Taylor Swift buys back rights to her first 6 albums
Bryan West, USA Today's Taylor Swift reporter, joins Hanomansing Tonight to discuss the significance of Taylor Swift buying her music back.
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Globe and Mail
27 minutes ago
- Globe and Mail
Wall Street's rally stalls as US stocks post their 1st loss in 4 days
NEW YORK (AP) — Wall Street's rally stalled after stocks climbed back within 2% of their all-time high. The S&P 500 slipped 0.3% Wednesday, marking its first drop in four days. The Dow Jones Industrial Average ended little changed, and the Nasdaq composite lost 0.5%. The action was stronger in the bond market, where Treasury yields eased after a report showed inflation ticked up by less last month than economists expected. That raised expectations for the Federal Reserve to cut interest rates later this year. Markets didn't react much to the conclusion of two days of trade talks between the U.S. and China. THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below. NEW YORK (AP) — Wall Street's rally is stalling on Wednesday after U.S. stocks climbed back within 2% of their all-time high. The S&P 500 was 0.4% lower in late trading and on track for its first drop in four days. The Dow Jones Industrial Average was down 45 points, or 0.1%, with roughly an hour remaining in trading, and the Nasdaq composite was 0.6% lower. Several Big Tech stocks led the way lower, and a 1.9% drop for Apple was the heaviest weight on the market. It's been listless this week after unveiling several modest upcoming changes to the software that runs its devices. The action was stronger in the bond market, where Treasury yields eased after a report suggested President Donald Trump's tariffs are not pushing inflation much higher, at least not yet. U.S. consumers had to pay prices that were 2.4% higher overall in May than a year earlier. That was up from April's 2.3% inflation rate, but it wasn't as bad as the 2.5% that Wall Street was expecting. A fear has been that Trump's wide-ranging tariffs could ignite another acceleration in inflation, just when it had seemed to get nearly all the way back to the Federal Reserve's 2% target from more than 9% at its peak three summers ago. It hasn't happened, though economists warn it may take months more to feel the full effect of Trump's tariffs. For the time being, many businesses may be pulling products they already had in their inventories rather than passing along higher costs from fresh imports. 'Another month goes by with little evidence of tariffs, but the longer-term inflation challenge they pose remain,' according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Financial markets also had only modest reactions to the conclusion of two days of trade talks between the United States and China in London. Trump said Wednesday that China will supply rare-earth minerals and magnets to the United States, while his government will allow Chinese students into U.S. universities in a deal that still needs an agreement by him and by China's leader. Trump also said that 'President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!' Investors are still hoping for a more sweeping trade deal that would ease tensions between the world's two largest economies. Hopes for such deals between the United States and countries around the world have been one of the main reasons the S&P 500 has charged nearly all the way back to its all-time high after dropping roughly 20% below a couple months ago. Without them, the fear is that Trump's high tariffs could drive the economy into a recession while pushing inflation higher. The S&P 500 is sitting 2.1% below its record. On Wall Street, Chewy dropped 12.5% after the seller of pet supplies reported a weaker profit for the latest quarter than analysts had forecast. Expectations were high after its stock had already rallied nearly 37% coming into the day for the year so far. Tesla swung from a gain in the morning to a loss of 0.4% to continue its shaky run. It's been recovering much of its big losses taken last week after Elon Musk's relationship with Trump imploded, which in turn raised fears about a loss of business for the electric-vehicle company. Musk on Wednesday backed away from some of his earlier comments and said they went 'too far.' In the bond market, the yield on the 10-year Treasury eased to 4.41% from 4.47% late Tuesday. Shorter-term yields, which more closely track expectations for what the Fed will do with overnight interest rates, fell more. Wednesday's better-than-expected reading on inflation raised expectations along Wall Street that the Fed could cut its main interest rate at least twice by the end of the year. The Fed has been keeping interest rates steady so far this year, going on pause after cutting rates at the end of last year. It has been waiting to see how much Trump's tariffs raise inflation because cutting interest rates could push inflation up even more, as they give the economy a boost. 'The Fed could be justified in doing some preemptive rate cuts,' said Brian Jacobsen, chief economist at Annex Wealth Management. 'They were afraid that inflation would rise before growth would slow, but the script has been flipped and they will likely change their tune.' In stock markets abroad, indexes fell across much of Europe and rose in Asia. South Korea's Kospi was one of the best performers and jumped 1.2%.
