U.S. stocks kicked off the week slightly higher, shaking off earlier declines as the coronavirus death toll overtook that of the 2002-2003 SARS outbreak.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Later this week, investors will receive a myriad of corporate earnings results, January retail sales data and semi-annual congressional testimony from Federal Reserve Chair Jerome Powell.” data-reactid=”16″>Later this week, investors will receive a myriad of corporate earnings results, January retail sales data and semi-annual congressional testimony from Federal Reserve Chair Jerome Powell.
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4:02 p.m. ET: Stocks close higher, S&P 500 and Nasdaq see closing highs
Here’s where the major indices were as of 4:02 p.m. ET:
S&P 500 (^GSPC): +0.73% or +24.42 points to 3,352.13
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Slack (WORK) stock was halted at 3:49 p.m. ET, possibly ahead of an announcement, according to Bloomberg. The stock is up more than 15% so far on Monday.” data-reactid=”28″>Slack (WORK) stock was halted at 3:49 p.m. ET, possibly ahead of an announcement, according to Bloomberg. The stock is up more than 15% so far on Monday.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Earlier Monday, reports suggested IBM (IBM) was going to have its more than 350,000 employees use Slack’s workplace communications technology, immediately unlocking a huge new user base and corporate customer for the newly public company.” data-reactid=”29″>Earlier Monday, reports suggested IBM (IBM) was going to have its more than 350,000 employees use Slack’s workplace communications technology, immediately unlocking a huge new user base and corporate customer for the newly public company.
An electronic screen at the Nasdaq MarketSite shows the decline in the price of Apple shares, center, at the start of the trading day Wednesday, Oct. 8, 2008 in New York. Wall Street extended its huge decline Wednesday as an emergency interest rate cut failed to alleviate investors’ fears that the paralysis in the credit markets will set off a global recession. (AP Photo/Mark Lennihan)
All things considered, it’s been a banner earnings season as nearly70% of S&P 500 companies beat estimates, Refinitiv data showed — well above the long-term average.
Still, Blackrock thinks the bar is being set too high, and all but guarantees a letdown:
“Analysts currently expect U.S. earnings to grow about 9% in 2020, a hair lower than the typical range for the start of the year. Yet we see that as an ambitious goal given potential for rising wages and other cost increases to further compress corporate margins. Our analysis of U.S. corporate profit margins over the stages of the business cycle since 1965 showed that profit margins have tended to contract in late-cycle periods. High earnings expectations, combined with these late-cycle dynamics and more attractive valuations in other regions, set a high bar for sustained U.S. outperformance.”
Add in the upcoming U.S. general election and coronavirus, and companies need to brace for “the potential for a highly volatile and noisy nine months ahead [featuring] a wide range of potential policy outcomes,” the investment giant said:
The bottom line: We stick to our view that global growth will edge higher in 2020 but expect the pickup to be delayed. U.S. equities could outperform on any further growth scares triggered by the coronavirus outbreak, given their quality bias and perceived resilience. But we remain neutral on U.S. equities, given elevated political uncertainties and the risk to margins. Overall, we stand by our moderate pro-risk stance, and expect an eventual growth pickup to support cyclical equity markets such as EM and Japan. Within U.S. equities we favor quality companies with above average return on equity, low leverage and strong cash flow.
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<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="12:20 p.m. ET: Retail shipments see ‘sharper-than-usual’ drop” data-reactid=”62″>12:20 p.m. ET: Retail shipments see ‘sharper-than-usual’ drop
The National Retail Federation, which tracks retail shipment volumes at major U.S. ports, warned on Monday that the coronavirus epidemic is adding to the typical slowness associated with Lunar New Year. That means a usual slump is “sharper-than-usual,” the organization says:
“February is historically a slow month for imports because of Lunar New Year and the lull between retailers’ holiday season and summer, but this is an unusual situation,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.
