Despite developing COVID-19 strain stress, inflation woes and the hesitation that many Americans have to ring in yet another new year that doesn’t seem so new, people are planning to spend more this holiday season. A wealth of surveys suggest that consumers are feeling more comfortable shopping in stores and are leveraging their online purchasing power after the wash that was the 2020 holiday season.
In fact, the National Retail Federation is predicting that, as jingle bells swing and jingle bells ring, Americans will spend up to $859 billion this year—the highest holiday retail sales on record. The average American, according to the research, will spend a cool K on the holidays. Similarly, Mass Mutual projects that Americans expect to spend an average of $1,243 on holiday purchases. The survey finds that 42 percent expect to spend at least $500 more than they did last year throughout the holidays, and 25 percent expect to spend at least $1,000 more.
However, not everyone is so quick to jump on the spending sleigh. A Deloitte survey finds that 11.5 percent of people are planning to sit out the season without spending anything on gifts. Those who do plan on going out dancin’ and prancin’ around retail stores are likely bigger earners. High-income households (raking in at least six figures) will spend five-times that of lower-income households (making less than $50,000) this holiday season. They’ll spend an average of $2,624 each over the holidays, which accounts for a 15 percent increase from 2020 and compares to the $536 that each lower-income household will spend, marking a 22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} decline from last year.
After all, according to a NerdWallet report, one in three shoppers still have holiday debt incurred last year hanging over their heads. And a LendingTree survey purports that 41 percent of people anticipate going into debt this season, too.
Wherever you fall on the spending spectrum, debt doesn’t do you well. Follow these personal finance tips for holiday shopping to make jingle bell time a swell time without spilling all your eggnog.
And don’t forget to check out Q.ai’s Limited Edition Holiday Shopping Kit, which helps you tap into the holiday shopping frenzy in a less conventional way. The Kit considers where everyone else is spending their money, and then allows you to invest in the major retailers that are crushing it this season—so you can get a piece of the pie, err, ginger bread.
1. Build a budget that’ll keep you and your wallet merry.
Holiday shopping without a budget is like going grocery shopping on an empty stomach—but with even more glittering garnish to attract your attention. It’s important to make a budget of how much you can feasibly spend this holiday season without breaking the bank—and to make that budget before you hit the stores.
2. Make a list, and check it twice.
Make a list of the people for whom you’re shopping, and even include yourself if you know that you’re someone who tends to treat yourself along the way. Consider those to whom you really need to give gifts (perhaps people like your family and your favorite boss) and the people who you’d ideally love to celebrate should you have any budget leftover (like your neighbor down the road).
Once you prioritize these people, give some serious thought as to what exactly you plan to purchase for them. Having a list of what you need to snag from the stores will help hold you accountable and not spend extra dollars (that add up) on that shiny ornament or adorable stocking stuffer you didn’t need. It’ll also help you save money if, for example, you can buy some stuff in bulk—like two-for-the-price-of-one candles for your colleagues.
3. Ask Santa for better prices.
Once you know what you want to buy, don’t be so quick to do it. Shop around for the best prices. Some shops offer holiday sales or coupons you could collect to shave dollars off the price tag.
While physically going into all the dizzying stores crawling with shoppers can be daunting, you could shop online or call stores ahead of time to see what they have in stock—and for what cost to you.
4. Take advantage of all the holiday miracles.
Look out for little ways to save money here and there, like through shopping cart abandonment. This is an e-commerce term that refers to placing items in your online cart, but not completing the checkout process. Some retails may email you coupons to commit to checking out if they see that you’re sitting on some stuff.
Also keep an eye out for discount codes that are floating around your social media, which will certainly serve you ads tailored to your online shopping history.
5. Keep your receipts at the ready.
At the end of the day, be sure to hang onto your receipts and collect gift receipts when necessary. The last thing you want to do is waste money on gifts that don’t fit or function properly, which would be a bummer for both the recipient and your wallet.
Keeping your receipts can also help you track your expenses and stay on track of your holiday budget.
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Monday, December 6, 2021
Most investors will enter this week confused after battling through another topsy-turvy trading week.
Bitcoin nosedived at its worst by 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the weekend (more on that below). Last week, the S&P 500 saw five straight losses of at least 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at one point each day, according to Bloomberg data. Small-cap stocks as measured by the Russell 2000 are officially in a correction.
