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Mark Carney: The Economist Who Took on Trump and Won

  Mark Carney, a former central banker, has emerged as Canada’s prime minister following a dramatic election that reshaped the political landscape. His victory was fueled by a surge of nationalism in response to U.S. President Donald Trump’s aggressive rhetoric and trade policies. Trump’s threats to annex Canada as the “51st state” and impose steep tariffs on Canadian goods galvanized voters, turning Carney’s Liberal Party from underdogs to champions of Canadian sovereignty. Carney’s campaign centered on defending Canada’s independence and rebuilding its economy to reduce reliance on the United States. His experience as governor of the Bank of Canada and the Bank of England lent credibility to his promises of economic resilience. In his victory speech, Carney declared, “President Trump is trying to break us so that America can own us. That will never, ever happen”. The election results marked a stunning comeback for the Liberals, who were initially projected to lose to the oppositi...
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Stock Market Today: Apple Earnings Boost Spirits Amid Soft Jobs Report

 



In a surprising turn of events, the stock market rallied today despite a weaker-than-expected jobs report. Here’s a brief overview of what happened:

  • Apple (AAPL) stole the spotlight with its upbeat earnings. The tech giant’s quarterly profit exceeded expectations, and it even surprised investors with better-than-estimated revenue from China. Notably, this came amidst reports of flagging iPhone sales.
  • CEO Tim Cook also discussed Apple’s plans for AI development, a key focus this earnings season. However, it was the announcement of a massive $110 billion stock buyback—the largest in US history—that truly captured the market’s attention.
  • As a result, Apple shares rose 7% in pre-market trading, significantly boosting the Dow Jones Industrial Average.

 Soft Jobs Report

  • The April jobs report painted a picture of a cooling US labor market. Employers added 175,000 jobs, falling short of the expected 240,000. Additionally, the unemployment rate unexpectedly jumped to 3.9%.
  • Traders responded by increasing bets on a sooner-than-expected rate cut by the Federal Reserve. According to the CME FedWatch tool, there’s now roughly a 50-50 chance of a rate cut at the July meeting.

Market Reaction

  • The Dow Jones Industrial Average futures jumped 1.3%, or more than 450 points, while S&P 500 futures rose 1.1%. Contracts on the tech-heavy Nasdaq 100 were up roughly 1.6%.
  • All three major indices are poised to build on sharp closing gains from Thursday.

Despite the soft jobs report, Apple’s strong performance and the prospect of a rate cut have buoyed investor confidence. Keep an eye on market developments as we navigate this dynamic landscape.


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