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Stock market news live updates: Stocks rebound to close higher as investors digest hawkish Fed minutes – Yahoo Canada Finance



U.S. stocks bounced back in the final hour of trading Thursday to cap a choppy session in the green as investors continued to mull a hawkish readout of minutes from the Federal Reserve’s last policy-setting meeting that suggested more aggressive monetary tightening is underway.

The S&P 500 pared losses to rise 0.4%, and the Dow Jones Industrial Average was up roughly 0.3% after tumbling 300 points in intraday trading. The Nasdaq Composite recovered from a drop of more than 1% to close just above breakeven. The tech-heavy index, which began the week with a 2% pop, previously ended two consecutive sessions 2.2% lower. The 10-year Treasury yield climbed again to yield 2.652% — the highest level in three years.

Conversations detailed in the March 15-16 Fed meeting minutes released Wednesday suggested policymakers will soon begin to unwind the central bank’s $9 trillion balance sheet, including $4 trillion in asset purchases amassed to calm markets after the pandemic hit in early 2020. The minutes also indicated many participants in the Federal Open Market Committee (FOMC) “would have preferred a 50 basis point increase” in benchmark interest rates in March, when the Fed raised rates for the first time since 2018.

“When those minutes were actually released this afternoon, I think what you really saw was the solidification around the news that the Fed is very intent on combating inflation,” U.S. Bank senior vice president Lisa Erickson told Yahoo Finance Live.

Economists at Bank of America, which recently modified its Fed call to include 50 basis point rate hikes in June and July, said in a Wednesday note the newly released minutes show enough evidence to tip the scales towards a double bump increase in May.

“The reality is we are in uncharted waters here and the Fed has a difficult task in unwinding the tremendous monetary support over the past couple years,” Allianz Investment Management senior investment strategist Charlie Ripley said in a note. “Against this backdrop, it is highly conceivable that uncertainty in the path of monetary policy will remain embedded in markets and that is exactly what we have been witnessing with the recent moves in interest rates and risk assets.”

Other headwinds investors have to continue to navigate are developments in the Russia-Ukraine war. The United States imposed another round of sanctions on Wednesday that included a ban on American investments in Russia. The penalties also targeted Russia’s Sberbank and Alfabank, two of the country’s largest financial institutions, as well as President Vladimir Putin’s two adult daughters, Russian Foreign Minister Sergei Lavrov’s wife and daughter, and senior members of Russia’s security council. Missing from the latest punitive measures, however, were energy transactions.

Meanwhile, testifying before the House Financial Services committee on Wednesday, U.S. Treasury Secretary Janet Yellen warned that Russia’s war in Ukraine will stoke “enormous economic repercussions around the world,” including disruptions to the flow of food and energy.

Yellen also said that Russia should be expelled from the Group of 20 major economies forum, and the U.S. will boycott “a number of G20 meetings” if Russian officials participate.

4:00 p.m. ET: S&P 500, Dow, and Nasdaq close higher following two-day sell-off

Here’s were the main indexes were trading at the end of the session on Thursday:

  • S&P 500 (^GSPC): +19.12 (+0.43%) to 4,500.27

  • Dow (^DJI): +87.52 (+0.25%) to 34,584.03

  • Nasdaq (^IXIC): +8.48 (+0.06%) to 13,897.30

  • Crude (CL=F): +$0.67 (+0.70%) to $96.90 a barrel

  • Gold (GC=F): +$13.90 (+0.72%) to $1,932.30 per ounce

  • 10-year Treasury (^TNX): +4.3 bps to yield 2.6520%—

3:01 p.m. ET: Stocks claw back to edge higher in final hour of trading

Here were the main moves in markets as of 3:01 p.m. ET:

  • S&P 500 (^GSPC): +28.06 (+0.63%) to 4,509.21

  • Dow (^DJI): +140.53 (+0.41%) to 34,637.04

  • Nasdaq (^IXIC): +40.97 (+0.29%) to 13,929.78

  • Crude (CL=F): +$0.10 (+0.10%) to $96.33 a barrel

  • Gold (GC=F): +$13.10 (+0.68%) to $1,936.20 per ounce

  • 10-year Treasury (^TNX): +5.6 bps to yield 2.6650%

12:08 p.m. ET: Nasdaq extends losses to 1% hitting lowest level since March

Here were the main moves in markets as of 12:05 p.m. ET:

  • S&P 500 (^GSPC): -22.16 (-0.49%) to 4,458.99

  • Dow (^DJI): -189.64 (-0.55%) to 34,306.87

  • Nasdaq (^IXIC): -137.66 (-0.99%) to 13,751.16

  • Crude (CL=F): -$1.59 (-1.65%) to $94.64 a barrel

  • Gold (GC=F): +$13.90 (+0.72%) to $1,932.30 per ounce

  • 10-year Treasury (^TNX): +2.3 bps to yield 2.6320%

10:32 a.m. ET: Mortgage rates extend climb towards 5%

The surge in mortgage rates is showing no signs of abating, with the rate on the most common home loan hitting its highest level since December 2018 this week.

The rate on the 30-year fixed mortgage jumped to 4.72% from 4.67% last week, according to Freddie Mac. The rate has climbed nearly a full percentage point since the first week of March and is up 1.5 points since the start of the year. The increase also marks fastest three-month rise since May of 1994.

“For real estate markets, the sharp jump in mortgage rates over the past quarter indicates a decisive turning point,” said George Ratiu,’s manager of economic research, in a emailed statement. “For many American families, today’s mortgage rates are closing the door on being able to afford to buy a home this spring.”

9:30 a.m. ET: Stocks fall for third consecutive day as investors weigh Fed minutes

Here were the main moves in markets during the opening bell on Thursday:

  • S&P 500 (^GSPC): -6.00 (-0.13%) to 4,475.15

  • Dow (^DJI): -88.56 (-0.26%) to 34,407.95

  • Nasdaq (^IXIC): -315.35 (-2.22%) to 13,888.82

  • Crude (CL=F): +$0.92 (+0.96%) to $97.15 a barrel

  • Gold (GC=F): +$8.20 (+0.43%) to $1,931.30 per ounce

  • 10-year Treasury (^TNX): +2.4 bps to yield 2.6330%

8:37 a.m. ET: New jobless claims fall sharply to lowest since 1968

Applications for unemployment insurance fell sharply in the latest weekly data to the lowest level since 1968 and represented a third consecutive week that new claims were below 200,000, with new layoffs and firings staying low compared to pre-pandemic averages.

The Labor Department latest weekly jobless claims report showed 166,000 claims were filed in the week ended April 2, coming in better than the 200,000 economists surveyed by Bloomberg had expected.

The prior week’s new claims were also markedly downwardly revised to 171,000, from the 202,000 previously reported for the end of March. Prior to the pandemic, new claims were averaging around 218,000 per week throughout 2019.

“The labor market appears to be moving past the pandemic, rapidly closing in on a complete recovery,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a note. “Even as the labor market is tight, suggesting optimism about economic conditions, a four-decade high in prices is tempering expectations.”

Some of the volatility in the most recent weekly jobless claims data likely reflects a change in the way the Labor Department adjusted the figures to account for seasonal factors. Starting in Thursday’s report, the Labor Department returned to using “multiplicative” seasonal adjustment factors for the data, while over the course of the pandemic, the agency had been using “additive” seasonal adjustment factors to help smooth out large shifts in the data.

7:40 a.m. ET: HP stock jumps on after Buffett’s discloses 11% stake

Warren Buffet’s Berkshire Hathaway in a new filing late Wednesday revealed the company accumulated 121 million shares of HP — an 11.4% stake valued at $4.2 billion.

Shares of HP (HPQ) surged more than 13% in pre-market trading ahead of Thursday’s opening bell.

“Berkshire Hathaway is one of the world’s most respected investors and we welcome them as an investor in HP Inc,” an HP spokesperson told Yahoo Finance via email.

The purchase is the latest buy in a recent shopping spree by Berkshire Hathaway. Buffet’s company also took a nearly 15% stake (worth $7.6 billion) in Occidental Petroleum (OXY) last month.