Does one brave these rockier waters and buy the dip? After all, the strategy has worked wonders in the past five years as markets have been awash in liquidity. What I say is to sit tight. Honestly, you shouldn’t be confused at all given the economic implications of the new Omicron variant (and potentially others) and the Federal Reserve soon pulling back the liquidity punch bowl.
I think the team at Goldman Sachs led by Jan Hatzius nicely summed up this weekend why you should be hesitant to buy dips in the market in the near-term. In other words, the market has been right to hate the Omicron variant:
“First, Omicron could slow economic reopening, but we expect only a modest drag on service spending because domestic virus-control policy and economic activity have become significantly less sensitive to virus spread.
Second, Omicron could exacerbate goods supply shortages if virus spread in other countries necessitates tight restrictions. This was a major problem during the Delta wave, but increases in vaccination rates in foreign trade partners since then should limit the scope for severe supply disruptions.
Third, Omicron could delay the timeline for some people feeling comfortable returning to work and cause worker shortages to linger somewhat longer.”
The read here: the market probably hasn’t priced in anything Hatzius discusses above from an economic standpoint. It’s currently in the process of figuring things out. Hatzius slashed his first quarter 2022 GDP estimate to 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} primarily due to the spreading Omicron variant.
Then the other component at play is in fact the new Jerome Powell-led Fed in 2022, one that is more focused on controlling inflation than providing support to asset markets. To that end, Bank of America’s Chief Investment Strategist Michael Hartnett sets the stage very well for 2022 in this new Fed era:
“2021-22 investment backdrop we say similar to early stagflation of late-60s, early70s … period of inflation & interest rates breaking higher from secular low/stable trading ranges on back of high budget deficits, Vietnam, “Great Society” policies, civil unrest, political and acquiescent Fed; late-60s/70s “stagflation” winners were real assets, real estate, commodities, volatility, cash, emerging markets, all of which held their own versus inflation; losers were bonds, credit, equities, tech, all of which ultimately struggled; we think we’re in the ’69-’71 period.”
Harnett is bearish on 2022, and expects a “rates shock” and tightening financial conditions.
Happy trading! And remember, what goes up must eventually come down.
Odds and ends
Cryptocurrency: Yahoo Finance Editor-in-chief Andy Serwer and crypto reporter David Hollerith did expert jobs this weekend covering the rout in bitcoin prices (down 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} at one point on Saturday). So I won’t spend a lot of time on it, other than to say exuberant crypto asset prices are about to be put to the test as the Fed moves off peak liquidity. Those asset prices could also be put to the test this week as the CEOs of six major crypto companies testify at a Dec. 8 hearing of the House Financial Services Committee titled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” I am very interested to see if execs from Paxos, FTX, Coinbase, Circle, Stellar Development Foundation and Bitfury tell the likes of Congresswoman Maxine Waters that they want more regulation. Now is the group’s chance to send along that message, which is one I have been hearing from crypto people for over a year. I’ll reiterate: Be careful what you wish for, crytoverse.
Stock market bubble: Berkshire Hathaway’s Charlie Munger’s comments last week on valuations being crazy just like the 2000 dot-com bubble were well taken. I don’t agree 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} with the billionaire’s hot take, but it doesn’t take a rocket scientist to see pockets of excess in all sorts of markets at the moment (even in a market off its mid-November record highs). But to push back on Munger’s musings, look no further than this year’s IPO market. Bank of America strategist Jill-Carey Hall points out the number of traditional (non-SPAC) deals year-to-date is tracking the highest since the aforementioned tech bubble of 2000. BUT, as a percentage of market cap, deal value is half of 1999 levels. Sure doesn’t look bubblelicious to me, but then again what do I know, Munger’s net worth is 4,000 times mine (a rough guess).
DocuSign:Friday was a session for DocuSign that falls under the category for me of “wow, I haven’t seen that in a while.” Shares crashed 42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} by the close of trading as the company is experiencing slowing growth that took execs by surprise. Hat tip to DocuSign CEO Dan Springer for even coming on Yahoo Finance Live to talk with me and Zack Guzman, while the company’s stock plunged 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Having said that, watch DocuSign for a short-term dead cat bounce this week — Springer told us he is buying $5 million in company stock on Tuesday because the market reaction looks very overdone. I suspect he won’t be alone in trying to pick the bottom.