“Many Chinese factories have already stayed closed longer than usual, and we don’t know how soon they will reopen. U.S. retailers were already beginning to shift some sourcing to other countries because of the trade war, but if shutdowns continue, we could see an impact on supply chains.”
Accordingly, trying to forecast container volumes “has become even more challenging” and it’s far from clear when the manufacturing sector will normalize, the NRF said.
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<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="11:20 a.m. ET: Investors unprepared for this ‘tectonic shift’” data-reactid=”74″>11:20 a.m. ET: Investors unprepared for this ‘tectonic shift’
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In this photograph taken on December 8, 2016, an automated robot works on an assembly line of Highly Electrical Appliances India Pvt. Ltd. at a company air-conditioner compressor plant at Matoda, some 20 kms. from Ahmedabad. / AFP / SAM PANTHAKY (Photo credit should read SAM PANTHAKY/AFP via Getty Images)
In a lengthy study published Monday, Bank of America put a new spin on a slowly unfolding story: Namely, that global supply chains are migrating to other countries like Southeast Asia, India and even North America.
According to a BofA study, “…much more surprising was that companies in about half of all global sectors in North America declared an intent to ‘reshore’. This was particularly true for high-tech sectors and industries for which energy is a key input. If borne out, this could represent the first reversal in a multi-decade trend.”
In all, multinational companies worth $22 trillion in market cap are being impacted, and the bank warns that investors may not be ready. So what’s behind the shift? BofA noted there are several reasons, but among them are tariffs, narrowing tax advantages, and national security. And the kicker:
“In our view, these movements are ‘tectonic’: slow moving, persistent with major changes to the business environment for global companies.
“…We don’t think investors are fully prepared for this tectonic shift. In our view, the US could be a significant beneficiary of this process, while Chinese firms are perhaps most at risk. Even more striking, our survey found almost universal intent to use automation.”
As such, the bank recommends adding exposure in automation, industrials and banks stocks in the regions set to become beneficiaries of the shift.
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<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="11:00 a.m. ET: Stocks and the coronavirus outbreak” data-reactid=”103″>11:00 a.m. ET: Stocks and the coronavirus outbreak
In the last couple of sessions, Wall Street has had a delayed reaction to coronavirus fears. Yet according to DataTrek, there are several reasons why stocks haven’t priced in more aggressive losses:
The illness is still largely contained to Mainland China, with 99% of the worldwide cases through today. Even if you do not trust the Chinese government numbers, the count outside the country is trustworthy.
China is addressing the outbreak aggressively, with mass quarantines and other measures enabled by its powerful authoritarian governance structure.
Markets know this means 1H global economic growth will slow, but they also assume a containment of the disease during this timeframe because of the steps outlined in the prior point.
The virus will make for a temporary truce in the US-China trade war that will extend for at least several more months. President Trump knows there is no point in pushing on the issue while the Chinese government is focused on this crisis.
…A 2H 2020 re-acceleration in global growth (post the presumed containment of the virus) will serve President Trump well going into the November US general election. Markets see him as better for the US economy than current Democratic front-runner Bernie Sanders.
Bond markets, in true on-brand form, see the economic effects of the coronavirus as modestly deflationary (more on this in a moment). Yields have therefore declined around the world, supporting equity valuations. And since central banks are fixated on deflation, the chance they will cut rates is rising.
All told, the firm points out that the stock market is more of a leading indicator, with investors pricing in where growth/earnings will end up in 6 months time. “Investors see the real possibility of a period of global economic catch-up” in the second half — and a Trump reelection bolstering next year and beyond.
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10:34 a.m. ET: Stocks push higher, shaking off coronavirus fears
After opening slightly to the downside, the S&P 500 and Dow pushed into positive territory about an hour into the regular trading session.
