Despite a recent push to enforce RTO policies, offices have never been...
Despite a recent push to enforce RTO policies, offices have never been this vacant. Moody’s reported that 20.4% of office spaces in the 50 largest metro areas in the US were empty in the fourth quarter of last year. That represents a new high and a sign that plenty of companies still don’t mind if employees get their work done at home in their pajamas.
Older office spaces—think endless rows of cubicles and the most depressing lighting imaginable—are being knocked down and pushed aside for more modern workspaces near transport hubs that offer coworking spaces, fitness centers, and restaurants. While some companies say the RTO push is about increasing productivity, Resume.org said 1 in 3 business leaders want workers back in the office due to existing lease agreements.
It’s a busy week for Wall Street: Last week’s strong...
It’s a busy week for Wall Street: Last week’s strong jobs report has investors on edge for this week’s inflation data. If Wednesday’s consumer price index report comes in higher than expected, the Fed might put its already cooling plans for rate cuts on ice. It’s also the start of Q4 earnings season: Big banks JPMorgan, Goldman Sachs, Wells Fargo, and Citigroup kick things off on Wednesday, while Bank of America, US Bancorp, Morgan Stanley, and PNC Financial release their numbers on Thursday.
JPMorgan Chase is reportedly dealing with backlash to its RTO mandate. Per the Wall Street Journal, the company shut down the comments on an internal post about the decision when employees expressed their dismay about the end of hybrid/remote work.
Prospect Medical Holdings, which owns more than a dozen hospitals, became the second major hospital system once backed by private equity to file for bankruptcy in less than a year.
Nippon Steel may acquire US Steel after all—the Biden administration delayed an order to abandon the $14.9 billion deal, allowing courts to hear legal challenges to the order.
Walmart has recalled 48-ounce cartons of Great Value Family Size Chicken Broth, which it says was sold at 242 stores in nine states. It is urging consumers to throw out the affected product.
More sanctions against Russia sent crude oil prices up on Friday
Rallied by more U.S. sanctions targeting Russian oil and gas revenue,...
Rallied by more U.S. sanctions targeting Russian oil and gas revenue, crude oil prices gained nearly 3% on Friday while prices in the U.S. hit their highest level in 3 months.
The sanctions issued Friday by the Biden administration went after Russian oil producers, tankers, intermediaries, traders and ports, all with the goal of hitting every level of Moscow’s oil production and distribution.
U.S. West Texas Intermediaterose $2.38or 3.2% to reach $76.30 on the New York Mercantile Exchange, a three-month high.
Prices for global benchmark Brent crudewent up $2.53or 3.3% and hit $79.45 a barrel. It crossed the $80 a barrel mark for the first time since early October.
At one point in Friday’s trading, both WTI and Brent contracts gained more than 4%.
Natural gas also saw a spike as it went up 29 centsor 7.78% to finish at $3.99 MMBtu.
US Drillers Cut Oil, Gas Rigs for First Time in Six Weeks
U.S. energy firms this week cut the number of oil and natural gas rigs...
U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on Jan. 10.
The total oil and gas rig count, an early indicator of future output, fell by five to 584in the week to Jan. 10, the lowest since November.
In past weeks, the rig count remained unchanged for a record four times in a row.
Baker Hughes said this week's decline puts the total rig count down 35 rigs, or 6% below this time last year.
Baker Hughes said oil rigs fell by two to 480 this week, their lowest since November, while gas rigs fell by three to 100, also the lowest since November.
The total oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on paying down debt and boosting shareholder returns rather than raising output.
Dow ends down almost 700 points as jobs report sparks jump in Treasury yields
The U.S. stock market ended sharply lower Friday, in...
The U.S. stock market ended sharply lower Friday, in a broad selloff that saw the Dow Jones Industrial Average fall almost 700 points.
The Dow Jones closed 1.6% lower, while the S&P 500 slumped 1.5% and the technology-heavy Nasdaq Composite dropped 1.6%, according to preliminary data from FactSet. All three indexes ended Friday with back-to-back weekly declines as investors weighed a jobs report that was hotter than Wall Street anticipated.
In the bond market, Treasury yields rose Friday after a stronger-than-expected employment report. The yield on the 10-year Treasury note climbed Friday to 4.772%, the highest level since Nov. 1, 2023 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data.
For the week, the Dow fell 1.9%, the S&P 500 dropped 1.9% and the Nasdaq shed 2.3%, the preliminary data from FactSet showed.