Small-cap stocks: Few sectors have been harder hit during this two week or so sell-off than small caps, or those of companies with outsized exposure to the U.S. economy. The small-cap Russell 2000 has tanked 12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from its recent high on Nov. 8, per Yahoo Finance Plus data. Yahoo Finance’s markets wizard Jared Blikre notes on Twitter the iShares Russell 2000 ETF is now at “old” support levels on the charts. The selling pressure may not yet be over, small-cap experts contend.
“Given the uncertainty around the new variant and the economy, it is hard to see investors wanting to add risk heading into year-end,” says Steven DeSanctis, Jefferies’ small and mid-cap strategist (known on Wall Street as the “SMID” strategist). “When these issues are resolved, and we think that will be sooner rather than later, we see small spiking higher, like it has done numerous times since the low in March 2020. We would not be surprised to see a real January Effect with small leaping higher, beating large, and the cyclicals leading the way,”
Have no clue what the January Effect is? Give this a quick read from our friends at Investopedia.
HONG KONG, Dec. 6, 2021 /PRNewswire/ — The job market in Hong Kong is being driven by a combination of rising confidence in the market, shifts in the talent demand and rapid development of technologies post-pandemic, according to the digital Salary Survey 2022 by Robert Walters and Walters People, the world-leading specialist professional recruiter brands under the Robert Walters Group. Key findings[1] show that nearly 90{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of employers in Hong Kong are concerned about employee retention when market conditions improve, while 85{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of them also concern the shortage in talent and skills, in particular within senior and team leader levels.
Logo
Hong Kong overview
Overall, Hong Kong market rebounded strongly in 2021. There was a good deal of pent-up demand to start the year and hires that would possibly have been made in 2020 under normal conditions were executed in early 2021, leading to a glut of hiring. Talent pool has started to become limited in all areas especially within the technology and financial services sectors due to demand for digitalisation, travel restrictions and higher level of emigration.
Findings also show that candidates consider factors beyond compensation and benefits when looking for jobs, such as if companies offer good work-life balance, access to latest technology, hybrid working and if the company’s positions on social and political matters align with their own etc.
Digitalisation and transformation will continue to be a key growth area across many sectors
Companies are becoming more agile with their workforce post-COVID and are speeding up their transformation projects. Findings show that 95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of tech professionals are confident about job opportunities. It is anticipated that the hottest technical skills in 2022 will be big data analysis, machine learning, AI and cyber security across both permanent and contract roles. For job movers possessing in-demand or niche skill sets, salary increments of 15-20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} would be expected, and could be as high as 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for some senior positions.
Demand for hybrid jobs has intensified in the commerce sectors
Across HR, marketing and finance functions there is an increase in hybrid jobs where more and more jobs are combining skill sets that traditionally do not fall under the same roles, or candidates in technical disciplines are expected to apply more soft skills such as analysis and management skills in their jobs. For example, companies will be seeking for finance candidates that are highly analytical with strong commercial mindset who can analyse big data and convert this into commercial results. This shift in demand for talent has created challenges to hiring managers as the broader the job requirements and more specialised the role are, the harder it will be to attract the best talent that are often experienced candidates.
The financial services candidate pool is shrinkingwith higher demand for ESG-related skills
Travel restrictions and higher level of emigration mean that financial services professionals who stay may be able to command higher salary increments when they move jobs. With very little hiring of expatriates and many existing ones emigrating from Hong Kong, the percentage of foreign nationals working in the Hong Kong financial services sector especially front office pool will shrink further. The sector has performed strongly and firms are anxious to avoid turnover and focus on retention. Salaries are expected to increase in 2022 with the standard pay rise level of 4-5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} reaching 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. For job movers the previous standard increment of 15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} is now closer to 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, although it can vary somewhat depending on the individual context.
On the other hand, with Environmental, Social & Governance (ESG) edging into finance’s mainstream, it is expected that ESG factors are increasingly taking centre stage within investment strategies by corporates and financial services in 2022 and beyond. However, supply of professionals that possess sustainability-related skills are limited in Hong Kong so the competition will be fierce.
