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Stock market news live updates: Stock futures steady amid unrest, US-China tensions – Yahoo Style

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Stocks were slightly positive Monday, steadying against a backdrop of protracted protests in some of the nation’s largest cities, many of which had already been struggling to reopen amid the coronavirus outbreak.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="[Click here to read what’s moving markets heading into Tuesday, June 2]” data-reactid=”17″>[Click here to read what’s moving markets heading into Tuesday, June 2]

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Market participants also eyed tensions between the U.S. and China, after Bloomberg and Reuters reported China had ordered some state-run agricultural companies to halt purchases of American farm goods.” data-reactid=”18″>Market participants also eyed tensions between the U.S. and China, after Bloomberg and Reuters reported China had ordered some state-run agricultural companies to halt purchases of American farm goods.

This came after President Donald Trump on Friday said his administration would take action to respond to China’s crackdown on Hong Kong, including removing Hong Kong’s preferential trade status with the U.S. and requesting a working group study Chinese companies listed on U.S. stock exchanges for potential unfair financial practices.

The protests over the past several days centered on constituents’ outrage over the death of George Floyd, who was killed by police in Minneapolis last week in one of the latest public instances of police brutality against an unarmed black man.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Demonstrations since erupted in dozens of cities across the nation, accompanied by looting and destruction of some retail stores and other large and small businesses. The escalation of these protests led governors in two dozen states including Minnesota, California, Illinois and Washington to activate the National Guard, along with mayors in some cities to impose curfews.” data-reactid=”21″>Demonstrations since erupted in dozens of cities across the nation, accompanied by looting and destruction of some retail stores and other large and small businesses. The escalation of these protests led governors in two dozen states including Minnesota, California, Illinois and Washington to activate the National Guard, along with mayors in some cities to impose curfews.

“Mass gatherings could spark concerns about a second wave of the virus. We’ll let the medical experts handle this debate, but will weigh in on why this matters for stocks,” Lori Calvasina, head of U.S. equity strategy for RBC Capital Markets, said in a note Monday. “It bears on how quickly the US economy can get back to something resembling normal. Second wave fears could halt reopening or keep behavior cautious.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="A number of major companies temporarily changed operations as they assessed the violence that ensued in recent days. Target (TGT) which is headquartered in Minneapolis and has 73 stores in Minnesota, closed or adjusted hours at 200 stores this weekend. Meanwhile, tech giant Amazon (AMZN) shifted delivery routes in some cities due to the protests, Amazon confirmed in an email to Yahoo Finance after a Bloomberg report, and Apple (AAPL) reportedly extended store closures of some of its outlets.” data-reactid=”23″>A number of major companies temporarily changed operations as they assessed the violence that ensued in recent days. Target (TGT) which is headquartered in Minneapolis and has 73 stores in Minnesota, closed or adjusted hours at 200 stores this weekend. Meanwhile, tech giant Amazon (AMZN) shifted delivery routes in some cities due to the protests, Amazon confirmed in an email to Yahoo Finance after a Bloomberg report, and Apple (AAPL) reportedly extended store closures of some of its outlets.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="A number of other corporate executives – including BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, Citi CFO Mark Mason and Apple CEO Tim Cook – also issued public remarks on the protests and the events that spurred them.” data-reactid=”24″>A number of other corporate executives – including BlackRock CEO Larry Fink, Goldman Sachs CEO David Solomon, Citi CFO Mark Mason and Apple CEO Tim Cook – also issued public remarks on the protests and the events that spurred them.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="These developments coincided with a historic downturn in the U.S. economy, rendering tens of millions of Americans jobless as the coronavirus pandemic and measures to contain it swept the country and world. Though many states and cities across the U.S. have begun to undergo a phased reopening process, many economists expect domestic data to hold at very low levels for now. The Labor Department’s May jobs report set for release later this week is expected to show the unemployment rate jump to a record high of 19.6%,&nbsp;the highest based on monthly&nbsp;Bureau of Labor Statistics (BLS) data spanning back to 1948.&nbsp;” data-reactid=”25″>These developments coincided with a historic downturn in the U.S. economy, rendering tens of millions of Americans jobless as the coronavirus pandemic and measures to contain it swept the country and world. Though many states and cities across the U.S. have begun to undergo a phased reopening process, many economists expect domestic data to hold at very low levels for now. The Labor Department’s May jobs report set for release later this week is expected to show the unemployment rate jump to a record high of 19.6%, the highest based on monthly Bureau of Labor Statistics (BLS) data spanning back to 1948

