Tag: Worst

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Stocks fall as S&P 500 caps worst year since 2008

Stocks fall as S&P 500 caps worst year since 2008

Stocks shut lessen across the board on Friday to finish off the worst calendar year for the U.S. stock market since the economical disaster.

When the year’s final closing bell rang on Friday, the S&P 500 and Dow had been each off about .2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, even though the tech-hefty Nasdaq fell a a lot more modest .1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

With Friday’s losses, the S&P 500 fell 19.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in 2022, its major calendar-year decrease given that a 38{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} fall in 2008. Closing at 3,839.50 on Friday, the S&P 500 now stands at the exact same degree as March 2021.

The Nasdaq Composite dropped 33{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and stands at the exact same amount as July 2020.

The Dow, meanwhile, fell a comparably modest 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in 2022, whilst the bond market place experienced by way of its worst year in modern day background.

The generate on the 10-yr Treasury rose from all over 1.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} at the starting of 2022 to settle at 3.88{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on Friday. This go brought on a sell-off throughout fastened money marketplaces and weighed on housing, with the regular 30-yr set house loan charge ending 2022 near 6.4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, its maximum 12 months-end amount since 2001.

Tesla (TSLA) shares rose 1.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on Friday, a go that followed the inventory getting some 8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on Thursday in a bid to recuperate sharp losses endured this yr and this month. Tesla shares shed about 65{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} this calendar year and extra than 30{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in December.

WTI crude oil attained much more than 2.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} on Friday, finishing 2022 at $80.40 per barrel and supplying oil its 2nd-straight once-a-year get. Even though following the price tag of crude oil surged additional than 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in 2021 and then doubled early this calendar year, WTI completed with a additional modest 7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} for the 12 months.

The modest obtain in oil costs, nevertheless, belies the energy observed by power stocks in 2022, with the energy sector (XLE) increasing some 57{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} this calendar year, the only a person of the 11 sectors in the S&P 500 to log gains this calendar year.

The Federal Reserve’s intense price hike marketing campaign in 2022 weighed especially major on engineering stocks. The technology sector (XLK) fell 28{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} this calendar year, its major drop considering that 2008, though conversation companies (XLC) — which was additional to the S&P 500 in 2018 — logged its major fall on report, slipping 38{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in 2022, the most of any sector in the S&P 500.

In forex marketplaces, the dollar was weaker on Friday but logged its most important annual acquire because 2015 as fascination amount improves from the Federal Reserve boosted demand from customers for the dollar.

Crypto markets also endured a tough 2022, as bitcoin (BTC-USD) is established to complete the 12 months down 65{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. The cost of bitcoin was little-altered on Friday to trade in the vicinity of $16,500.

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People Discuss the Worst Business Ideas They’ve Ever Seen

Not everyone comes up with the best ideas for a new business. In fact, some business ideas are downright awful or they’re poorly executed.

There’s been an ongoing discussion about some of the worst business ideas people have ever seen executed and the answers should serve as great reminders and lessons to current small business owners or people considering opening their own business.

The Worst Business Ideas Ever?

Reddit user u/Imaginary_Trainer654 posed this question a few months ago and responses are still streaming in: What’s the worst business idea you’ve seen someone try to execute?

Apparently, there are a lot of really bad business ideas. Here are some of our favorite responses:

“Vats of banana pudding …”

The first example teaches us that even if we want to specialize in one product or service, we should really consider diversifying our options.

There were vats of banana pudding in the display cases and I thought, “Well, surely they must also sell other flavors,” so I asked if I could have a chocolate pudding and the guy politely informed me that they didn’t have chocolate pudding. So I asked if they had maybe butterscotch or something else. “No ma’am, just banana pudding here.”

I mean, it wasn’t false advertising. But surely he couldn’t be selling just one single flavor in that whole shop, could he? As expected, the next time we strolled down that street a month or two later, the store was shuttered.

I feel bad for him. I’m sure that the guy made great banana pudding that all of his friends and family would compliment him on and tell him that he should probably open a banana pudding shop ‘cuz it was so good. But I don’t think they literally meant that.