Companies are advised to capitalise on the opportunities brought by the new normal
The pandemic has forced companies and workforces to scramble towards hybrid working and the experience has shaped the perspectives of work. Industry survey[2] conducted by Robert Walters reveals 78{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of professionals said that the offer of hybrid working arrangements would make them more likely to join a prospective employer.
Ricky Mui, Managing Director – Greater China of Robert Walters Group says, “Given the shortage of candidates and the increasing demand for hybrid jobs, it’s expected that the competition for the best candidates will be fierce in 2022. Candidate experience will be key in attracting talent and businesses embracing hybrid workplace effectively will be recognised as an employer of choice. At the same time, having a robust equity, diversity and inclusion (ED&I) policy, as well as adopting new strategies to broaden the talent pool will ensure companies gain an edge over their competitors. “
Steady growth in contract roles for key projects drives demand for tech professionals and junior staff
Market rebound has also driven companies to catch up with projects that were on hold during COVID. During busy periods with an increased workload, contract professionals that can alleviate a short-term skills or resource gap will be particularly valuable to hiring managers where the recruitment process is more drawn out due to a narrow talent pool with few suitable candidates. Distinct recovery especially within the junior permanent recruitment market is also expected across technology and business transformation project roles.
Carly Adams, Director of Walters People Hong Kong, says, “Hiring managers need to be prepared to run an efficient and timely recruitment process in junior roles and contract recruitment. Time delays between interview rounds or non-essential interview participants will very often mean that they will miss out on their preferred candidate in a market such as this.”
[1] Statistics are based on industry research conducted by Robert Walters and Walters People in Hong Kong during the period of September to October 2021.
[2] Source: “Symptoms of dysfunction in hybrid working – Obstacles & Solutions” published by Robert Walters in August 2021
About Robert Walters – Established in 1985, Robert Walters is one of the world’s leading specialist professional recruitment consultancies spanning 31 markets. The Hong Kong office specialises in placing candidates on a permanent basis in the following specialities: accounting & finance, engineering & property, financial services, human resources, legal & compliance, sales & marketing, supply chain, logistics & procurement, and tech & transformation.
About Walters People – Walters People is part of the Robert Walters Group and operates in six European countries and in Hong Kong. The brand specialises in placing junior candidates and contract candidates across a range of professional disciplines including accounting & finance, business support, constructions & engineering, financial services, human resources, sales & marketing, supply chain, tech & transformation.
About the Robert Walters and Walters People Salary Survey –
Around the globe, employers and professionals alike have been relying on the Robert Walters and Walters People Salary Survey to help them make critical decisions for their businesses and careers. The digital edition of the Salary Survey is a comprehensive guide to salaries for thousands of roles in 31 locations, and it is packed with helpful tools and resources for hiring managers and job seekers alike, including the latest trends and analysis for different industries, as well as video updates on market conditions from industry experts.
“Over the next three years, Allianz expects to generate €12 billion of excess capital through its operational plans. Providing a solid base for these targets is healthy underlying growth in all business segments and encouraging progress in their transformation to meet future needs.”
In property & casualty, Allianz said the goal is an annual revenue rise of 3-4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} plus a 92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} target combined ratio. To reduce the unit’s expense ratio, the group is planning product and process optimization and harmonization.
“Further,” noted the firm, “Allianz aims to make its mid-corporate segment more efficient by rebalancing the portfolio, using integrated tools, strengthening operations in Europe, and growing regional hubs, as well as by harmonizing and simplifying processes through a global IT platform.”
Under life & health, meanwhile, the focus will be on growing Allianz’s preferred lines of business. Additionally, greater synergies and more efficient deployment of capital are expected, with L&H and asset management converging towards asset gathering.
In line with this, it was announced that Allianz has entered a reinsurance agreement with Resolution Life and affiliates of Sixth Street for its US fixed index annuity portfolio. The deal is set to “unlock” US$4.1 billion in value and free up regulatory capital for Allianz.
“Allianz continues to overdeliver and outperform, which shows that our customer-centred simplification strategy is working,” stated group chief executive Oliver Bäte. “Now, we aim to deploy our global scale as a competitive advantage to grow both our customer base and our margins.”
It was also highlighted that the insurer is achieving a consistent look and feel for client interfaces, simple and transparent products and processes, and quicker customer service, thanks to the accelerated rollout of the Allianz Business Master Platform.