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="4:04 p.m. ET: Stocks rise in first session of June, stabilizing amid protests and US-China tensions” data-reactid=”27″>4:04 p.m. ET: Stocks rise in first session of June, stabilizing amid protests and US-China tensions

Here were the main moves in markets as of 4:04 p.m. ET:

  • S&P 500 (^GSPC): +11.42 (+0.38%) to 3,055.73

  • Dow (^DJI): +91.91 (+0.36%) to 25,475.02

  • Nasdaq (^IXIC): +62.18 (+0.66%) to 9,552.05

  • Crude (CL=F): +$0.06 (+0.17%) to $35.55 a barrel

  • Gold (GC=F): -$1.20 (-0.07%) to $1,750.50 per ounce

  • 10-year Treasury (^TNX): +1.4 bps to yield 0.6620%

2:44 p.m. ET: US crude oil prices tick down 0.1%, or 5 cents, to $35.44 per barrel

Futures for U.S. West Texas intermediate edged down 0.1%, or 5 cents, to $35.44 per barrel Monday. The commodity held onto May’s gains, which sent prices up more than 80% for the month as states’ reopenings stoked hopes of a rebound in energy demand.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Earlier in the session Monday, multiple media outlets reported that OPEC and Russia were weighing extensions of oil output cuts, which would help ease months-long concerns of a global supply glut.” data-reactid=”39″>Earlier in the session Monday, multiple media outlets reported that OPEC and Russia were weighing extensions of oil output cuts, which would help ease months-long concerns of a global supply glut.

12:45 p.m. ET: New York Governor Andrew Cuomo considers curfew for NYC amid unrest

New York Governor Andrew Cuomo said during his daily coronavirus briefing Monday he is weighing a possible curfew in New York City following unrest, lootings and vandalism of stores over the weekend.

“Something has to get done because last night was not acceptable,” he said during the briefing.

Separately, New York state reported a daily death toll of 54 on May 31 from the coronavirus, or the lowest level so far in the period after the virus’s peak. Overall, new cases of the coronavirus in New York state fell below 1,000 for the first time in 11 weeks.

10:13 a.m. ET: Stocks turn positive, led by Financials

The three major indices turned positive Monday morning after opening slightly lower. The Financials and Consumer Discretionary sectors led gains in the S&P 500, while Boeing, American Express and Goldman Sachs led advances in the Dow.

Here’s where the three major indices were trading as of 10:13 a.m. ET:

  • S&P 500 (^GSPC): +5.23 points (+0.17%) to 3,049.54

  • Dow (^DJI): +57.14 points (+0.23%) to 25,440.25

  • Nasdaq (^IXIC): +26.33 points (+0.28%) to 9,518.12

10:03 a.m. ET: Construction spending falls 2.9% April, or less than expected

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Construction spending in the U.S. declined by 2.9% in April over the prior month, the Census Bureau said in its monthly report. This was a less drastic decline than expected, with consensus economists bracing for a 7.0% drop in construction spending for the month.” data-reactid=”59″>Construction spending in the U.S. declined by 2.9% in April over the prior month, the Census Bureau said in its monthly report. This was a less drastic decline than expected, with consensus economists bracing for a 7.0% drop in construction spending for the month.

March’s construction spending was revised to unchanged from a 0.9% gain previously reported.

By category, private construction spending declined 3.0% in April, comprising a 4.5% drop in residential construction spending and a 1.3% drop in nonresidential spending. Government construction spending fell 2.5% in April.