CBC
36 minutes ago
- CBC
GST rebate on new homes would save typical first-time buyer $27K: Budget officer
Social Sharing The parliamentary budget officer says an eligible first-time homebuyer would save an average of $26,832 in sales tax on the price of a newly built home under Ottawa's latest housing proposal. In an analysis released Wednesday, the federal government's fiscal watchdog predicts that 71,711 new builds would qualify for GST relief over the lifetime of the program. The proposal would see the federal portion of the sales tax eliminated on a new home worth up to $1 million if it's bought by a qualifying first-time homebuyer. The GST rebate would be phased down as the price of the home approaches $1.5 million. Homes bought from May 27 through to 2031 can qualify for the rebate, as long as construction starts before 2031 and finishes by 2036. Canadians who have owned a home already are not eligible for the GST relief — with some exceptions. Neither are investors. The PBO forecasts the program will cost $1.9 billion over six years, while the federal government has pegged the "tax savings" for Canadians at $3.9 billion over five years. The PBO's latest estimate is about $100 million lower than the figure it cited during the spring federal election, when the GST break was proposed. It attributes that gap to a later implementation date and a different definition used for first-time homebuyers. A Desjardins Economics analysis of the proposal released Monday offered one explanation for the discrepancy between the PBO's cost estimate and the government's figure: Ottawa might think its program will be more popular than the PBO does. A higher cost estimate suggests more first-time homebuyers purchasing qualifying new builds, in other words. Economic impact of tax cut not part of analysis The GST rebate, which is not yet law, was included in the Liberals' spring election platform as a way to help Canadians break into the housing market. A home priced at $1 million would receive the maximum rebate of $50,000. The Desjardins report by economist Kari Norman said that if the program proves popular with first-time buyers, it could spur additional housing construction to meet higher demand. The PBO said it does not include possible behavioural responses to the program in its analysis. Norman noted in her report that it's also possible increased demand from homebuyers will push up home prices in the near term. She estimated that 85 per cent of new homes built in Canada over the program timeframe will be eligible for the full GST break of up to $50,000. In cases where the GST portion of a new home sale is rolled into the mortgage principal, the typical owner could expect to save $240 per month on mortgage payments, she said. The savings are more direct when a developer charges the GST upfront. The measure is packaged in legislation that also includes the Liberals' promised income tax cut, which is set to take effect July 1 after it was adopted through a ways and means motion last week.
CBC
an hour ago
- CBC
How the Edmonton Oilers fandom became a kind of religion
Social Sharing For the second year in a row, the Edmonton Oilers are facing off against the Florida Panthers in the Stanley Cup Finals — and the culture of the Oilers fanbase has reached a new kind of fever pitch. Today on Commotion, CBC Edmonton reporter Min Dhariwal and professor Judith Ellen Brunton discuss how the intensity of Oilers fandom in Edmonton transcends mere hometown boosterism to resemble something more like a religion. We've included some highlights below, edited for length and clarity. For the full discussion, listen and follow Commotion with Elamin Abdelmahmoud on your favourite podcast player. WATCH | Today's episode on YouTube: Elamin: Min, I'll start by maybe offering my condolences over game three. I hope things get a little bit better. But we're not here to talk about what is happening on the ice…. Give me a sense of the vibe, of what happens when the Oilers are in the finals. Min: Yeah, well, after a game like game three, the vibe kind of gets knocked down a couple of notches. But I mean, this run has been as good if not better than last year's, and the city is just alive, right? It doesn't matter if you go into a store, you jump into a cab, the driver might be wearing an Oilers jersey, or might have a flag on the car. You go downtown, you see flags and Oilers paraphernalia in the windows, up in the towers. On game days, the downtown just becomes a zoo … and people are wearing their jerseys all day long. So it has certainly made spring and summertime in Edmonton the last couple of years very different from how it used to be for many, many years. Elamin: Judith, the premise of this conversation is, it's not just that a city gets excited when their team is in the finals. It's that there is something different about this fandom. You're a professor of religious studies. Your particular area is Alberta and the way that religious ideology intertwines with the province's culture of oil, oil production, prosperity and also hockey. You recently wrote about this for The Conversation, about how the history kind of amplifies the intensity of this fandom. Can you unpack that idea of where this fandom maybe meets religion? Judith: For sure. I mean, you said it: when there's something weird going on, that's a good moment for a scholar of religion to appear, so here I am. I think that whenever we talk about shared values or zeal, or identity or commitment, that's a good moment to think about religion, because one way to describe religion is just kind of a technology of shared values, or a way people organize their values together. And scholars of religion and sport, which include my co-author for that piece, Cody Musselman, have studied a lot about how team sports act really religionally…. They have lots of rituals. They have prayers and superstitions. Folks wear special clothing, they have certain ideas of how to preserve purity. So a lot of that is already going on with sports. And then of course we can add oil to this, because Oilers evoke another aspect of Canadian society that I think for some people has almost religious importance, which is resource extraction. And in Canadian culture, oil has always been kind of entangled with religion — both religion as we would recognize it institutionally, but also kind of this idea that it's a blessing from God, or it's tied up in ideas of what a good life is and how to live it. So for lots of people in resource extraction communities like Alberta, the possibility of success and the good life that that promises really gets valued over and above other possible risks, including environmental. And the Edmonton Oilers showcase this worldview for sure, in which there's this idea of triumph and luck and rugged work pays off. This is a belief that functions on the ice and in the oil field. So luck is really central to both oil worldviews and hockey worldviews. Historically, this is essential for perseverance within fossil fuel extraction. Striking it rich in the oil fields is really entangled with the idea of divine providence. And sports, similarly, is thrilling, right? You can put all this work in, you can have all the great plans, you have all the right players, but it really takes luck to strike it rich. So oil culture is definitely, in the case of the Oilers, pairing this idea of divine favour with an insistence on rough-and-tumble endurance, which is definitely what's happening on the ice.