Meanwhile, a “new and improved” dividend policy has been unveiled as well.
“Beginning retrospectively with fiscal year 2021,” declared the company, “Allianz will follow a new and improved dividend policy that offers a dividend per share which is the higher of a 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} payout ratio or a 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} increase from the preceding year’s dividend. The payout ratio will be based on net income, adjusted for significant extraordinary and volatile items.”
Chief financial officer Giulio Terzariol said the new policy is a reflection of Allianz’s confidence in its financial strength and earnings power.
A round-up of openings, closings, and other news about West Hartford businesses.
By Ronni Newton
Last week seemed like a really long, and really busy week – even though I was only in town for four days – but at the same time we are already almost a full week into December and our family is suddenly completely immersed in the Christmas season.
Covering Holiday Stroll on Thursday (story and photo gallery here) and the Mitten Run on Sunday (story and photo gallery here) were a great boost to my holiday spirit, as was shopping at the Noah Webster House Holiday Market.
We did celebrate a few family birthdays last week, and Ted was rather confused, and surprised, when we returned home Monday night and he found … several flocks of red flamingos on our lawn! He had previously flocked me for a milestone birthday (after I has asked for it to be kept low key), but my birthday is in June and he had no idea that the Conard Safe Grad committee is now flocking in the fall as well.
Birthday flamingos from Conard Safe Grad, honoring Ted’s 60th birthday. Photo credit: Ronni Newton
We finished up Ted’s birthday celebration on Sunday with the rest of the family, and also celebrated our son-in-law’s birthday, which is tomorrow. He said people mention reading about him in this column, so if you see Matt on Tuesday, please wish him a Happy 28th Birthday!
When I said we’re now immersed in the Christmas season I don’t mean our house is already impeccably decorated – far from it. We have an odd mix – too oddly combined to even be called eclectic – of fall and winter decor going on right now. The outside lights are up (because Ted did that), and we did get our Christmas tree on Saturday (but it’s still outside), but the only inside room that is completely transitioned is the powder room. It’s a project for this week, which I am hoping will be somewhat quiet on the news front.
Saturday night dinner was at Pho 135 – a perfect meal for a chilly evening!
Egg rolls from Pho 135. Photo credit: Ronni Newton
Stir fried chicken with vegetables topped with an egg from Pho 135. Photo credit: Ronni Newton
Pho with brisket (in a spicy broth) from Pho 135. Photo credit:: Ronni Newton
To remind myself of my own goal: I hope to take some deep breaths, and enjoy the sights, sounds, tastes, smells, lights, and spirit of the holiday season. And whatever holidays you celebrate, I hope you can do that, too.
Please continue to support our local businesses, wear your masks indoors if you are not vaccinated – and stay safe and healthy.
If you have information to share about local businesses, please provide details in the comments or email Ronni Newton at [email protected].
Interior of the soon-to-open Sparrow at 977 Farmington Ave. Courtesy photo
The exterior (in feature photo at top of column) of Sparrow is still hidden behind a wooden structure while new windows and doors are being installed for the entryway, but the photo just above is a sneak peek at the interior of the restaurant that will be opening in the former Grant’s space at 977 Farmington Ave. in the Center. Full details about the restaurant owned by former Barteca (Barcelona and bartaco) executive David Boyajian are still being kept under wraps, but acccording to a spokesperson they are “shooting for an ‘early 2022’ opening.” Renovations has been extensive, but is nearly complete with the ceilings installed and a large mural by Bethel-based artist Peter Le Floch (in photo below) is being painted on one of the walls. (Examples of his work can be found on Instagram @peterlafloch.) Kitchen equipment is being installed, and the back bar and private room are being built out now. We’ve been told that they will be drilling down the final recipes once the kitchen is ready, and I hope to be able to share those details soon!
Peter Le Floch is painting a large mural on an interior wall of Sparrow at 977 Farmington Ave. Courtesy photo
When they had to close for a few months in the early days of the pandemic in 2020, cycling studio Tribe moved out of their Farmington Avenue space and secured a new spot at 635 New Park Ave., Building 4. It’s been a long journey, but Tribe is getting ready to reopen within the next few weeks. More details to follow.
