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Stock market news live updates: Stocks surge as Apple boom outweighs Amazon miss

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U.S. equities rallied Friday, as an earnings beat from Apple helped stocks elbow their way past a week of Wall Street misses for Big Tech.

The S&P 500 (^GSPC) gained 2.5%. The Dow Jones Industrial Average (^DJI) bounced more than 800 points, or 2.6%, to a two-month high, as it also notched a fourth-straight week of gains and its best week of the year. The tech-heavy Nasdaq Composite (^IXI) rose 2.9%. The moves came even as Treasury yields climbed back above 4%.

On the economic data front, the Federal Reserve’s preferred inflation measure showed prices are still running hot across the U.S. economy.

The core personal consumption expenditures price index (PCE) rose 0.5% in September from the prior month, the Commerce Department said Friday — a slight slowdown from August’s month-over-month pace of 0.6%. The gauge showed a 5.1% increase year over year, an acceleration from the annual 4.9% seen in August. Economists surveyed by Bloomberg expected increases of 0.5%, and 5.2%, respectively.

Personal income increased 0.4% over the month and consumer spending 0.6%, compared to economist estimates of 0.4% increases for each measure.

Amazon (AMZN) shares tanked nearly 7% Friday after the e-commerce giant issued fourth-quarter sales guidance that missed Wall Street estimates and delivered disappointing Q3 results. The flub marks the second consecutive quarter that weak financials from the company have spurred double-digit percentage declines in its stock price.

But Apple (AAPL) offered a “dim light in an otherwise dark earnings season,” faring better than its Big Tech peers as they grappled with macroeconomic hurdles posed by inflation, rising interest rates, and currency headwinds. The company reported record revenue but missed analyst projections in key categories such as iPhone and services. Shares rose about 8%, marking the tech giant’s best day since July 2020.

Elsewhere in the technology spotlight, Elon Musk assumed ownership of Twitter (TWTR) after a dragged-out bid to purchase the social media platform was finalized late Thursday. The Tesla CEO fired top executives upon the completion of his $44 billion acquisition of the company and announced plans to reverse lifetime bans from the website.

 

Twitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022. REUTERS/Dado Ruvic/IllustrationTwitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022. REUTERS/Dado Ruvic/Illustration
Twitter logo and a photo of Elon Musk are displayed through magnifier in this illustration taken October 27, 2022. REUTERS/Dado Ruvic/Illustration

A busy start to Friday for investors was also marked by other reports from energy conglomerates Exxon Mobil (XOM) and Chevron (CVX), which both reported earnings and revenue that topped Wall Street estimates – lifting shares of each name up by roughly 2.9% and 1.1%, respectively.

SoFi head of investment strategy Liz Young said in a note that she expects further downward revisions and other notable misses this quarter and next, which are likely to challenge the market further. Young noted, however, that on the plus side, this means that investors can tick the box on “earnings get hit.”

“As we move through that process, next up we’ll likely see the economy hit the skids in a bit more dramatic fashion than we’ve seen thus far,” Young said. “There are already several classic recession warning signs in place, and the risks that still lie ahead are bringing the likelihood of an actual recession closer into view.”

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

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Quebec government funnels another $413 million to Airbus A220 program – CTV News Montreal

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Quebec government funnels another $413 million to Airbus A220 program  CTV News MontrealView Full Coverage on Google News

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U.S. regulator investigating Delta after global tech outage led to widespread cancellations – CBC.ca

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  1. U.S. regulator investigating Delta after global tech outage led to widespread cancellations  CBC.ca
  2. U.S. airline regulators investigate Delta’s flight cancellations and faltering response to global tech outage  The Globe and Mail
  3. DOT launches investigation into Delta amid ongoing flight disruptions  Fox Business
  4. US regulators investigate Delta as it struggles to recover from outage  Al Jazeera English
  5. Delta faces probe as CrowdStrike disruption lingers  BBC.com

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Before Spending Money on a ‘Career Coach,’ Do Yourself a Favour, First Try These Job Search Strategies

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I’m sure you’re aware of the “career coaching” industry—Internet talking heads promising job search and career success—that’s sprung up in recent years. Worth noting: The industry is unregulated. All career coaches are self-proclaimed; no certification or licensing is required.

