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Daily Markets Update: Nasdaq Hits Record as Yields Top 5.3%, TSX Flat, Loonie Near 70¢

  S&P/TSX 35,518.55 +0.04% S&P 500 7,773.99 +0.66% Nasdaq 27,477.31 +1.05% Brent US$100.42 -1.8% USD/CAD 1.4250 Flat US 10-yr 5.315% +3.8 bp Monday, October 5 close, with Asia’s Tuesday session. Wall Street’s tech rally pushed the Nasdaq to a fresh record on Monday even as long-term bond yields kept climbing: the U.S. 10-year Treasury yield settled at 5.315%, a new 52-week high. Canada’s TSX barely moved, with tech gains offsetting a slide in energy and financials, and Cenovus fell after unveiling a C$5.7-billion takeover of Athabasca Oil. Oil dropped nearly 2% as G7 emergency stock releases and rising Middle East exports eased supply fears, and the loonie hovered near 70 U.S. cents, close to its weakest level in about 18 months. Canada: TSX Flat as Tech Offsets Energy Index / Stock Close Change S&P/TSX Composite 35,518.55 +0.04% Shopify (SHOP) — +5.7% Athabasca Oil (ATH) — +13.5% Cenovus Energy (CVE) C$44.86 -3.0% Suncor Energy (SU) — -1.2% The TSX added 15.90 points ...
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Hot Tea, High Stakes: California Man Wins $50 Million Lawsuit Against Starbucks

A California delivery driver, Michael Garcia, has been awarded $50 million in a lawsuit against Starbucks after suffering severe burns from a spilled tea. The incident occurred in February 2020 at a drive-through, where a venti-sized tea fell onto Garcia's lap, causing permanent and life-altering injuries.

Garcia's legal team argued that the scalding-hot tea was not securely placed in a takeout tray by a Starbucks employee, leading to the accident. The Los Angeles County jury sided with Garcia, holding Starbucks accountable for negligence. Garcia underwent multiple medical procedures, including skin grafts, due to the burns.

Starbucks has expressed sympathy for Garcia but plans to appeal the decision, calling the damages excessive. This case echoes past high-profile lawsuits involving hot beverages, such as the famous McDonald's coffee case in the 1990s.

The verdict serves as a reminder of the importance of safety standards in handling hot drinks, both for businesses and consumers.

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