7:10 a.m. ET: Contracts on the S&P 500, Dow, and Nasdaq edge higher after sell-off

Here’s how U.S. stock futures traded ahead of the open Thursday:

  • S&P 500 futures (ES=F): +9.25 points (+0.21%) to 4,485.00

  • Dow futures (YM=F): +15.00 points (+0.04%) to 34,414.00

  • Nasdaq futures (NQ=F): +53.50 points (+0.37%) to 14,558.75

  • Crude (CL=F): +$1.49 (+1.55%) to $97.72 a barrel

  • Gold (GC=F): +$6.70 (+0.35%) to $1,929.80 per ounce

  • 10-year Treasury (^TNX): +0.00 bps to yield 2.6090%

6:13 p.m. ET Wednesday: Futures muted after two-day losing streak

Here’s where markets were trading ahead of the overnight session on Wednesday:

  • S&P 500 futures (ES=F): -3.00 points (-0.07%) to 4,472.75

  • Dow futures (YM=F): -29.00 points (-0.08%) to 34,370.00

  • Nasdaq futures (NQ=F): -1.00 points (-0.01%) to 14,504.25

  • Crude (CL=F): +$1.52 (+1.58%) to $97.75 a barrel

  • Gold (GC=F): +$5.00 (+0.26%) to $1,928.10 per ounce

  • 10-year Treasury (^TNX): +5.3 bps to yield 2.6090%

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 4, 2022.  REUTERS/Brendan McDermidTraders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 4, 2022.  REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 4, 2022. REUTERS/Brendan McDermid

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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Calling the passionate, the curious, and the creative: Staples Canada launches National Hiring Campaign



More than 1,000 associates to be hired across Canada in seasonal, part-time and full-time positions to help make Back to School simply amazing


Richmond Hill, ON, May 17, 2022 – Staples Canada, The Working and Learning Company, has launched a national hiring campaign to fill more than 1,000 positions in stores, supply chain, contact centres, sales teams, print and tech hubs, as well as corporate roles. All open roles are posted at with in-person and virtual interviews available at the different locations.


“The back to school season is the most exciting time of year for Staples associates – it’s a time where we get to connect with our customers to enable their success, and inspire them for months to come,” said Wanda Walkden, Chief Human Resources and Communications Officer, Staples Canada. “We’re invested in bringing in the best and brightest talent to inspire our customers and our communities, while also helping our associates further their own development and growth.”


Staples currently employs more than 11,000 associates across Canada within a variety of roles and locations. The company has presence in every province and the Northwest and Yukon territories. All locations are looking to fill a variety of roles.


Joining Staples comes with a number of benefits, which include:


·       Associate support: Staples offers extensive wellness benefits that are designed to support the physical, mental and financial well-being of associates. These include an employee and family assistance program, retirement savings plans with an employer match, performance bonuses, associate discounts, and more.

·       Diversity, Equity and Inclusion: Staples is committed to creating an inclusive and diverse work environment where each associate can bring their whole authentic self to work. Staples associates can join Business Resources Groups; groups that are by associates for associates and focus on various DE&I initiatives through partnerships, awareness and education.

·       Learning and development opportunities: At Staples, learning and development is a priority for all associates, with many opportunities for cross-department training, and leadership development programs in place to aid professional growth.

  • Educational support:  Each year, scholarships are awarded through the Staples Canada Annual Academic Scholarship Program to associates or children of associates attending post-secondary education. The company also offers tuition reimbursement for full-time associates to further their education.
  • Ability to make an impact: Each year, Staples associates partner with organizations like MAP, and take on local charitable giving initiatives including the School Supply Drive during back to school, as a continued commitment to communities across Canada.


All 300+ stores and Supply Chain, Contact Centres, Sales Teams, Print and Tech Hubs and, Corporate locations across Canada are participating in the national hiring campaign; visit to learn more and find the perfect job near you.


About Staples Canada

Staples Canada is The Working and Learning Company. With a focus on community, inspiration and services, the privately-owned company is committed to being a dynamic, inspiring partner to customers who visit its 300+ locations and The company has two brands that support business customers, Staples Preferred for small businesses and Staples Professional for medium to large-sized enterprises, as well as six co-working facilities in Toronto, Kelowna, Oakville and Ottawa under the banner Staples Studio. Staples Canada is a proud partner of MAP through its Even the Odds campaign, which aims to tackle inequities in communities across Canada and helps make a future that’s fair for everyone. Visit for more information or get social with @StaplesCanada on Facebook, Twitter, Instagram and LinkedIn.


– 30 –


Media information:

Kathleen Stelmach, Staples Canada, 905-737-1147 Ext. 578,

Noah Gomberg, Golin, 647-475-4721,

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Gas prices set to drop in the GTA – CP24 Toronto's Breaking News



Drivers are set to get some relief at the pumps as gas prices are set to drop 13 cents per litre by Friday.