 

Career coaches have one ultimate goal: To make money off you.

 

Today’s tight job market is making job seekers frustrated and desperate, which career coaches are taking advantage of with their promise of insider knowledge, personalized guidance, and a direct line to the hidden job market. Career coaches market themselves as a shortcut to finding a job, which is appealing when you’ve been unemployed for a while.

 

I’m not averse to hiring a career coach to assist you with your job search; it’s your money. However, keep in mind a career coach…

 

  • is a significant expense, especially if you’re unemployed
  • will only offer common sense advice, nothing that you probably already don’t know or haven’t read or heard before, and
  • doesn’t have insider knowledge

 

…and you’ll still need to do the activities related to job searching.

 

When asked, “Nick, should I hire a career coach?” my answer is an unequivocal “No!” Conducting your job search solo will not only save you money, you’ll also be developing job search skills you’ll need for the next time—chances are there’ll be a next time—you’re job hunting. Before spending thousands of dollars on a career coach, I suggest first trying the following job search strategies.

 

Optimize your online presence.

 

In today’s digital-first job market, employers will check your online digital footprint to evaluate your candidacy; are your interview-worthy? Start with the obvious: Ensure your LinkedIn profile is up-to-date and showcases your quantified accomplishments (a non-quantified statement is an opinion) so employers can see the value you can add. Do yourself a favour, read LinkedIn Mastery: A Comprehensive Guide to Navigating Digital Landscapes Effectively, by Benjamin Stone.

 

Necessary: Stay active on LinkedIn!

 

Your LinkedIn profile can’t be non-active. Maximizing LinkedIn’s potential requires regularly engaging with content, commenting on posts, and contributing original content. Engaging actively and visibly on LinkedIn will lead to opportunities.

 

Next:

 

  • List your social media accounts.
  • Deactivate accounts you are no longer using.
  • Set any accounts you don’t want prospective employers or recruiters to see to private.
  • Ensure your social media profiles (g., display name, handle, headshot, bio) convey the same message about your professional background.

 

Leverage your existing network (a low-hanging fruit few job seekers take advantage of).

 

Everyone has a network of some sort. This means since all job opportunities are attached to people—good news—there are job opportunities all around you. Often, your barista, dentist, hairstylist, neighbours, fellow members of whatever club or association you’re a part of, and, of course, family and friends can help open doors for you.

 

Tell everyone you know that you’re looking for a new job. Always carry extra copies of your resume and hand them out when appropriate. You’ll be surprised at the number of people willing to help you when they understand your situation.

 

Read these two books:

 

 

Ferrazzi outlines practical strategies for building relationships, networking, and leveraging connections

.

 

Hollins provides actionable strategies for achieving your job search and career goals, such as overcoming procrastination and boosting productivity with focus and discipline.

 

Apply less, connect more.

 

Applying online is a waste of time. In previous columns, I’ve noted that applying online is comparable to playing the lottery; you’re hoping a stranger hires you. Numerous studies have shown that most jobs aren’t advertised; they’re filled through connections and referrals.

 

Job searching today is a long game; you need to be patient. Today, you need to network your way into a company and identify opportunities, which no career coach can do for you. It’s unlikely the resume you submit online will be reviewed. Paying to have your resume redesigned won’t get it more views; getting it in front of people who can hire you will.

 

Take what you will from the following.

 

A few months back, a job seeker asked me, “I’ve been working as a help desk agent at a healthcare software company for five years. I want to become a Director of IT at a large multinational company. What should I do?”

 

How should I know? I’m not a Director of IT. Why not ask the Director of IT at a large multinational company?

 

Take advantage of the fact that people love talking about themselves. Dinner with someone who holds the position you aspire to is a better investment than hiring a career coach who lacks your dinner partner’s real-world experience. I charted my career path by observing those ahead of me and seeking their advice. Talking to people who are where you want to be will benefit your job search and help you achieve your career aspirations.

 

By shifting your mindset, optimizing your online presence, leveraging your existing network, staying engaged on LinkedIn, and connecting with the right people, you won’t need to hire a costly career coach, and you’ll develop skills you can use throughout your career.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

 

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