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Stock market news live updates: Stocks wrap up strong January as Fed decision looms

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U.S. stocks rose Tuesday, closing out a strong January amid a continued flurry of corporate earnings and the start of the Federal Reserve’s latest policy meeting.

The S&P 500 (^GSPC) rose 1.5%, as it gained over 5% for the month. The Dow Jones Industrial Average (^DJI) moved up 1.1%. The technology-heavy Nasdaq Composite (^IXIC) added roughly 1.7%, ending the month with an 11% gain. It marked the Nasdaq’s best month since July and best January since 2001.

The yield on the benchmark 10-year U.S. Treasury note ticked down to 3.511% from 3.546% on Monday. The dollar index ticked down 0.21% to $102.06.

The major U.S. stock averages rebounded after tumbling on Monday, kicking off a week packed with macro events and major tech earnings.

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The biggest item on the macroeconomic calendar is the FOMC’s policy meeting, which commenced on Tuesday ahead of an anticipated Wednesday decision to hike rates by quarter percentage point, bringing the federal funds to a target range of 4.5% to 4.75%. Yet It’s unclear what could come next.

“[We] expect Powell to be quite hawkish in the press conference,” Michael Feroli, chief U.S. economist at JP Morgan, wrote in a note. “We look for him to stress two themes: (i) slowing is not stopping, and (ii) don’t expect rate cuts in ’23.”

Jerome Powell, Chair of the Board of Governors of the Federal Reserve, attends a Central Bank Symposium at the Grand Hotel in Stockholm, Sweden on January 10, 2023. - Senior central bank officials and prominent academics participated in four panels that address central bank independence from various angles climate, payments, mandates and global policy coordination. - Sweden OUT (Photo by Claudio BRESCIANI / TT News Agency / AFP) / Sweden OUT (Photo by CLAUDIO BRESCIANI/TT News Agency/AFP via Getty Images)Jerome Powell, Chair of the Board of Governors of the Federal Reserve, attends a Central Bank Symposium at the Grand Hotel in Stockholm, Sweden on January 10, 2023. - Senior central bank officials and prominent academics participated in four panels that address central bank independence from various angles climate, payments, mandates and global policy coordination. - Sweden OUT (Photo by Claudio BRESCIANI / TT News Agency / AFP) / Sweden OUT (Photo by CLAUDIO BRESCIANI/TT News Agency/AFP via Getty Images)
Jerome Powell, Chair of the Board of Governors of the Federal Reserve, attends a Central Bank Symposium at the Grand Hotel in Stockholm, Sweden on January 10, 2023. (Photo by CLAUDIO BRESCIANI/TT News Agency/AFP via Getty Images)

It’s also a significant week for the European Central Bank and the Bank of England, as it’s widely expected for officials to raise benchmark interest rates by 50 basis points on Thursday. Such a move would mark a slowdown from last year’s aggressive hikes, as inflation cools and unemployment levels remain low.

Elsewhere on the economic data front, consumer confidence fell to 107.1 compared to 109.0 in the prior month but remains above July 2022 levels, according to The Conference Board. Economists surveyed by Bloomberg forecasted a range of 105.0 to 112.5.

Earnings season in full force

The busiest week of the fourth-quarter earnings season kicked off, with more than 100 companies representing nearly one-third of the S&P 500’s market value reporting results.

Exxon Mobil (XOM) shares rose more than 2% Tuesday after the company reported earnings that beat expectations in the fourth quarter, while revenue came in short. The oil giant posted adjusted quarterly earnings per share of $3.40 compared to analyst forecasts of $3.29. Revenue in the quarter was $95.43 billion, lower than expectations of $97.3 billion.

McDonald’s (MCD) shares dipped after the company reported fourth-quarter earnings Tuesday morning that beat expectations as more customers visited the fast-food chain amid higher menu prices. Revenue for the quarter came in at $5.93 billion compared to $5.75 billion expected, while the company posted adjusted earnings per share of $2.59 compared to analysts forecasts of $2.44.

