Stock Explore’s Mid-Week Market Melt
March 1st, 2023
🏠 Home prices in December were +5.8% Y/Y (S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.)
👩💼 Office Space - “Sounds like Somebody’s Got a Case of The Mondays!”
Workplace traffic fell 11.1% last week for the top 10 U.S. metro areas (Envoy)
Average workplace occupancy rates remain stuck at roughly half their pre-virus baseline (Kastle Systems - tracking daily data from digital security key swipes)
U.S. office occupancy stands at roughly 40% to 60% of pre-pandemic levels. Europe and the Middle East occupancy equal 70% to 90%. (JLL Property)
“The economy built all this office space for a workforce that was going into the office most of the time,” - Kevin Thorpe, chief economist at Cushman & Wakefield (WSJ)
Sam’s Club (WMT) is expanding its supply-chain network as it looks to build on recent e-commerce sales growth. Adding five new automated fulfillment centers this year!
Rivian (RIVN) said it was recalling 12,716 vehicles to fix a faulty sensor in the front passenger seat (Their second major recall in the last six months)
General Motors (GM) will lay off 500 corporate employees!
SpaceX launched the first set of upgraded Starlink satellites for its second-generation constellation, featuring increased capacity and new technologies.
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