10:00 a.m. ET: ISM Manufacturing PMI ticks up less than expected in May

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Institute for Supply Management’s manufacturing purchasing managers’ index (PMI) rose to 43.1 in May, but missed consensus estimates for 43.8. However, the reading stabilized slightly from April’s 11-year low of 41.5.” data-reactid=”64″>The Institute for Supply Management’s manufacturing purchasing managers’ index (PMI) rose to 43.1 in May, but missed consensus estimates for 43.8. However, the reading stabilized slightly from April’s 11-year low of 41.5.

Subindices tracking new orders, prices paid and employment each rose marginally from April’s low levels. All of these were still in contractionary territory, or below the neutral level of 50.0.

“The coronavirus pandemic impacted all manufacturing sectors for the third straight month. May appears to be a transition month, as many panelists and their suppliers returned to work late in the month,” Timothy Fiore, Chair of the Institue for Supply Management, said in a statement. “However, demand remains uncertain, likely impacting inventories, customer inventories, employment, imports and backlog of orders.”

9:45 a.m. ET: Decline in U.S. manufacturing activity suggests ‘any recovery will be frustratingly slow’: IHS Markit

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="U.S. manufacturing activity held in deeply contractionary territory in May, according to IHS Markit’s final monthly purchasing managers’ index. The manufacturing PMI registered at 39.8 in the final print, matching the advance print. This followed a reading of 36.1 in April.” data-reactid=”69″>U.S. manufacturing activity held in deeply contractionary territory in May, according to IHS Markit’s final monthly purchasing managers’ index. The manufacturing PMI registered at 39.8 in the final print, matching the advance print. This followed a reading of 36.1 in April.

Readings below the neutral level of 50.0 indicate contraction in a sector.

“Manufacturing remained in a deep downturn in May, as measures taken to contain the spread of COVID-19 continued to cause production losses, disrupt supply chains and hit demand,” Chris Williamson, chief business economist at IHS Markit, said in a statement. “Job losses meanwhile continued to run at one of the highest rates in over a decade, and pricing power has collapsed.”

“There remains a high risk that any recovery will be frustratingly slow as ongoing social distancing measures, high unemployment, job insecurity and damaged balance sheets constrain consumer and business spending,” he added. “The recovery will of course also fade quickly if virus infections start to rise again. For now, however, we focus on the good news that we may be past the worst in terms of the economic decline.”

9:31 a.m. ET: Stocks open mostly lower

Here were the main moves in markets, as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): -9.27 points (-0.3%) to 3,035.04

  • Dow (^DJI): -98.94 points (-0.39%) to 25,284.17

  • Nasdaq (^IXIC): -4.89 points (-0.03%) to 9,485.95

  • Crude (CL=F): -$0.92 (-2.59%) to $34.57 a barrel

  • Gold (GC=F): -$5.90 (-0.43%) to $1,745.80 per ounce

  • 10-year Treasury (^TNX): +3.5 bps to yield 0.679%

7:23 a.m. ET Monday: Stock futures mixed

Here were the main moves in markets, as of 7:23 a.m. ET:

  • S&P 500 futures (ES=F): 3,044.00, up 2 points (+0.07%)

  • Dow futures (YM=F): 25,422.00, up 44 points (+0.17%)

  • Nasdaq futures (NQ=F): 9,540.5, down 19.75 points (-0.21%)

  • Crude (CL=F): -$0.99 (-2.94%) to $32.72 a barrel

  • Gold (GC=F): -$8.20 (-0.47%) to $1,743.50 per ounce

  • 10-year Treasury (^TNX): +2 bps to yield 0.664%

6:04 p.m. ET Sunday: Stock futures open lower

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:04 p.m. ET:

  • S&P 500 futures (ES=F): 3,017.75, down 24.25 points (-0.8%)

  • Dow futures (YM=F): 25,378.00, down 79 points (-0.31%)

  • Nasdaq futures (NQ=F): 9,476.00, down 84.25 points (-0.88%)

Protesters completely surround a line of police officers during nationwide unrest following the death in Minneapolis police custody of George Floyd, in Raleigh, North Carolina, U.S. May 30, 2020. Picture taken May 30, 2020. REUTERS/Jonathan Drake
Protesters completely surround a line of police officers during nationwide unrest following the death in Minneapolis police custody of George Floyd, in Raleigh, North Carolina, U.S. May 30, 2020. Picture taken May 30, 2020. REUTERS/Jonathan Drake

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AIB agrees to life and pensions joint-venture with Canada Life

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Allied Irish Banks on Wednesday said it would form a joint venture with Canada life as it seeks to plug gaps in its life, savings and wealth products.