Average gas prices hit $209.9 per litre on Wednesday in southern Ontario, marking a new record high and a whopping 12-cent rise since last Friday.

However, President of Canadians for Affordable Energy Dan McTeague says prices are set to drop three cents to 206.9 per litre as of midnight and then 10 another 10 cents to 196.9 per litre by Friday.

McTeague said that the drop in prices is being driven by the unease of global markets over a potential recession.

Prices at the pumps have been elevated since late February due to fuel supply shortages amid Russia’s invasion of Ukraine and the international sanctions that have been imposed as a result of the war.

Natural Resources Canada said the average price for regular gasoline in Canada hit $2.06 per litre on Monday, with the most expensive price in Vancouver at $2.34 a litre.

On Wednesday, Statistics Canada reported that the annual inflation rate rose 6.8 per cent year-over year in April. The national agency added that Canadian drivers paid 36.3 per cent more for gas in April compared to a year ago.

-With files from The Canadian Press

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Stock markets sell off as inflation fears settle in – CBC News



Stock markets were a sea of red on Wednesday as financial results from major retailers suggested they’re having a hard time dealing with stubbornly high inflation.

The S&P 500 was down by more than four per cent, its worst one-day showing since June 2020 as investors reacted to troubling signs that consumers are slowing their spending in the face of high prices.

Shares in Target shed more than 25 per cent of their value after the retailer said its profit was cut in half because of higher costs and supply chain problems. It was the worst day for Target’s shares since Black Monday in 1987, and it came a day after rival Walmart painted a similar picture the day before.

Walmart’s shares fell by more than 11 per cent on Tuesday and another seven per cent on Wednesday, after the retailer warned of lower profits to come due to higher costs for transportation and wages, as well as supply chain issues. Tuesday’s sell-off was also the biggest one-day plunge in Walmart shares since 1987.

That gloom coming from two cost-conscious retailers sparked investor fears that if they are having problems navigating high inflation, many others must be, too.

“The strength of the consumer will be tested as both Walmart and Target signal rising pricing pressures are not easing,” analyst Edward Moya with foreign exchange firm Oanda said.

The Dow Jones Industrial Average shed almost 1,200 points or more than three per cent and the technology focused Nasdaq lost more than 500 points or more than four per cent.

Since the start of the year, the Dow is down by 14 per cent, the S&P by 18 per cent and the Nasdaq by 28 per cent, data from Bloomberg shows.

“Stocks are crumbling after Wall Street worries about economic growth after hearing a chorus of concerns of higher prices that won’t be easing anytime soon,” Moya said.

Statistics Canada reported on Wednesday that the country’s inflation rate ticked upwards again last month, to a new 31-year high of 6.8 per cent.

While the Toronto Stock Exchange fared better than its U.S. counterparts, it wasn’t immune to the sell-off, losing 389  points, or about two per cent, to close as just over 20,100 points late in the trading day. The benchmark Canadian index has lost about seven per cent of its value since the start of the year, and has been mostly lower of late since topping out at over 22,000 points in April.

“It’s a really rough day out there for stock markets,” Colin Cieszynski, chief market strategist at SIA Wealth Management, said in an interview with CBC News.

“The retailers in particular are starting to get squeezed between rising costs and softening demand,” he said. “We’ve just been seeing a stampede for the exits across stock markets today.”

Tech shares hit hard

Technology shares, which soared earlier in the pandemic as the world went increasingly digital and online due to COVID-19 lockdowns, continue to get hammered.

Apple shares lost six per cent to trade at their lowest level since October. Amazon shares lost seven per cent and the shares are now trading where they were in April 2020. Netflix lost another seven per cent and now trade at their lowest level since 2018.

Canadian tech companies also sold off, with shares in e-commerce firm Shopify, payment processing company Lightspeed and BlackBerry all off by about three per cent.

Cieszynski said the sell-off in technology shares makes sense, because the sector “tends to benefit … when investors are feeling confident and when investors are willing to take on risk.”

“At a time when investors are are retrenching, turning away from risk and going more defensive, [technology] tends to underperform,” he said.

Bitcoin dips below $30,000

Bitcoin was no exception as the world’s largest cryptocurrency continued its plunge, losing another five per cent to trade below $30,000 US for the first time since 2021.

“The speculative cryptocurrency excesses of 2021 may mark a similar fate for risk assets, as when the internet bubble burst in 2000,” Bloomberg Intelligence analyst Mike McGlone said.

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