Tribe will be reopening soon at 635 New Park AVe., Building 4. Photo credit: Ronni Newton
Yes, the photo below is of a parking lot – and many people are going to be very happy about it. The expansion of the parking area where DORO Marketplace is located (southwest corner of New Britain Avenue and South Main Street) was approved by the Town Council a few years ago, and it’s now paved and nearly ready for use pending installation of the lighting, which is apparently a supply chain-related delay.
The expanded parking lot near DORO Marketplace is almost ready for use. Photo credit: Ronni Newton
I don’t have a photo of the specific space, but EbLens, which specializes in “streetwear and sneakers,” will soon be opening in the former Disney Store space at Westfarms. “I think it will complement our existing merchandise mix at Westfarms,” said a Westfarms spokesperson, who confirmed the lease has been executed. For more information about EbLens, visit their website.
Westfarms main entrance. Photo credit: Ronni Newton
In last week’s column I mentioned a retail shop that had opened at 127 Park Rd., and founder Kim Colapietro has provided the details about Let It Bloom Gift Shop. Colapietro is landscape professional with almost 30 years of experience who has been an owner/operator of a landscaping business for much of her career. “Our new store on 127 Park Street in West Hartford is a unique gift shop with high quality thoughtful gifts at truly moderate costs,” she said. “The store conveys an excellent collection of occasional stock, currently featuring many Christmas holiday items, such as trees, ornaments, plants, etc. In the near future, many local artisan goods will be on offered with handmade jewelry, soaps, and candles on display. When you purchase from us, you are keeping up the service and quality of our parent company, K Enterprise, LLC. K Enterprise has been in business since 2012 providing landscape designs, perennial gardens, decorative winter containers, spring and fall cleanups, fencing, etc. With an energizing scope of notable, fun, and smart gifts, Let It Bloom can supply items, gifts, and volume orders at extraordinary costs. Custom designs for centerpieces, decorative planters and containers, etc. are offered and filled with the most awesome and novel things around.” A few examples can be found below. The shop is open Thursday and Friday from 5-7 p.m. and Saturday and Sunday from 10 a.m.-5 p.m. Appointments can be made for other days by contacting Colpietro at [email protected].
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Courtesy of Let It Bloom
Congratulations to School of Rock on their official grand opening! The school, which offered performance-based music education, opened during the summer at 20 Isham Road but had their official ribbon cutting Friday afternoon followed by a party later in the day featuring some of the school’s musicians.
Ribbon cutting at School of Rock. Photo credit: Ronni Newton
School of Rock grand opening party. Courtesy of Cara Paiuk
School of Rock grand opening party. Courtesy of Cara Paiuk
There were activities throughout town last week to mark Giving Tuesday, and one I attended was a celebrity bartending event at Union Kitchen. Local media served up drinks during the fundraiser for the Connecticut Brain Tumor Alliance.
Celebrity bartenders at Union Kitchen raising money for the CT Brain Tumor Alliance (from left) Joe D’Ambrosio, Jimmy Altman, Samaia Hernandez, and Bob Maxon. Courtesy photo
Celebrity bartenders at Union Kitchen raising money for the CT Brain Tumor Alliance (from left) Stephanie Simoni, Brian Shactman, and Alyssa Taglia. Courtesy photo
Friends of Feeney celebrated their new mural and held a fundraiser Saturday at Lyon’s Auto Service on New Britain Avenue, raising money for Journey Home and Connecticut Foodshare. Iron & Grain provided food, guests were entertained by the local band 06.
Local jazz band 06 performed at a Friends of Feeney fundraiser at Lyon’s Auto Service. Photo credit: Ronni Newton
ICYMI, New York-based “elevated fiesta” restaurant Rosa Mexicano announced plans to open in 2022 in the former Bar Louie space in Blue Back Square. Full details can be found here.
Future Rosa Mexicano. Photo credit: Ronni Newton
A new mixed-use development is being proposed for 920 Farmington Avenue, where two older office buildings are currently located. Click here for the details.
West Hartford native Rachel Lyons, executive director of Space for Humanity, recently joined Sir Richard Branson and the CEO of Omaze, surprising a woman who won a trip to space through a sweepstakes that also benefits the nonprofit. Click here for the full story.
Remember, if you have any business news to share, add it in the comments section below or email Ronni Newton at [email protected].