General Motors (GM) shares rallied Tuesday, gaining more than 8%. The car maker reported a 15% rise in net income in the fourth quarter amid weak consumer spending.

United Parcel Service (UPS) posted a decline in revenue for the fourth quarter as the company delivered fewer items during the holiday season. Revenue for the quarter fell 2.7% to $27.0 billion, missing analyst expectations of $28.09 billion. UPS reported an adjusted profit of $3.62 per share for the quarter ended Dec. 31, higher than expectations of $3.59 per share.

Caterpillar Inc. (CAT) posted lower-than-expected quarterly profit, the first time since the start of the pandemic. Caterpillar reported Tuesday adjusted fourth-quarter earnings of $3.86 a share, while analysts expected $3.97.

Spotify (SPOT) reported fourth-quarter results that gave investors a mixed outlook ahead, as the company delivered a wider-than-expected loss and a beat on gross margins. Revenue for the fourth quarter missed. Meanwhile, total monthly active users surpassed expectations, coming in at 489 million compared to 478 million expected.

Finally, Pfizer (PFE) shares dipped, then rebounded after the pharma giant reported adjusted earnings of $1.14 per share on $24.29 billion in sales. The company said it expects lower sales in 2023, including a steep fall in sales for its COVID vaccine.

Elsewhere in markets, shares of Carvana (CVNA) surged on Monday by as much as 33% and rose again in Tuesday trading. According to Bespoke Investments data, Carvana is part of the list of the 35 most heavily shorted stocks in the Russell 1,000 at the moment. These stocks on average are up 18.8% this year.

Meanwhile, things will quickly turn to tech after the bell. Snap (SNAP) is set to provide an early look into what is cooking in the world of online advertising, user growth and consumer spending, following Microsoft (MSFT) signaling a continued slowdown in cloud growth in December.

Meta Platforms (META) is set to report quarterly results Wednesday, while Amazon (AMZN), Apple (AAPL), Alphabet (GOOG) are gearing up for Thursday.

Overseas, the International Monetary Fund said on Monday that it expects the global economy to slow. In the U.S., economic growth will slow to 1.4% this year as central banks continue to work to tame inflation, the IMF said.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

 

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HSBC completes sale of Canadian unit to RBC – The Globe and Mail

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HSBC Holdings said it completed the $13.5-billion sale of its Canadian unit, HSBC Bank Canada, to Royal Bank of Canada (RBC) on Thursday.

The transaction will result in the recognition of an estimated gain of $4.9-billion in the first quarter of 2024, HSBC said in a statement on Friday.

RBC previously said the acquisition, which merges Canada’s biggest and seventh-biggest lenders, will boost its domestic business as well as its position on the global stage.

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HSBC Canada’s branches and offices will open for business on Monday, April 1 as RBC locations, RBC said in a separate statement.

The merger, RBC’s biggest, overcame opposition from environment and anti-monopoly groups as well as conservatives, who lamented the increasing concentration of the industry and the possibility of higher fees for consumers.

Deals of this size in the banking sector have not been attempted in Canada since the early 1990s when RBC’s bid for Bank of Montreal was blocked by regulators.

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US February PCE core inflation +2.8% y/y vs +2.8% expected – ForexLive

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US core PCE yy

  • Prior month 2.8% (revised to 2.9%)
  • PCE core m/m +0.3% vs +0.3% expected (unrounded +0.261%)
  • Prior m/m core +0.4% (revised to +0.5%)
  • Headline PCE +2.5% y/y vs +2.5% expected (prior 2.4%).
  • Headline m/m +0.3% vs +0.4% expected (unrounded +0.333%)
  • 6 month core annualized 2.9% vs 2.6% prior
  • Full report

Consumer spending and consumer income for February:

  • Personal income +0.3% versus +0.4% expected. Prior month 0.3%.
  • Personal spending +0.8% versus +0.5% expected. Prior month +0.2%
  • Real personal spending +0.4% vs -0.1% last month (revised to -0.2%)

The revisions to the January data are a touch higher but it didn’t bump up the Feb y/y numbers.

Overall, it’s a tad hot but the dollar is a tad softer, perhaps focusing on the lower headline m/m reading.