” … Potato lasagna, potato cheesecake … “

Here’s another tale of going all-in on a concept but maybe going a little too far.

There was a Russian potato restaurant below my previous apartment. I ate there a couple of times, but their menu changed so often I never had a favorite potato. Also had potato lasagna, potato cheesecake and potato drinks. It wasn’t successful.

~ Th3_Accountant

 

“He still got his basement full of butter.”

In this example, we learn to anticipate changing market conditions.

In 2011 we had «the norwegian butter crisis» in Norway. The shortage caused soaring prices and stores’ stocks of butter ran out within minutes of deliveries. A pack of butter would sell for between 40-200 dollars on the «black market».

A friend got the idea to drive over to the neighboring country, Sweden to buy butter and sell it here in Norway. The problem was that you could “only” carry 100 packets of butter across the norwegian border. So he made a deal with our local nursing home. He rented a bus and took 20 elderly people on a road trip to Sweden in exchange for receiving the butter quota.

The next day, the butter crisis suddenly resolved and he was left with 2000 packets of butter he could not sell.

He still got his basement full of butter.

~jigge92

 

“His bright idea was to make our company’s ink weaker.”

Apparently, there’s a right way and a wrong way to boost consumer demand…

At a place I used to work, we supplied printing companies with their ink. Being that digital printing is well and truly established at the point, there wasn’t a whole lot of business for this type of ink anymore, so there was a lot of competition between suppliers.

One of the technicians somehow weaseled his way to the top despite no business experience. When he was told to very simply make more money, rather than go out and find new customers, his bright idea was to make our company’s ink weaker, with the intention that our customers will just have to buy more product to complete their jobs.

Surprise, the customers didn’t like that and went to competitors. Business was closed within a year.

~ Sajiri

 

“A hot dog at an old funeral home… also ghosts”

According to this failed business example, it’s a good idea to consider customers’ preferences… and fears.

We had a dude who bought an old funeral home and wanted to turn it into a bar/”restaurant” that served hot dogs and booze called… Frank ‘n Stein.

First, the last place I would ever want to eat a hot dog is at an old funeral home.

Second thing is he bought the building before testing the idea with the aldermen who would have to approve his license. Since he swore up and down that his hot dog idea, in a funeral home, would take off, the aldermen gave him a beer and wine license until he could show food sales were the majority of his take…

Then he decided to be a karaoke bar and fired all his staff.

Very weird experience drinking (bad) tap beer with no shots while eating nachos and hotdogs to the one weirdo belting karaoke in the one place he hasn’t been banned from. Also ghosts.

~ Duardoblanco

 

“He didn’t even wear a bikini.”

This business owner apparently never learned the value of delivering on his promises… or preparing for a snowy day.

There is an old gas station a couple doors down from me, not sure what year it was built but you could consider it vintage… The pumps were removed a long time ago and… it changed hands a few times without ever re-opening as anything else. The best/ worst iteration was the “BIKINI CAR WASH.”

Surfboard-shaped sign went up over the office door, new owner full of bluster showed up a few times to tell the neighbors what a wheeler and dealer he was. Thing is, we live in the Midwest and have four distinct seasons, summer is hot but only lasts a few months.

The real nail in the coffin was he never had the water turned on to the property so he just threw a garden hose over the fence and stole water from his neighbor. So one fat dude with a gray crew cut wielding one garden hose with regular house-type water pressure. He didn’t even wear a bikini.

~ Banannafreckle

 

“He tried to blame the landlord…”

Uh-oh! Can a business owner succeed without personal accountability for a bad idea?

There was a guy in my town that opened a business that was the equivalent of a brick-and-mortar version of Craigslist or newspaper classified ads. It was a unit in a strip mall with bulletin boards. You paid to put an ad up and other people came to look at the ads with a small picture.

This was AFTER Craigslist existed, not some pre-internet thing. There was no actual merchandise in the store, just crappy pictures of stuff with the contact info. It wasn’t even a high foot traffic location, you had to maneuver through a busy intersection, park and go inside to look at a bulletin board.

It went under, and he tried to blame the landlord because he couldn’t get a sign permit for the end of the building even though he had two other signs.

