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Stock market news lives updates: Stocks fall, S&P 500 heads for worst first half in 52 years – Yahoo Canada Finance

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US stocks dipped on Thursday, with the major averages on track to post steep declines for the month of June and first half of 2022 as concerns over heightened inflation and the prospects of a recession weighed on risk assets.

The S&P 500 fell by about 0.2% as of 12:48 p.m. ET, coming off session lows when the index was down as much as 2.1%. The Dow dropped about 100 points, or 0.3%, and the Nasdaq declined by about 0.4%.

Stocks held lower in early trading after a new report showed core personal consumption expenditures — the Federal Reserve’s preferred inflation gauge — decelerated slightly more than expected in May. This metric rose by 4.7% over last year compared to the 4.8% increase anticipated, according to Bloomberg data. Headline inflation, which includes energy and food price changes, also rose slightly less than expected, or at a 6.3% annual rate to match April’s pace. However, separate data showed real personal spending fell by a larger-than-expected 0.4% in May after a rise of 0.7% in April, suggesting consumers were pulling back on some spending with inflation at current levels.

The risk-off mood in equities extended to other asset classes including oil. West Texas intermediate crude futures fell back below $110 per barrel, and bitcoin prices sank to just over $19,000.

Thursday’s price action extended a streak of declines for US equities. These have been hit hard for months now as investors have weighed persistently hot inflation against risks of an economic downturn, as the Federal Reserve responds to inflation with faster tightening. Federal Reserve Chair Jerome Powell this week reaffirmed that the central bank’s main goal is bringing down inflation running at its fastest rate in over 40 years, suggesting that this aim will take priority over fully preserving activity elsewhere in the economy.

NEW YORK, NEW YORK - JUNE 23:  Traders work on the floor of the New York Stock Exchange during morning trading on June 23, 2022 in New York City. Stocks opened on a positive note this morning after ending lower yesterday ahead of today's testimony by Federal Reserve Chairman Jerome Powell before a House panel to discuss the state of inflation in the United States. (Photo by Michael M. Santiago/Getty Images)NEW YORK, NEW YORK - JUNE 23:  Traders work on the floor of the New York Stock Exchange during morning trading on June 23, 2022 in New York City. Stocks opened on a positive note this morning after ending lower yesterday ahead of today's testimony by Federal Reserve Chairman Jerome Powell before a House panel to discuss the state of inflation in the United States. (Photo by Michael M. Santiago/Getty Images)

NEW YORK, NEW YORK – JUNE 23: Traders work on the floor of the New York Stock Exchange during morning trading on June 23, 2022 in New York City. (Photo by Michael M. Santiago/Getty Images)

“Is there a risk we would go too far? Certainly there’s a risk,” Powell said at the European Central Bank’s annual economic policy roundtable conference in Portugal on Wednesday. “The bigger mistake to make — let’s put it that way — would be to fail to restore price stability.”

Powell earlier in June suggested either a 50 or 75 basis point interest rate hike would most likely be on the table following the Fed’s July meeting. And in the weeks since, a number of other key central bank officials have affirmed that the latter will probably be the most appropriate option, with inflation and consumer inflation expectations each remaining elevated.

Amid the myriad concerns facing markets as of late, stocks are on track to close out the worst first half of a year in decades. Based on Wednesday’s closing prices, the S&P 500 is set to post a 19.9% decline for the first six months of the year — its worst performance since 1970. For the month of June alone, the index is on track to slide by 7.6%.

All 11 major sectors in the index are heading toward monthly losses, with the cyclical energy, materials and financials sectors among the worst performers as fears over a recession have resurged. That leadership also reversed what was seen earlier this year, when energy stocks and outperformed amid oil and other energy commodities’ march higher. The more defensive health-care, consumer staples and utilities sectors outperformed in June.

Both the Dow and Nasdaq Composite also headed for marked monthly and year-to-date losses. As of Thursday’s close, the Dow had fallen 14.6% for the first half of the year, and the Nasdaq shed nearly 29%.

On the move

  • Bed Bath & Beyond (BBBY) shares extended losses after a more than 23% decline in the stock on Wednesday. The retailer reported same-store sales that sank more than 20% in the most recent quarter, and also announced CEO Mark Tritton would be leaving the company and the board, effective immediately, and that board member Sue Gove would take over on an interim basis.

  • RH (RH) shares tumbled after the furniture company slashed its full-year outlook to forecast a revenue decline, citing “the deteriorating macro-economic environment” and lower-than-expected demand. RH now sees revenue falling between 2% and 5% this year, versus a prior outlook for sales to come in flat to up 2%.

  • Constellation Brands (STZ) turned lower even after the beverage company posted first-quarter results that exceeded estimates on most major metrics. Comparable earnings per share came in at $2.66 versus the $2.50 expected, according to Bloomberg data, and beer net sales of $1.9 billion were $160 million better than expected.

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

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Ageism: Does it Exist or Is It a Form of ‘I’m a Victim!’ Mentality? [ Part 4 ]

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How you think is everything.

This is the fourth and final column of a 4-part series dealing with ageism while job hunting.

The standard advice given by “experts” to overcome ageism revolves contorting yourself to “fit in,” “be accepted,” and “be invited.” Essentially, their advice is to conceal your age and hope the employer throughout the hiring process won’t figure it out and hire you.

It takes a lot of time and energy to be accepted into places where you aren’t welcome, and it can be heartbreaking.

