Sign up
here.

Plus, you can also download our app and sign up for markets notifications.




1. Researchers at the US central bank just published a paper warning that a
historic surge in the percentage of distressed American companies could worsen
the fallout from the Fed's inflation battle.



Plainly, they said high borrowing costs could cause a huge number of companies
to crumble.

"The share of nonfinancial firms in financial distress has reached a level that
is higher than during most previous tightening episodes since the 1970s," Ander
Perez-Orive and Yannick Timmer wrote.

The Fed's 10 consecutive interest rates — intended to quell historically high
prices — threaten to hammer business investment, employment, and economic
activity. 

Now, the economists said, it's possible that debt-ridden companies will avoid
spending money on new developments or facilities, hiring, or production.

The full extent of the damage remains to be seen, but as of now, the central
bank authors said about 37% of firms are in trouble.

That is, more than a third of companies could default in the coming months,
thanks to tightening monetary policy. 

Pardon the jargon, but here's how the researchers put it:




"Our hypothesis is that following a policy tightening, access to external
financing deteriorates more for firms that are in distress than for healthy
firms, while following a policy easing, external financing conditions do not
change appreciably enough for the two groups of firms to trigger a differential
response."

Got it? 

It's okay, I didn't either the first time around. 

Basically, they are predicting that companies feel pain in times of policy
tightening, especially those with weaker balance sheets to begin with. 

But at the same time, loosening of policy doesn't necessarily translate to
smoother sailing in the same way. 

What's your outlook for the state of business activity in the US for the rest of
the year? Tweet me (@philrosenn) or email me (prosen@insider.com) to let me
know.

In other news:




2. US stock futures fall early Wednesday, as traders brace for Fed Chair Jerome
Powell to speak before a policy panel at the European Central Bank Forum. Check
out the latest market moves.



3. Earnings on deck: BlackBerry, Bed Bath & Beyond, and more, all reporting.

4. A chief market strategist explained why a recession won't hit anytime soon.
She said investors should be focused on underperforming sectors right now
instead of getting into hot tech stocks. 

5. Ukrainian debt is now one of the hottest emerging market investments. Russian
setbacks have lifted Kyiv's economic prospects, Bloomberg data showed, with the
country's sovereign dollar bonds returning over 30% in the second quarter — and
most of those gains have come this month.

6. Investors should monitor these bearish signals to stay ahead of a potential
sell-off in the stock market. That's according to Bank of America, which pointed
to technical signals that are beginning to surface following the S&P 500's
recent rally. Full details. 

7. The housing market is showing signs of a rebound. Home prices stabilized in
April, CoreLogic data published Tuesday showed. These are the three cities that
saw the biggest home price increases. 

8. "Time to get greedy." That's what 35-year market veteran Kevin Rendino said
about small stocks, which investors are avoiding like it's 2008. He said this
batch of names look set to soar as much as 800%. 

9. A 20-year fund manager shared the eight mega-trend stocks he's betting on.
These names look poised to take market share, he said — but these are the five
names he's shorting now.




10. Tesla's best stock run since 2020 is being spoiled by Wall Street
downgrades. Goldman Sachs, Morgan Stanley, and Barclays have all warned that
Elon Musk's EV-maker could see its shares slide soon, as it could be overvalued
following its latest rally. See the numbers. 

Curated by Phil Rosen in New York. Feedback or tips? Tweet @philrosenn or email
prosen@insider.com.

Edited by Max Adams (@maxradams) in New York and Hallam Bullock
(@hallam_bullock) in London.




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