~ Montanagrizfan

 

“Free hugs for anyone”

This business example teaches us that even the best idea won’t get off the ground without a cooperative team.

When I was in high school, one of my friends wanted to start a little coffee shop/hot chocolate stand with a “cuddle corner” and “free hugs for anyone who wants them.” She offered jobs to our other friends – the idea was that this little business would be operated and staffed by high schoolers.

She failed to see the issue with having 16-year-old girls required to give free hugs to customers or having to staff the cuddle corner.

~ Chernoushka

 

“Using all the tools I don’t own…”

This prospective business owner had a solid idea, but he didn’t learn the value of investing in his plan.

One of the younger dudes in my karate class was going to start a handyman business. 24h, anything needing to be done, anywhere in our district.

Sounds good. You gonna get a loan and buy a used truck and get some tools? And you never have talk time on your phone, so will you get a landline (2006, so not super outlandish)?

“No, I’ll go on my bicycle. And I’ll just use the tools they have. And they can email me when they need service.”

Right because when I have water spraying out of my geyser through the ceiling at 3 am I’m going to email a dude on a bicycle to come fix it using all the tools and the ladder I don’t own…

~ Flyboy_za

 

“Dude bought 150k fidget spinners …”

Another example of failing to anticipate market conditions, this business owner had his own supply chain issues.

Dude bought 150k fidget spinners at the height of the craze…

It took months to ship out from China and by the time all his (stuff) arrived, the mania had ended and the retail price was already near his original wholesale price.

Guy still has fidget spinners today. I guess he may eventually do OK on it. but (dang)…

~ User30three

 

” … their entrance was hidden.”

This proves it’s really hard to get your business established if you don’t tell anyone where it is.

There was a bar that opened up in my city and their entrance was hidden. They did a news story and they refused to tell the paper where it was actually located. To everyone’s complete surprise, they only stayed open for a couple of weeks.

 ~ Linkan1234

 

” … There was a guy who used to sell wood … “

If you’re going to sell products to customers, do we need to mention that you actually need to have access to the products you’re selling?

In my country there was a guy who used to sell wood. The problem was he did not have any of it. So he would ask for payment and then not give the product afterwards, hoping that procrastination and time will make the problem go away.

He did 4 years in jail.

Yeah, well he thought he was very smart. And in addition, he would make web lectures on marketing and how to be a successful businessman. He soon became a meme in the whole country.

~ Asleep_Remote2000

These are some pretty terrible business ideas. But that shouldn’t discourage you from trying to start your own business. Just learn the lessons now that others needed to experience first-hand to avoid similar spectacular fails.

Image: Depositphotos

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Stock Markets Off to Worst Start Since 2016 as Fed Fights Inflation

After slipping for a fourth working day in a row on Friday, the stock market experienced its worst 7 days in almost two yrs, and so considerably in January the S&P 500 is off to its worst begin since 2016. Technologies shares have been hit specially tough, with the Nasdaq Composite Index dropping far more than 10 p.c from its most modern superior, which qualifies as a correction in Wall Road communicate.

That is not all. The bond sector is also in disarray, with fees climbing sharply and bond charges, which transfer in the reverse direction, falling. Inflation is pink scorching, and offer chain disruptions continue on.

Until finally now, the markets seemed previous such problems for the duration of the pandemic, which brought significant will increase in the worth of all kinds of belongings.

Nevertheless a essential aspect has modified, which offers some market place watchers explanation to fear that the latest drop may well be consequential. That factor is the Federal Reserve.

As the worst financial ravages of the pandemic appear to be waning, at the very least for now, the Fed is ushering in a return to higher desire fees. It is also starting to withdraw some of the other kinds of assist that have stored shares traveling considering the fact that it intervened to help you save desperately wounded economical marketplaces again in early 2020.

This could be a good detail if it beats back inflation without having derailing the economic recovery. But getting rid of this assist also inevitably cools the markets as buyers shift money all around, exploring for assets that conduct superior when fascination costs are high.