Here were the main moves in markets, as of 10:35 a.m. ET:
S&P 500 (^GSPC): +0.36% or +11.85 points to 3,339.55
10:32 a.m. ET: Tesla’s stock jumps again, extending incredible run
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Tesla’s (TSLA) stock rose as much as much as 9.6% on Monday to $819.99 at the highs of the morning session, as shares of the electric car-maker continued to surge.” data-reactid=”120″>Tesla’s (TSLA) stock rose as much as much as 9.6% on Monday to $819.99 at the highs of the morning session, as shares of the electric car-maker continued to surge.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The stock received an apparent boost over the weekend after Chinese officials said Tesla’s Shanghai Gigafactory would resume production Monday, Feb. 10, with the government helping it work through the spread of the coronavirus, Reuters reported.” data-reactid=”121″>The stock received an apparent boost over the weekend after Chinese officials said Tesla’s Shanghai Gigafactory would resume production Monday, Feb. 10, with the government helping it work through the spread of the coronavirus, Reuters reported.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Tesla executives had said during their earnings call with investors late last month that the company would see a 1-1.5 week delay in ramping production at the Shanghai Gigafactory amid the coronavirus.” data-reactid=”122″>Tesla executives had said during their earnings call with investors late last month that the company would see a 1-1.5 week delay in ramping production at the Shanghai Gigafactory amid the coronavirus.
Shares of Tesla were up about 80% for the year to date through Friday’s close.
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10:27 a.m. ET: U.S. economic growth could take a hit in Q1 as coronavirus impact spreads
U.S. real gross domestic product growth could slow well below 1% in the first quarter as the impact of the coronavirus takes hold, according to a note from UBS economist Seth Carpenter Monday. These effects, however, will likely reverse in the second and third quarters this year, he added.
We see the net effect on the US as being small, but the quarterly swings are likely to be measurable. For the US, we see the effect coming through three channels: tourism, exports, and a temporary disruption to manufacturing because of delayed imports. For Q1, we have trimmed our real GDP estimate by 0.2 [percentage points] to a 0.4% [quarter on quarter] annual rate. We assume that the hit in the US from the coronavirus is mostly reversed over the course of Q2 and Q3. There are significant risks to this forecast. Our forecast change is conditional on China reopening production next week and based on the China team’s assessment that production disruptions will be small.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="UBS’s prediction for U.S. Q1 GDP is below that of the Atlanta Fed. The regional bank’s closely watched GDPNow model estimates real GDP growth of 2.7% in the first quarter.” data-reactid=”129″>UBS’s prediction for U.S. Q1 GDP is below that of the Atlanta Fed. The regional bank’s closely watched GDPNow model estimates real GDP growth of 2.7% in the first quarter.
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<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="10:20 a.m. ET: Chinese hackers charged with Equifax breach” data-reactid=”131″>10:20 a.m. ET: Chinese hackers charged with Equifax breach
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Four Chinese military hackers have been charged in the 2017 breach of the Equifax credit reporting agency that affected nearly 150 million American citizens, Attorney General William Barr said Monday.” data-reactid=”136″>Four Chinese military hackers have been charged in the 2017 breach of the Equifax credit reporting agency that affected nearly 150 million American citizens, Attorney General William Barr said Monday.
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9:35 a.m. ET: U.S. stocks open little changed amid coronavirus outbreak
The Dow and S&P 500 opened slightly in the red Monday morning as fears over the coronavirus continued to mount. However, each index pared losses from the pre-market session.
Here were the main moves in markets, as of 9:35 a.m. ET:
S&P 500 (^GSPC): -0.05% or -1.6 points to 3,326.11
7:47 a.m. ET: Stock futures mixed as coronavirus death toll rises
Contracts on the three major indices were mixed Monday morning, after falling for the first time in five sessions on Friday. Fears over the spread of the deadly coronavirus continued to be a focal point for global investors.
As of Sunday evening, the coronavirus had claimed the lives of 908 in mainland China, and total cases rose to 40,171, according to China’s National Health Commission. Ninety-seven people died from the disease on Sunday alone. More have now been killed by the coronavirus than during the SARS outbreak of 2002 to 2003, which killed 774 individuals.
