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Tuesday, Mar 19th

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Wall Street braces for commercial real estate time bomb

Jerome Powell

Remarks last week by Federal Reserve Chair Jerome Powell about a spate of coming bank failures related to the faltering commercial real estate sector have sent shockwaves through the financial world, leading some investors to run for cover and others to look for opportunities.

With the typical U.S. commercial lease ranging from three to five years, the clock is ticking for office and retail property owners and their creditors in the financial sector as remote work has taken off and prompted changes in urban land use.

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US adds 275,000 jobs in February as labor market continues to grow

US adds 275,00 more jobs in February

Employers added 275,000 jobs across the US last month, as the labor market continues to grow at a clip in the face of the high interest rates.

Job growth exceeded expectations of 200,000 on Wall Street in February and rose from the previous month’s revised rate of 229,000.

Unemployment stood at 3.9%, according to data released on Friday morning by the Bureau of Labor Statistics (BLS), a 0.2% increase compared to January. The unemployment rate has now been under 4% for 25 consecutive months, the longest such streak since the 1960s.

Industries that saw an increase in jobs include healthcare, government employment and food services and drinking places.

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US stock markets close at record highs as enthusiasm for AI drives gains

Stock Market closes at all time high

US stock markets closed at record highs on Friday powered by investors’ continued enthusiasm for artificial intelligence (AI).

Both the S&P 500 and the tech-dominated Nasdaq set records, with the Nasdaq passing its last peak in 2021, driven higher by gains for Facebook owner Meta and Nvidia, the leading AI chipmaker.

Nvidia closed above $2tn in market value for the first time. Nvidia’s market value has doubled in nine months. Shares of rival Advanced Micro Devices also reached a record high, and the broader Philadelphia semiconductor index set a new record.

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Macy's to close 150 stores in new turnaround effort, forecasts weak 2024 sales

Macy's to close 150Macy's on Tuesday forecast annual sales and profit below expectations and said it would shutter about 150 stores through 2026 as part of a new plan that would help save $100 million in costs this year.

Its shares rose 7% as the department store chain also beat quarterly profit estimates. They have lagged peers in 2023, declining about 3% compared to a 13% jump in rivals Nordstrom and Kohl's.

The locations made up for less than 10% of Macy's annual sales and were mostly underperforming mall-based stores, CFO Adrian Mitchell told Reuters. No additional layoffs were planned due to the closures.

Sluggish sales have landed the upscale retailer in the crosshairs of activist shareholders and attracted potential bidders, while it also faces a proxy battle from Arkhouse Management after it nominated nine candidates to its board.

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S&P 500 closes above 5,000 for first time as US inflation cools

S&P closes above 5000

US stock markets hit another historic high on Friday, with the S&P 500 closing above 5,000 for the first time.

The broad-based index of the largest and best-known listed companies has been driven higher by a series of reports underlining the US’s resilient economy and retreating inflation.

On Friday the share index finished at 5,026.61: up 0.6% on the day, and 22% since a rally took hold in late October.

Consumer price growth was even lower than previously estimated in December, according to revised inflation data released on Friday. The US consumer price index rose 0.2% in December, rather than the previously reported 0.3%, the labor department’s Bureau of Labor Statistics said.

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Wall Street notches fresh records as S&P 500 and Dow Jones close at all-time high

Wall Street notches gains at all time high

Wall Street scaled fresh records on Monday, as the S&P 500 and the Dow Jones industrial average each closed at an all-time high.

The S&P gained 0.2% to 4,850.43. The Dow cleared 38,000 for the first time, rising 0.4% to 38,001.81.

It comes as a string of companies prepare to update investors. American Airlines, Intel, Procter & Gamble and Tesla are among those due to release earnings in the coming days.

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Wayfair lays off over 1,000 employees weeks after CEO told company to 'work longer hours'

Wayfair layoffs

Online home goods retailer Wayfair announced Friday that it is laying off approximately 1,650 employees, representing about 13% of its global workforce, in a move that is expected to save the company more than $280 million annually.

"The changes announced today reflect a return to our core principles on resource allocation, such as getting fit on spans and layers as well as focusing on our highest priorities," Wayfair CEO and co-founder Niraj Shah said in the news release.

As a result, we're reducing team sizes across the organization, as well as reducing seniority in certain roles that we plan to rebuild with modified leveling over the course of this year," Shah said.lan to rebuild with modified leveling over the course of this year," Shah said.

In a note to his employees, Shah said the company "went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite far back to them, we are not quite there." He also went on to say that COVID also contributed to the increase in hiring, "a time where the company's annualized sales grew from $9 billion to $18 billion "almost overnight," according to Shah.

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