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Looking deeper at spending, goods rose 0.5% with services up 0.9%. On the inflation side, goods prices were down 0.2% y/y while services prices rose 3.8% y/y.

US core PCE mm

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What’s open and closed Good Friday, Easter Monday in Hamilton, Burlington and Niagara Region – Global News

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The Easter long weekend is upon us, bringing a rare four-day holiday to some in the Hamilton area. Several businesses and services will be closed on Good Friday (March 29), Easter Sunday (March 31) or Easter Monday (April 1).

Here’s a list of some things that will or will not be operating in Hamilton, Burlington and Niagara Region.

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Administrative offices: Offices are closed on Friday and Monday.

Licensing and bylaw services: Licensing and bylaw phone queue line will be closed on Friday and Monday. Service will resume on Tuesday.

Green bin, garbage and recycling: No collection on Good Friday. Friday’s pickup will occur on Saturday (March 31). Monday will be a regular collection day (April 1). The city says all materials must be at the curb by 7 a.m. Community recycling centres and transfer stations will be closed Friday and Monday.

HSR bus: Buses will operate on a Sunday/holiday schedule Friday and a regular schedule on Monday.

GO Transit: Trains and buses are operating on a Sunday schedule Friday.

ATS DARTS: Service will be operating with holiday service hours on Friday and Monday. Subscription trips on DARTS, with the exception of dialysis, are cancelled for Friday and Monday. ATS customer service will also be closed on Friday and Monday.

Ontario Works: The program, including the special supports, will be closed Friday and Monday. Phone service will resume on Tuesday.

Recreation centres: Closed on Friday and Monday.

Hamilton civic museums: Dundurn National Historic Site, the Hamilton Military Museum and the Hamilton Museum of Steam and Technology will be closed on Friday and Monday.

Tourism Hamilton visitor information centre: Closed Friday to Monday.

Hamilton Public Library: All HPL branches are closed on Good Friday, Easter Sunday and Easter Monday. Branches are open on Saturday and regular hours resume Tuesday, April 2

Social services: All Ontario Works offices, special supports and the housing services office will be closed on Friday and Monday.

Senior centres: Closed Friday and Sunday. Senior clubs will be running modified program schedules from Friday to Monday.

Arenas: Closed to public programming Friday, Sunday and Monday.

Animal services: Closed Good Friday, Sunday and Easter Monday.

Canadian Warplane Heritage Museum in Mount Hope: Open Good Friday, Saturday and Easter Sunday. Closed Easter Monday.

Burlington

Government offices: Local government such as city hall, municipal offices and facilities will be closed on Good Friday and Easter Monday.


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Administrative services: Services including parks, roads and forestry will be closed on Friday and Monday. Only snow removal and urgent services will be provided.

Animal Shelter and Control: Closed all weekend, Friday through Monday. Emergencies can be called in to 905-335-7777.

Recreation centres: Some city pools, arenas and community centres will be operational on a limited schedule. Visit burlington.ca/dropinandplay for details. Some outdoor recreation facilities will also be open, weather permitting. Visit burlington.ca/outdoorplay for more information. Tyandaga Golf Course will be closed. The tentative season opener is set for April 6.

Halton Provincial Offences Court: Closed on Friday and Monday.

Free parking: Available Friday and Monday in the downtown core in municipal lots, on-street and in the parking garage, however, the Waterfront parking lots (east and west) do not provide free parking on statutory holidays. Parking exemptions are required to park overnight on city streets and for longer than five hours. Visit burlington.ca/parkingexemptions for more.

Burlington Transit: Transit will operate a holiday schedule Sunday. The downtown transit terminal, specialized dispatch and the administration office will be closed on March 29. Monday is a regular schedule.

Niagara Region

Government offices: City halls, the Enterprise Centre and administration offices are all closed on Good Friday. Some offices, like St. Catharines, will reopen on Easter Monday.

