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Hudson’s Bay Liquidation Marks End of an Era, Thousands of Jobs at Stake

  Hudson’s Bay, Canada’s oldest retail company, is set to liquidate the majority of its stores, leaving thousands of employees facing layoffs. The company, which has been a cornerstone of Canadian retail for over 350 years, recently filed for creditor protection due to financial challenges, including reduced consumer spending and post-pandemic downtown traffic. Starting today, liquidation sales will begin at all but six Hudson’s Bay locations across the country. The six stores spared include flagship locations in Toronto and Montreal, among others. However, the company has warned that these stores could also face closure if a restructuring solution is not found quickly. The liquidation process is expected to impact over 9,000 employees directly, with additional effects on contractors and brand shop-in-shop staff. Many employees, some with decades of service, are grappling with the emotional and financial toll of the closures. The liquidation sales are set to run until June 15, with...
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Tech-Led Comeback Boosts US Futures as Netflix Earnings Await


US stock futures are on the rise, fueled by optimism over tech earnings and positive global equity markets. Investors are closely watching Netflix (NFLX) as it kicks off the earnings season for mega-cap tech companies. Here are the key highlights:

  1. Tech Stocks Revive:

    • Futures on the S&P 500 and the Dow Jones Industrial Average rose about 0.2% after recent declines.
    • Nasdaq 100 futures also added 0.2% despite tech stocks ending over 1% lower previously.
    • TSMC’s strong earnings results lifted hopes for chip and tech stocks, signaling robust AI demand.

  2. Netflix Earnings in Focus:

    • Netflix, part of the “Magnificent” group of companies, is set to report its financial update later today.
    • Investors consider this a critical test for stocks this earnings season, given the significant role of megacap techs in driving market gains.

  3. Federal Reserve Watch:

    • The market continues to monitor whether the Federal Reserve will hold off from cutting interest rates this year.
    • An update on jobless claims and appearances by policymakers John Williams and Raphael Bostic are on the docket.

  4. Bond Yields Ease:

    • US bond yields have retreated from recent five-month highs, easing pressure on stocks.
    • The 10-year Treasury yield is down about 2 basis points, trading near 4.56%.

  5. Debt Concerns and US Economy:

    • The IMF has warned about the high levels of US debt ($34 trillion and counting).
    • Bank of America’s CEO, Brian Moynihan, emphasizes the need to manage debt levels over the next decade.

In summary, tech stocks are staging a comeback, and all eyes are on Netflix’s earnings report. As the market navigates economic uncertainties, investors remain cautiously optimistic.


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