Tedros Adhanom Ghebreyesus, director-general of the World Health Organization, noted in a Twitter post Sunday that some coronavirus cases have begun to emerge even in individuals who did not travel to China.
There’ve been some concerning instances of onward #2019nCoV spread from people with no travel history to ??. The detection of a small number of cases may indicate more widespread transmission in other countries; in short, we may only be seeing the tip of the iceberg.
In the UK, where there have so far been eight confirmed coronavirus cases, the country’s health secretary called the outbreak “a serious and imminent threat to public health.” Elsewhere, more than 3,000 people have been stuck on a cruise ship in Yokohama, Japan, in a two-week quarantine, with dozens on board having tested positive for the coronavirus. Separately, home-rental services Airbnb has halted bookings of all listings in Beijing through the end of February in effort to contain the coronavirus.
Here were the main moves during the pre-market session, as of 7:47 a.m. ET:
S&P futures (ES=F): 3,324.75, down 0.75 points or 0.02%
Dow futures (YM=F): 29,025.00, down 19 points or 0.07%
Nasdaq futures (NQ=F): 9,413.25, up points or 0.04%
Crude oil (CL=F): $50.18 per barrel, down $0.14 or 0.28%
Gold (GC=F): $1,575.10 per ounce, up $1.70 or 0.11%
View photos
A man wearing a protective face mask walks on an overpass in Lujiazui financial district in Shanghai on February 10, 2020. – The death toll from the novel coronavirus surged past 900 in mainland China on February 10, overtaking global fatalities in the 2002-03 SARS epidemic, even as the World Health Organization said the outbreak appeared to be stabilising. (Photo by NOEL CELIS / AFP) (Photo by NOEL CELIS/AFP via Getty Images)
Skinstitut Holiday Gift Kits take the stress out of gifting
Toronto, October 31, 2024 – Beauty gifts are at the top of holiday wish lists this year, and Laser Clinics Canada, a leader in advanced beauty treatments and skincare, is taking the pressure out of seasonal shopping. Today, Laser Clincs Canada announces the arrival of its 2024 Holiday Gift Kits, courtesy of Skinstitut, the exclusive skincare line of Laser Clinics Group.
In time for the busy shopping season, the limited-edition Holiday Gifts Kits are available in Laser Clinics locations in the GTA and Ottawa. Clinics are conveniently located in popular shopping centers, including Hillcrest Mall, Square One, CF Sherway Gardens, Scarborough Town Centre, Rideau Centre, Union Station and CF Markville. These limited-edition Kits are available on a first come, first served basis.
“These kits combine our best-selling products, bundled to address the most relevant skin concerns we’re seeing among our clients,” says Christina Ho, Senior Brand & LAM Manager at Laser Clinics Canada. “With several price points available, the kits offer excellent value and suit a variety of gift-giving needs, from those new to cosmeceuticals to those looking to level up their skincare routine. What’s more, these kits are priced with a savings of up to 33 per cent so gift givers can save during the holiday season.
There are two kits to select from, each designed to address key skin concerns and each with a unique theme — Brightening Basics and Hydration Heroes.
Brightening Basics is a mix of everyday essentials for glowing skin for all skin types. The bundle comes in a sleek pink, reusable case and includes three full-sized products: 200ml gentle cleanser, 50ml Moisture Defence (normal skin) and 30ml1% Hyaluronic Complex Serum. The Brightening Basics kit is available at $129, a saving of 33 per cent.
Hydration Heroes is a mix of hydration essentials and active heroes that cater to a wide variety of clients. A perfect stocking stuffer, this bundle includes four deluxe products: Moisture 15 15 ml Defence for normal skin, 10 ml 1% Hyaluronic Complex Serum, 10 ml Retinol Serum and 50 ml Expert Squalane Cleansing Oil. The kit retails at $59.