“The Fed’s insurance policies generally acquired the existing bull current market started off,” reported Edward Yardeni, an unbiased Wall Avenue economist. “I don’t think they are heading to finish it all now, but the surroundings is transforming and the Fed is accountable for a ton of this.”

The central bank is tightening monetary plan partly for the reason that it has worked. It assisted promote financial development by keeping limited-term desire premiums in the vicinity of zero and pumping trillions of dollars into the economic system.

This flood of uncomplicated dollars also contributed to the immediate increase in prices of commodities, like food and power, and monetary property, like stocks, bonds, houses and even cryptocurrency.

What happens subsequent will come from an founded playbook. As William McChesney Martin, a previous Fed chairman, mentioned in 1955, the central bank finds itself performing as the adult in the home, “who has purchased the punch bowl eliminated just when the get together was really warming up.”

The temper of the markets shifted on Jan. 5, Mr. Yardeni reported, when Fed officials introduced the minutes of their December policymaking meeting, revealing that they ended up on the verge of embracing a much tighter financial coverage. A 7 days later, new info showed inflation climbing to its highest level in 40 a long time.

Putting the two together, it seemed, the Fed would have no decision but to react to curb speedily climbing rates. Stocks commenced a disorderly decline.

Monetary marketplaces now be expecting the Fed to increase its essential curiosity rate at minimum 3 times this calendar year and to commence to shrink its balance sheet as shortly as this spring. It has lowered the amount of its bond purchasing presently. Fed policymakers will meet future 7 days to make your mind up on their following methods, and market strategists will be viewing.

Low curiosity premiums made certain sectors especially desirable, foremost among them tech shares. The S&P 500 data technology sector, which contains Apple and Microsoft, has risen 54 p.c on an annualized foundation since the market’s pandemic-induced trough in March 2020. A person cause for this is that low curiosity fees amplify the benefit of the expected future returns of expansion-oriented organizations like these. If fees rise, this calculus can modify abruptly.

The pretty prospect of larger desire costs has produced technologies the worst-doing sector in the S&P 500 this 12 months. Since its peak in late December, it has fallen a lot more than 11 percent.

The S&P’s a few greatest-doing sectors in the early times of 2022, on the other hand, are energy, fiscal products and services and client staples.

The energy index is dominated by fossil gasoline businesses, like Exxon Mobil and Halliburton, whose fortunes have risen along with oil and gas price ranges. Economical companies can charge far more for loans when desire charges are superior. Massive banking companies like Wells Fargo have described bumper earnings in excess of the previous 7 days. Consumer organizations like Kraft Heinz and Campbell Soup lagged the explosive share selling price progress of tech stocks previously in the pandemic, but they have been gaining floor in this new atmosphere.

The stock market place, over-all, has also shed some of its buoyancy for explanations other than financial policy. “Stay at home” stocks that flourished throughout pandemic constraints, like Netflix and Peloton, have started to flag as people enterprise out additional.

Some astute market analysts foresee more substantial issues. Jeremy Grantham, one particular of the founders of GMO, an asset manager, predicts a catastrophic stop to what he phone calls a “superbubble.”

But the present losses could be valuable if they permit a minimal air out of a likely bubble, with out bursting trader portfolios. This year’s declines erase only a little share of the market’s gains in modern decades: The S&P 500 rose virtually 27 {ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} previous year, additional than 16 p.c in 2020 and almost 29 p.c in 2019.

And the potential customers for corporate earnings keep on being very good. When the Fed commences to act, and the consequences are far better comprehended, the stock sector party could go on — at a much less giddy speed.

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Dow falls 900 points for worst day of year on fears of new Covid variant, S&P 500 drops 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}

Johannes Eisele | AFP | Getty Photographs

U.S. shares dropped sharply on Friday as a new Covid variant discovered in South Africa triggered a international shift away from hazard belongings.

The Dow Jones Industrial Ordinary dropped 905.04 points, or 2.53{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, for its worst day of the 12 months, closing at 34,899.34. The S&P 500 dropped 2.27{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to near at 4,594.62, while the Nasdaq Composite slipped 2.23{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} to complete at 15,491.66. The Dow was down additional than 1,000 points at session lows.