The joint venture will be equally owned by Canada Life, a subsidiary of Great-West Lifeco Inc.

“The move to create this joint venture is aligned with AIB’s stated ambition to complete its customerproduct suite and diversify income,” AIB said in a statement.

“Through this strategic initiative AIB intends to offer customers a range of life protection, pensions, savings and investment options enhanced by integrated digital solutions withcontinued access to our qualified financial advisors.”

The Irish lender highlighted Canada Life’s “deep experience” of the Irish bancassurance market through Irish Life Assurance, which is also a subsidiary of Great-West Lifeco.

AIB currently operates under a tied agency distribution agreement with Irish Life, and will enter into a new distribution agreement with the new joint venture company.

Chief Executive Colin Hunt highlighted the need to plug gaps in AIB’s life, savings and wealth products when he set out the bank’s medium-term targets last December.

AIB expects its equity investment in the joint venture will be around 90 million euros ($107.51 million), equating to around 10bps of CET1.($1 = 0.8372 euros)

(Reporting by Graham Fahy;Editing by Elaine Hardcastle)

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Interac: Canada’s Latest Payment Solution Phenomenon

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Few can argue that digital payment methods aren’t central to modern-day society. In recent times, increasing numbers of payment solutions have come to the forefront, offering consumers more choice regarding their transaction preferences. Canada, in particular, has embraced a wide-ranging selection of secure, forward-thinking options. Of those available throughout the country, Interac has piqued the interests of local consumers the most. So, let’s look at why this payment solution is an especially popular option throughout Canada. 

Usable Across Various Markets 

It speaks volumes about Interac’s versatility in that it’s usable across a variety of different industries. Since being founded in 1984, the Canadian interbank network has become integral to numerous markets, including local air travel. Air Canada, which has been operating since 1937, has expanded their accepted payment methods, and now passengers can pay for their flights using Interac. According to the airline’s official website, the Interac Online service lets consumers pay for their tickets via the internet directly from their bank account. 

Not only that, but Interac is also available at Walmart. In November 2020, the two organizations partnered together to expand in-store and online payment options. Walmart has adapted well to the digital trend, with American Banker reporting that they’ve opened Interac Flash sale points throughout their stores. 


Source: Unsplash

Aside from the above, Interac has also taken the digital world by storm. Following its rapid rise to prominence, the solution has also altered the online casino industry, with platforms like Genesis Casino now accepting the transaction type. The provider, which features Interac Canadian casino options, uses the popular payment method to enhance transaction speeds of deposits and withdrawals, as well as security. Players can use Interac Online and Interac e-Transfer to make deposits or withdrawals from their desktops or mobiles as the platform is fully optimized. 

A Reflection of Modern-Day Society 

In recent times, Interac recorded a 55 percent increase in transactions between April and August 2020 compared to the same period the previous year, as per BNN Bloomberg. These figures somewhat reflect the current state of e-Commerce and modern consumerism. Following the rise of Interac and other payment methods, it’s now less troublesome for consumers to complete in-store and online purchases. 


Source: PxHere

There’s an ever-growing perception that land-based businesses need to adapt within the digital era and accept forward-thinking payment methods. According to Cision, Interac is of utmost importance to the Canadian economy, and a year-on-year increase in Interac Debit payments of 333 percent reflects that. Not only that, but Interac e-Transfer payments are growing at 52 percent each year. This Interac-oriented trend appears unlikely to fade over the coming years, with the network being selected as the country’s provider for a new real-time payment system, as per Lexology. 