In addition to the 2024 Holiday Gifts Kits, gift givers can easily add a Laser Clinic Canada gift card to the mix. Offering flexibility, recipients can choose from a wide range of treatments offered by Laser Clinics Canada, or they can expand their collection of exclusive Skinstitut products.
Brightening Basics 2024 Holiday Gift Kit by Skinstitut, available exclusively at Laser Clincs Canada clinics and online at skinstitut.ca.
Hydration Heroes 2024 Holiday Gift Kit by Skinstitut – available exclusively at Laser Clincs Canada clinics and online at skinstitut.ca.
LONDON (AP) — Most people have accumulated a pile of data — selfies, emails, videos and more — on their social media and digital accounts over their lifetimes. What happens to it when we die?
It’s wise to draft a will spelling out who inherits your physical assets after you’re gone, but don’t forget to take care of your digital estate too. Friends and family might treasure files and posts you’ve left behind, but they could get lost in digital purgatory after you pass away unless you take some simple steps.
Here’s how you can prepare your digital life for your survivors:
Apple
The iPhone maker lets you nominate a “ legacy contact ” who can access your Apple account’s data after you die. The company says it’s a secure way to give trusted people access to photos, files and messages. To set it up you’ll need an Apple device with a fairly recent operating system — iPhones and iPads need iOS or iPadOS 15.2 and MacBooks needs macOS Monterey 12.1.
For iPhones, go to settings, tap Sign-in & Security and then Legacy Contact. You can name one or more people, and they don’t need an Apple ID or device.
You’ll have to share an access key with your contact. It can be a digital version sent electronically, or you can print a copy or save it as a screenshot or PDF.
Take note that there are some types of files you won’t be able to pass on — including digital rights-protected music, movies and passwords stored in Apple’s password manager. Legacy contacts can only access a deceased user’s account for three years before Apple deletes the account.
Google
Google takes a different approach with its Inactive Account Manager, which allows you to share your data with someone if it notices that you’ve stopped using your account.
When setting it up, you need to decide how long Google should wait — from three to 18 months — before considering your account inactive. Once that time is up, Google can notify up to 10 people.
You can write a message informing them you’ve stopped using the account, and, optionally, include a link to download your data. You can choose what types of data they can access — including emails, photos, calendar entries and YouTube videos.
There’s also an option to automatically delete your account after three months of inactivity, so your contacts will have to download any data before that deadline.
Facebook and Instagram
Some social media platforms can preserve accounts for people who have died so that friends and family can honor their memories.
When users of Facebook or Instagram die, parent company Meta says it can memorialize the account if it gets a “valid request” from a friend or family member. Requests can be submitted through an online form.
The social media company strongly recommends Facebook users add a legacy contact to look after their memorial accounts. Legacy contacts can do things like respond to new friend requests and update pinned posts, but they can’t read private messages or remove or alter previous posts. You can only choose one person, who also has to have a Facebook account.
You can also ask Facebook or Instagram to delete a deceased user’s account if you’re a close family member or an executor. You’ll need to send in documents like a death certificate.
TikTok
The video-sharing platform says that if a user has died, people can submit a request to memorialize the account through the settings menu. Go to the Report a Problem section, then Account and profile, then Manage account, where you can report a deceased user.
Once an account has been memorialized, it will be labeled “Remembering.” No one will be able to log into the account, which prevents anyone from editing the profile or using the account to post new content or send messages.
X
It’s not possible to nominate a legacy contact on Elon Musk’s social media site. But family members or an authorized person can submit a request to deactivate a deceased user’s account.
Passwords
Besides the major online services, you’ll probably have dozens if not hundreds of other digital accounts that your survivors might need to access. You could just write all your login credentials down in a notebook and put it somewhere safe. But making a physical copy presents its own vulnerabilities. What if you lose track of it? What if someone finds it?