Parks, recreation and culture services: All City recreation centres are closed on Good Friday and Easter Sunday. Administration offices are all closed on Friday. Some will be closed on Monday. St. Catharines Kiwanis Aquatics Centre is closed Friday, but open on Saturday. Seymour-Hannah Sports and Entertainment Centre is closed Friday, but open regular hours through the weekend and Monday.

Community centres: All older adult centres and arenas will either be closed or have reduced hours on Friday, Sunday and Monday.

St. Catharines Museum; Welland Canals Centre: Both facilities will be closed on Good Friday but open the rest of the long weekend between 9 a.m. to 5 p.m.

Niagara Regional Transit: Both St. Catharines and Niagara Falls buses will operate on a holiday schedule for Good Friday. Regional, Fort Erie and Welland service will not be running Friday. The agency will have regular hours on Easter Sunday and Monday.

Canada Post: No collection or mail delivery on Monday. Most post offices operated by the private sector will also be closed during business hours.

Grocery stores: Major grocery stores like Fortinos, Metro, FreshCo and No Frills will be closed on Good Friday and Easter Sunday.

Shoppers Drug Mart: Some locations in the city will be open on Good Friday and Easter Sunday, but not all. Holiday hours can be seen on the Shoppers store locator map.

Rexall: Some outlets are open on a holiday schedule, but not all. Visit the Rexall website for store hours.

Malls: All major shopping centres in Hamilton, Burlington, St. Catharines and Niagara Falls will be closed on Good Friday. Exceptions include:

  • Outlet Collection at Niagara Falls: Open from 10 a.m. to 6 p.m.
  • CF Toronto Eaton Centre: Open noon to 7 p.m.
  • Toronto Premium Outlets in Halton Hills: Open Friday from 9:30 a.m. to 7 p.m. and Sunday from 11 a.m. to 7 p.m.
  • Pacific Mall in Toronto: Open between 11 a.m. and 7 p.m.
  • Vaughan Mills will be open from 11 a.m. to 7 p.m.

In Toronto, retailers in designated tourist areas such as Yorkville, downtown Yonge, Queen’s Quay West and the Distillery District can stay open Good Friday, according to City of Toronto bylaws.

Walmart: All Walmarts in the GTHA will be closed Good Friday and Easter Sunday except the Niagara Falls Supercentre on Oakwood Drive, which is open between 7 a.m. and 11 p.m. on those days.

Alcohol

The Beer Store: All stores will be closed Good Friday and Easter Sunday.

LCBO: All stores will be closed Good Friday and Easter Sunday.

More on Canada

Wine Rack: Most Hamilton locations will be closed on Good Friday and Easter Monday except for the Wilson Street West location in Ancaster and the Guelph Line outlet in Burlington.

Wilson Street will be open Noon to 5 p.m. on Good Friday and 11 a.m. to 6 p.m. on Easter Sunday. Guelph Line will open 10 a.m. to 6 p.m. on Friday and Sunday.

Tourist destinations

Niagara Falls: Some Niagara Falls attractions are closed during the early spring, including the Whirlpool Aero Car and Wildplay Whirlpool Adventure Course, and the White Water Walk.

However, some, like the Niagara City Cruises, Journey Behind the Falls, Niagara Falls History Museum and The Exchange, and the Niagara Power Station are open and will be operating on Good Friday and Easter Sunday. Hours of operation can be seen on the Niagara Parks website.

The Butterfly Conservatory will be open on Good Friday and Easter Sunday between 10 a.m. and 6 p.m.

Toronto: Most Toronto attractions are either closed or have adjusted hours on Good Friday and Easter Sunday.

  • The Hockey Hall of Fame will be open from 10 a.m. to 5 p.m.
  • The Toronto Zoo will be open from 9:30 a.m. to 6 p.m.
  • The Ontario Science Centre will be open from 10 a.m. to 5 p.m.
  • Ripley’s Aquarium will be open from 9 a.m. to 11 p.m.
  • The Art Gallery of Ontario will be open from 10:30 a.m. to 4:30 p.m.
  • The Royal Ontario Museum will be open from 10 a.m. to 5:30 p.m.
  • The Aga Khan Museum will be open from 10 a.m. to 5:30 p.m.

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