Finding an employer who accepts you for who you are, regardless of age, gender, race, or whatever, is the key to happy employment. There’s no better feeling than the feeling you’re welcomed. Therefore, my advice to job seekers is: Be your best self and let the chips fall where they may. Doing your best and accepting the outcome will give you a Zen-like sense of freedom.

An attempt to infer someone’s biases based on their actions is usually just an assumption based on what you want to believe. If it benefits you to think someone is practicing ageism (e.g., a convenient excuse), then you’ll believe you’re the victim of ageism.

The fact is you don’t know what the hiring manager’s behind the scene looks like. The entire company’s leadership team judges their hiring decisions. Your fit with current employees needs to be considered. Budget constraints exist. Let’s not forget the biggest hiring influencer, and their past hiring mistakes, which they don’t want to repeat.

While reviewing resumes for a senior accounting position, the hiring manager thinks, “The Centennial College graduates I’ve hired didn’t last six months. While Bob has plenty of experience, he’s a Centennial College alumnus. Hiring another six months quitter won’t look good on me.” “Karen has worked for FrobozzCo International. If I recall, the company reportedly funneled money into offshore accounts to avoid paying taxes. I wonder if Karen was involved.”

Association experiences contribute to most biases. You know the saying, “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” If you met five rude redheads in a row, the next one will also be rude, right? The human brain is wired to look for patterns and predict future behavior based on those patterns. Call it a survival skill. When we first meet someone, we try to predict what behavior to expect from them using past experiences.

This quick assessment is why hiring managers decide, within as little as two minutes, whether a candidate is worth their time. While it’s important to try and make a good first impression (READ: image), you have no control over how others interpret it.

Bottom-line: You can’t control another person’s biases.

Based on how I hire, and conversations with hiring managers, I believe the following to be true. An employer is more interested in the results you can deliver for them than your age or whatever “ism” you believe is against you.

Can employers afford to pass up qualified candidates who could contribute to their bottom line? Of course not! (Okay, it’s “unlikely.”) You’ll be in demand if you can demonstrate a track record of adding value to your employers.

Having the belief that your age prevents you from finding the employment you want is a paralyzing belief. Ageism exists for all ages, which I think many people use as a crutch.

“They said I was overqualified. That’s ageism!”

“They hired someone younger than me. That’s ageism!”

“They said I wasn’t experienced enough. That’s ageism!”

Get over yourself!

Employers can hire whomever they deem to be the best fit for their business. It’s self-righteous to judge someone else’s biases (READ: preferences), especially when their biases don’t serve your interests. Let’s say, for example, you’re 52 years old, and the hiring manager prefers candidates between 45 and 55 (Yes, I know such hiring managers), and they hire you. Would you call out the hiring manager’s bias that worked in your favor?

If you believe your age is an obstacle, here’s my advice: Break the fourth wall. If you sense your age is the elephant in the room, put your age on the table and see what happens. When interviewing, I always mention, early in, that I’ve been managing call centers since 1996. I then let my interviewer do the mental math and wrestle with any age bias they may have. As I mentioned in my last column, the employer most likely Googled you and has a good idea of your age. Therefore, since you were vetted to determine if you were interview-worthy, tell yourself that your age is irrelevant.

When interviewing, don’t focus on “isms.” Doing so makes them your reality. Instead, focus on the problems the position you’re interviewing for is meant to solve.

______________________________________________________________

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

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CMHC reports annual pace of housing starts up 1.1 per cent in July – CP24

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The Canadian Press


Published Tuesday, August 16, 2022 9:02AM EDT


Last Updated Tuesday, August 16, 2022 9:02AM EDT

Canada Mortgage and Housing Corp. says the annual pace of housing starts in July edged higher compared with June despite a slowdown in urban starts.

The housing agency says the seasonally adjusted annual rate of housing starts in July was 275,329 units, an increase of 1.1 per cent from June.

The annual rate of urban starts was down 0.8 per cent at 254,371 units in July, while multi-unit urban starts fell 0.3 per cent to 195,987 units.

The pace of single-detached urban starts dropped 2.3 per cent to 58,384 units.

Meanwhile, rural starts were estimated at a seasonally adjusted annual rate of 20,958 units.

The six-month moving average of the monthly seasonally adjusted annual rates was 264,426 units in July, up from 257,862 in June.

This report by The Canadian Press was first published Aug. 16, 2022.

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Recall: Baby rocker, swing recalled over strangulation risks – CTV News

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Two infant products, manufactured by baby gear company 4moms, are being recalled due to strangulation hazards, according to a consumer product notice issued by Health Canada.

Health Canada says the recall involves certain MamaRoo baby swings and the RockaRoo baby rockers.

Those products impacted by the recall include MamaRoo infant swing set models that use a 3-point harness including models 4M-005, 1026 and 1037, according to the recall notice.

The MamaRoo model that uses a 5-point harness is not included in the recall, according to Health Canada.

The affected RockaRoo baby rocker’s model number is 4M-012. The model numbers can be found on the bottom of the products.

Both products have restraint straps that can dangle below the seat, and infants who are not seated can become “entangled in the straps, posing a strangulation hazard,” Health Canada said in the recall notice.

“This issue does not present a hazard to infants placed in the seat of either product,” the agency noted.

According to the recall, there have been no reports of strangulation or injury submitted to the company as of Aug. 9.

“Consumers with infants who can crawl should immediately stop using the recalled products and place them in an area where crawling infants cannot access,” reads the statement.

Consumers who have purchased one of the recalled products can register on the 4moms recall registration website or by phone at 877-870-7390. After doing this, 4moms will send a strap fastener to consumers with instructions on how to install.

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