Instead, consider a password manager that has an emergency access feature. Password managers are digital vaults that you can use to store all your credentials. Some, like Keeper,Bitwarden and NordPass, allow users to nominate one or more trusted contacts who can access their keys in case of an emergency such as a death.
But there are a few catches: Those contacts also need to use the same password manager and you might have to pay for the service.
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Is there a tech challenge you need help figuring out? Write to us at onetechtip@ap.org with your questions.
The Canadian Paediatric Society says doctors should regularly screen children for reading difficulties and dyslexia, calling low literacy a “serious public health concern” that can increase the risk of other problems including anxiety, low self-esteem and behavioural issues, with lifelong consequences.
New guidance issued Wednesday says family doctors, nurses, pediatricians and other medical professionals who care for school-aged kids are in a unique position to help struggling readers access educational and specialty supports, noting that identifying problems early couldhelp kids sooner — when it’s more effective — as well as reveal other possible learning or developmental issues.
The 10 recommendations include regular screening for kids aged four to seven, especially if they belong to groups at higher risk of low literacy, including newcomers to Canada, racialized Canadians and Indigenous Peoples. The society says this can be done in a two-to-three-minute office-based assessment.
Other tips encourage doctors to look for conditions often seen among poor readers such as attention-deficit hyperactivity disorder; to advocate for early literacy training for pediatric and family medicine residents; to liaise with schools on behalf of families seeking help; and to push provincial and territorial education ministries to integrate evidence-based phonics instruction into curriculums, starting in kindergarten.
Dr. Scott McLeod, one of the authors and chair of the society’s mental health and developmental disabilities committee, said a key goal is to catch kids who may be falling through the cracks and to better connect families to resources, including quicker targeted help from schools.
“Collaboration in this area is so key because we need to move away from the silos of: everything educational must exist within the educational portfolio,” McLeod said in an interview from Calgary, where he is a developmental pediatrician at Alberta Children’s Hospital.
“Reading, yes, it’s education, but it’s also health because we know that literacy impacts health. So I think that a statement like this opens the window to say: Yes, parents can come to their health-care provider to get advice, get recommendations, hopefully start a collaboration with school teachers.”
McLeod noted that pediatricians already look for signs of low literacy in young children by way of a commonly used tool known as the Rourke Baby Record, which offers a checklist of key topics, such as nutrition and developmental benchmarks, to cover in a well-child appointment.
But he said questions about reading could be “a standing item” in checkups and he hoped the society’s statement to medical professionals who care for children “enhances their confidence in being a strong advocate for the child” while spurring partnerships with others involved in a child’s life such as teachers and psychologists.
The guidance said pediatricians also play a key role in detecting and monitoring conditions that often coexist with difficulty reading such as attention-deficit hyperactivity disorder, but McLeod noted that getting such specific diagnoses typically involves a referral to a specialist, during which time a child continues to struggle.
He also acknowledged that some schools can be slow to act without a specific diagnosis from a specialist, and even then a child may end up on a wait list for school interventions.
“Evidence-based reading instruction shouldn’t have to wait for some of that access to specialized assessments to occur,” he said.
“My hope is that (by) having an existing statement or document written by the Canadian Paediatric Society … we’re able to skip a few steps or have some of the early interventions present,” he said.
McLeod added that obtaining specific assessments from medical specialists is “definitely beneficial and advantageous” to know where a child is at, “but having that sort of clear, thorough assessment shouldn’t be a barrier to intervention starting.”
McLeod said the society was partly spurred to act by 2022’s “Right to Read Inquiry Report” from the Ontario Human Rights Commission, which made 157 recommendations to address inequities related to reading instruction in that province.
He called the new guidelines “a big reminder” to pediatric providers, family doctors, school teachers and psychologists of the importance of literacy.
“Early identification of reading difficulty can truly change the trajectory of a child’s life.”
This report by The Canadian Press was first published Oct. 23, 2024.