Consumer Habits are Changing 

There can be no doubt that consumerism has changed drastically over the past decade. The popularity of Interac suggests that a cashless future may be on the horizon, with increasing numbers of shoppers enjoying the security of online payment methods. While it’s currently unclear if that will happen, Interac appears to be prevalent for the long run.

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Your Education and Certificates Need to Align the Job Requirements

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After your professional experience, your education/certifications (verified skills) will be the next section on your resume the reader will use to judge whether you go into the “to be interviewed” pile. 

Many job seekers apply to job postings knowing they don’t have the education/certification requirements. They believe their “experience” will compensate. With so many highly qualified job seekers now on the job market this is rarely the case. If your education/certifications align with the job requirements, the education section of your resume will play a critical part in setting you apart from all the “spray and pray” job seekers.

Suppose a job posting for a Director of Finance lists as a qualification “Canadian Accounting Designation (CPA).” You have a university degree and 15 years of experience managing a mid-size company’s finances, but no CPA—don’t bother applying. Job postings generate an influx of applicants. Undoubtedly there’ll be many applicants who possess a CPA applying. There’s also the employer’s ATS to consider, which likely has been programmed to scan for “CPA.”  

Education background information you should provide:

  • Degree/certification obtained 
  • School’s name
  • Location of school
  • Period of attendance
  • Relevant coursework
  • Honors, academic recognition, extracurricular activities, or organizations participation worth mentioning

When it comes to presenting your educational background keep your ego in check. You may have impressive education background; however, it may not be impressive for the job you’re vying for. Prioritize relevancy over perceived prestige.

Here’s my suggestion how to present your education/certificates (there’s no hard formatting rule):

BS Biomedical Science

University of Calgary, Calgary, AB — 09/1992 – 06/1996

Courses:

  • Principles of Human Genetics
  • Organismal Biology
  • Principles and Mechanisms of Pharmacology
  • Advanced Bioinformatics

PMP® Certification

Ryerson University Continuing Education, Toronto, ON — 10/2001 – 04/2003

Courses:

  • Planning and Scheduling
  • Leadership in Project Management
  • Project Cost and Procurement Management
  • Project Risk and Quality Management

As I’ve pointed out in previous columns— there’s no universal hiring methodology. No two hiring managers assess candidates the same way. Depending on the job requirements respective employers search for different things when it comes to a candidate’s education. Read the qualifications in the job posting carefully. Then present your education/credentials accordingly. Don’t hesitate to add/remove courses to better tie in your education towards the job. It’s for this reason I suggest you list courses, not just your degree/certification. Listing of courses is rarely done, doing so will give your resume a competitive advantage.

You’ll have noticed my examples indicated start and end dates. Many “career experts” advise against this. The thinking being dates, even just the graduation year, will give employer’s a sense of your age, which if your over 45 can hinder and prolong your job search. This advice is supposed to be a workaround to ageism. However, these same “career experts” unanimously agree employment dates (month/year) need to be indicated. To me, this is a mixed message.    

I believe in complete transparency from both sides of the hiring process. Full transparency ensures the likelihood of there being a solid fit for both parties. At some point, whether when the employer checks your digital footprint or interviews you, your interviewer will have a good indication of your age. Besides, not mentioning dates, which I call “obvious” information, is a red flag. 

If your age is a deal-breaker with an employer, they aren’t the employer for you. The job search advice I give most often: Seek employers who’ll most likely accept you, where you’ll feel you belong—look for your tribe.

Some professions, such as finance or healthcare, require specific certifications or degrees. In such cases, show you have the necessary “must-have” (a deal-breaker if you don’t) credentials by placing your education at the top of the page just below your contact information before your professional experience.

One last note: Often overlooked is education in progress. If relevant, this should be included in your resume. In this case, list pertinent courses and the month/year you intend to graduate.

Using suggestions in this and previous columns you are now able to create a resume that “WOWs.” Next week, I’m going to begin discussing cover letters. Yes, many hiring managers, like myself, do read cover letters, which have one purpose—to give the reader a reason to read your resume.

______________________________________________________________

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send him your questions at artoffindingwork@gmail.com.

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