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Stocks sank on Friday to end the week lower, as investors digested updates on the Omicron variant alongside the Labor Department’s November jobs report, which came in mixed compared to Wall Street’s elevated expectations.
The S&P 500 posted a weekly loss of 1.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} since last Friday, sliding in volatile trading after the discovery of the Omicron variant. The Nasdaq underperformed with a weekly loss of 2.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Treasury yields also dipped as investors bought safe haven assets, and the yield on the benchmark 10-year note slid below 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
Developments around the Omicron variant remained a focal point. So far at least five U.S. states have reported at least one case of the variant. The variant has also been found in more than three dozen countries globally, CNBC reported, citing the World Health Organization. The report also said the WHO has so far seen “a suggestion that there is increased transmissibility” of the Omicron variant, while noting it is still too soon to determine whether it is more or less transmissible than the Delta variant, or whether it causes more severe disease.
The market moves Friday also came following the release of the Labor Department’s November jobs report, which showed a disappointing rate of hiring for the month even as the unemployment rate fell to a fresh pandemic-era low. Payroll gains came in at 210,000, or less than half the 550,000 consensus economists were expecting. The jobless rate fell to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, dipping more than anticipated from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.
The moves on Friday came in contrast to a rally on Thursday, when market participants initially shrugged off the discovery of multiple cases in the U.S.
“The markets … have been pricing in, really, a worst-case scenario,” Jim Smiegiel, SEI chief investment officer, told Yahoo Finance Live.
“I think the market is now switching gears a little bit and perhaps lessening the intensity on the potential for negative outcomes,” he added. “The big issue still remains more about the world government’s reaction to the variant and what that means from a lockdown perspective. And that’s what the market is still kind of struggling with at this stage.”
Others have struck an even more optimistic tone, suggesting the economic impact of the Omicron variant will ultimately prove less drastic than initially feared.
“If you look back at Delta, there really wasn’t a meaningful impact in terms of actual consumption … maybe we saw a little bit of a shift away from services in the early stages of the reopen back towards goods, but overall consumption held up just fine,” Garrett Melson, Natixis Investment Managers Solutions portfolio strategist, told Yahoo Finance Live on Thursday.
“And on the capex front, we still see signs that companies are saying they’re going to invest in their businesses and they’re doing just that,” Melson added. “Lockdowns are certainly not happening here in the U.S. There’s no appetite from the government and certainly no appetite from consumers.”
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4:05 p.m. ET: Stocks end session, week sharply lower
Here’s where U.S. equities ended Friday’s session:
S&P 500 (^GSPC): -38.67 (-0.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,538.43
Dow (^DJI): -59.71 (-0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,580.08
Nasdaq (^IXIC): -295.85 (-1.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,085.47
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3:36 p.m. ET: What economists are saying about the November jobs report
While the headline payrolls number in the November jobs report came in well short of estimates, many economists highlighted the better-than-expected improvements in other metrics, including the unemployment rate and labor force participation rate.
Here’s what a number of economists had to say about the report, based on notes and emails sent to Yahoo Finance:
“While November displayed 210,000 jobs gained at the headline level, which some may suggest is a disappointment, when we look at the details of the report, we see some significant strengths. Indeed, the six-month average for non-seasonally adjusted private payroll gains is more than 700,000 jobs/month, an impressive number by any standard … The unemployment rate declined impressively from 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in October to 4.24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in November, even as the labor force grew strongly, an indication of labor market strength.” – Rick Rieder BlackRock’s chief investment officer of global fixed income
“Arguably the biggest surprise in the November employment report was the unexpected 0.4 [percentage point] decline in the unemployment rate to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} … slowing job gains and sturdy wages are a signal of a tight labor market.” – Joe LaVorgna, Natixis CIB managing director and chief economist of the Americas
“Today’s jobs report presents a mixed picture of the labor market recovery as storm clouds gather from a rebounding Delta variant and new variant looms. The divergence between the establishment and household surveys is unusual, but is an important reminder of how difficult it is to measure the labor market in a pandemic.” – Daniel Zhao, Glassdoor senior economist
“Overall, while this report is disappointing, it does not change our view that faster tapering will be announced in December, unless the scientific news on the Omicron variant over the next couple weeks is disastrous. The Fed is focused on the inflation overshoot, which will get much worse before it gets better, and officials have made it very clear that they want to take out insurance against the risk that the latest spike does not become embedded.” – Ian Shepherdson, chief economist for Pantheon Macroeconomics
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10:47 a.m. ET: Stocks trade lower as tech lags
The three major stock indexes traded in the red after opening in positive territory, with investors continuing to mull the latest headlines on the Omicron variant and the November jobs report.
