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Judge Halts Retailer’s Bid for Former Hudson’s Bay Space at Yorkdale

Judge blocks department store from moving into former HBC space at Yorkdale mall. A proposed plan to open a new retailer in the former Hudson’s Bay space at Yorkdale Shopping Centre has been stopped by an Ontario judge. The decision blocks a deal that would have transferred the large anchor location to a discount-focused department store operator. The court found that the arrangement did not meet the standards required for such a major tenancy change, supporting Yorkdale’s position that the retailer was not an appropriate fit for the mall’s upscale environment. The ruling ends months of dispute over the future of the vacant three-level space and underscores the challenges malls face as they try to repurpose former department store footprints. Yorkdale, known for its luxury brands and high-end positioning, is now expected to pursue alternatives that better align with its long‑term strategy.
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US Stocks Slip, Bond Yields Rise as Rate-Cut Bets Cool



US stocks slid on Wednesday as bond yields rose, as optimism for fast interest-rate cuts waned ahead of fresh jobs data and the release of Federal Reserve meeting minutes.

The Dow Jones Industrial Average (DJI) fell 0.3% while the benchmark S&P 500 (GSPC) slipped about 0.5%. The Nasdaq Composite (IXIC) dropped roughly 0.7% after a bruising session that saw tech stocks shed almost 1.6%.

Hopes that the year-end market rally would roll on into 2024 took a battering on Tuesday as stock indexes and bond prices sank in tandem for their worst start to a year in decades. Bonds are headed lower for a fourth day, pushing the 10-year Treasury yield (TNX) up near 4%.

Traders have started pulling back on bets on Fed interest-rate cuts, with 74% now pricing in a March pivot, compared with 89% a week ago, per the CME FedWatch Tool.

Minutes of the Fed’s December meeting due later could give a window into how near officials think they are to easing up on tightening, so they can nail a “soft landing” for the economy.

Eyes will also be on the JOLTS report on job openings, given the unexpected resilience of the labor market has fed into expectations of a Fed shift. Wednesday’s data will set expectations for the December US monthly jobs report coming Friday.

After a rough first day of trading, investor attention on Wednesday will turn to the labor market with the monthly update on job openings and turnover — known as the JOLTS report — set for release at 10:00 a.m. ET.

A decline in job openings throughout 2023 served as an early indicator the US labor market was slowing, and Wednesday’s data will serve as a key table-setter ahead of Friday’s December jobs report.


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