The downward moves came soon after Earth Well being Corporation officers on Thursday warned of a new Covid-19 variant that is been detected in South Africa. The new variant contains far more mutations to the spike protein, the ingredient of the virus that binds to cells, than the very contagious delta variant. Because of these mutations, experts worry it could have enhanced resistance to vaccines, while WHO stated more investigation is essential. On Friday, the WHO considered the new pressure a variant of worry and named it omicron.

The United Kingdom briefly suspended flights from 6 African nations around the world due to the variant. Israel barred vacation to several nations right after reporting one particular circumstance in a traveler. Two cases had been recognized in Hong Kong. Belgium also verified a case.

“When I study that you will find a person [case] in Belgium and one in Botswana, we are likely to wake up following week and locate one particular in this place. And I am not heading to advocate any person invest in anything at all currently right until we’re confident that isn’t going to materialize, and I won’t be able to be guaranteed that it would not,” CNBC’s Jim Cramer said.

Bond rates rose and yields tumbled amid a flight to security. The produce on the benchmark U.S. 10-year Treasury note fell 15 basis details to 1.49{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} (1 foundation issue equals .01{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}). This was a sharp reversal, as yields jumped previously in the week to previously mentioned 1.68{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} at 1 level. Bond yields shift inversely to rates.

Asia markets ended up hit tough in Friday trade, with Japan’s Nikkei 225 and Hong Kong’s Hold Seng index each falling additional than 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Germany’s Dax index slid additional than 4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Bitcoin fell 8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

The Cboe Volatility Index, typically referred to as Wall Street’s “concern gauge,” rose to 28, its greatest amount in two months. Oil prices also tumbled, with U.S. crude futures down 12{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and breaking beneath $70 for every barrel.

Travel-connected stocks had been hit toughest, with Carnival Corp. and Royal Caribbean down 11{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and 13.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, respectively. United Airways dropped much more than 9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, though American Airways dropped 8.8{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Boeing misplaced far more than 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, and Marriott Global fell virtually 6.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Stock picks and investing trends from CNBC Professional:

Bank shares retreated on fears of the slowdown in economic exercise and the retreat in rates. Bank of The united states dropped 3.9{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, and Citigroup slid 2.7{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Industrials linked to the global economy declined, led by Caterpillar, off by 4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Chevron dropped 2.3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} as power stocks reacted to the rollover in crude costs.

On the flip facet, buyers huddled into the vaccine makers. Moderna shares surged much more than 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}. Pfizer shares extra 6.1{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Some of the remain-at-household performs that gained in the before months of the pandemic were being better again. Zoom Video and Peloton each included much more than 5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

Friday was a shortened trading day for the reason that of the Thanksgiving holiday getaway with U.S. marketplaces closing at 1 p.m. ET. Holiday break months frequently have somewhat light investing volume, which can amplify moves in the current market.

“It is essential to tension that very little is regarded at this place about this hottest strain, such as no matter whether it can evade vaccines or how severe it is relative to other mutations. Therefore, it is really difficult to make any knowledgeable investment decision selections at this level,” Bespoke Expenditure Group’s Paul Hickey mentioned in a note to customers. “Historically speaking, chasing a rally or marketing into a sharp drop (primarily on a extremely illiquid buying and selling day) hardly ever finishes up getting worthwhile, but that isn’t really halting a large amount of men and women this morning.”

A number of financial commitment pros instructed CNBC on Friday that the sell-off could be a acquiring possibility.

“Friday is the day soon after Thanksgiving — in all probability not as lots of traders on the desks, with an early near right now. So possibly lessen liquidity is creating some of the pullback,” Ajene Oden of BNY Mellon Trader Options mentioned on CNBC’s “Squawk Box.” “But the reaction we are viewing is a purchasing prospect for traders. We have to imagine long time period.”

Markets were being shut Thursday for Thanksgiving and had been split previously in the week, with the tech-hefty Nasdaq underperforming amid an upward pattern in Treasury yields.

The Nasdaq completed the week down 3.5{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, whilst the S&P 500 and Dow slumped by 2.2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} and 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, respectively.