The information technology and consumer discretionary sectors underperformed in the S&P 500, while consumer staples was the only sector in the green.
Salesforce.com, Boeing and Microsoft lagged in the Dow, contributing to the more than 200-point drop in the index. The Nasdaq dropped more than 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} amid the drawdown in heavily weighted technology names.
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10:15 a.m. ET: Docusign shares post biggest-ever drop after 3Q billings, guidance miss
Shares of software company Docusign (DOCU) slid on Friday after posting disappointing third-quarter billings results and current-quarter guidance, suggesting business activity was returning to more “normalized” levels after a pandemic-induced surge.
Shares were down more than 40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as of morning trading. Late Thursday, the e-signature company reported third-quarter billings growth of 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, marking a major slowdown from the previous 61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth seen in the second quarter. Billings are a closely watched metric for software companies with recurring revenue subscription models.
“After six quarters of accelerated growth, we saw customers return to more normalized buying patters, resulting in a 28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year billings growth,” Dan Springer, CEO of Docusign, said in the company’s earning’s statement.
And for the current quarter, Docusign sees revenue coming in between $557 million and $563 million, missing Wall Street’s estimates for $574.2 million.
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9:31 a.m. ET: Stocks open higher after mixed jobs report
Here’s where markets were trading shortly after the opening bell:
S&P 500 (^GSPC): +23.48 (+0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,600.58
Dow (^DJI): +125.06 (+0.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,746.85
Nasdaq (^IXIC): +89.04 (+0.58{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,466.81
Crude (CL=F): +$2.39 (+3.59{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.89 a barrel
Gold (GC=F): +$8.90 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,771.60 per ounce
10-year Treasury (^TNX): +1.1 bps to yield 1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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9:20 a.m. ET: November jobs report comes in mixed, with payrolls disappointing while unemployment rate falls to pandemic-era low
The November jobs report offered a mixed bag for investors to digest, as non-farm payroll growth came in sharply short of consensus expectations while the unemployment and labor force participation rates topped estimates.
Non-farm payrolls grew by 210,000 in November following a revised 546,000 in October. This was well short of the 550,000 jobs expected. The unemployment rate improved to 4.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from October’s 4.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and reached it lowest level since February 2020.
The labor force participation rate also ticked up slightly more than anticipated in November to reach 61.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, versus the 61.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} consensus economists were expecting and the 61.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} posted in October. The labor force participation rate had been 63.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in February 2020 before the pandemic meaningfully impacted the job market.
Still, as of November, the civilian labor force was still down by about 2.4 million participants, compared to February 2020.
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7:23 a.m. ET Friday: Stock futures drift sideways ahead of jobs report
Here were the main moves in markets as the overnight session kicked off:
S&P 500 futures (ES=F): +0.25 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,576.00
Dow futures (YM=F): +11 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,633.00
Nasdaq futures (NQ=F): -1 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,987.50
Crude (CL=F): +$1.89 (+2.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $68.39 a barrel
Gold (GC=F): +$10.80 (+0.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,773.50 per ounce
10-year Treasury (^TNX): -1.8 bps to yield 1.432{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}
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6:31 p.m. ET Thursday: Stock futures jump ahead of jobs report
Here were the main moves in markets during the overnight session:
S&P 500 futures (ES=F): +11.5 points (+0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,587.25
Dow futures (YM=F): +94 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 34,716.00
Nasdaq futures (NQ=F): +34.50 points (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,023.00
NEW YORK, NEW YORK – AUGUST 10: People walk by the Wall Street Bull near the New York Stock Exchange (NYSE) on August 10, 2021 in New York City. Markets were up in morning trading as investors look to a rare bipartisan effort in the Senate to pass a massive infrastructure bill that, if passed, will infuse billions into the American economy. (Photo by Spencer Platt/Getty Images)
/https://specials-images.forbesimg.com/imageserve/61a905848471a91afd3925cb/0x0.jpg "5 Personal Finance Tips To Survive Holiday Shopping")
