As we noted in the U.S. Markets Overview, one of the reasons for the fall in today’s Dow was growing concern over what we term the “Archegos Capital Management calamity,” which illustrates how rigged the equity markets are and how Wall Street is completely disconnected with Main Street. Credit Suisse and Nomura are among the...
Tag: mar 30 2021
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PLAN WITHDRAWN THAT WOULD LIST NFL GAMES ON FUTURES MARKET
A proposal to write futures contracts on National Football League games was withdrawn by ErisX, its creator, as the federal Commodity Futures Trading Commission reportedly was preparing to reject the plan. The commission had decided to reject the plan on grounds that it promotes gambling and “is contrary to the public interest,” according to an...
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NEWS CORP WILL BUY INVESTOR’S BUSINESS DAILY
News Corp, the Murdoch family empire that owns the Wall Street Journal, will buy the Investor’s Business Daily (IBD) newspaper and website for $275 million, News Corp has announced. IBD will remain a separate brand and will be operated by News Corp’s Dow Jones unit, which publishes Barron’s and MarketWatch, as well as the WSJ,...
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NEW YORK’S SUBWAY SYSTEM FACES A CASH-STARVED FUTURE
After plummeting 93 percent at the depths of the pandemic last spring, ridership on New York City’s subway system has crawled back up to about 33 percent of 2019 levels, The New York Times reported. Federal aid, plus $6 billion more dollars earmarked for the system in President Biden’s newest stimulus plan, has enabled the...
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ROCK-BOTTOM RENTS MAY REVIVE NYC BUSINESS ECONOMY
Since the 1990s, Manhattan’s property prices have been rising, squeezing out many small businesses. Then the COVID War was launched last March and the City that never sleeps was put to bed by the governor and mayor of the state. From 1 March to 1 September 2020, 7,100 businesses in the city closed permanently, review...
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NEW YORK BUSINESSES WARN GOVERNOR AGAINST TAX HIKE
Businesses in New York state are calling on Governor Andrew Cuomo to not enact a range of tax increases the state’s legislature passed in mid-March. The legislature raised corporate franchise and income tax rates to add $6.5 billion to the state’s treasury next year; a proposed surcharge on capital-gains income would raise a similar amount....
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MULTI-GENERATIONAL HOME OWNERSHIP ON THE RISE
From April through June 2020, 15 percent of homes sold were bought by multigenerational families, up 11 percent July 2019 through March 2020 and the highest rate since at least 2012, according to the National Association of Realtors (NAR). The trend began in previous years with Millennials moving in with parents in a difficult job...
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REAL ESTATE AGENTS OUTNUMBER HOUSES FOR SALE
On 31 January, there were 1.04 million homes for sale in the U.S., according to the National Association of Realtors (NAR), 26 percent fewer than a year earlier and the lowest on record since at least 1982. On the same date, the NAR listed 1.45 million members. The only other time agents have outnumbered houses...
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AMERICANS STILL FLEEING URBAN CENTERS
A record 31.2 percent of people using real estate brokerage Redfin’s website to look for new homes in January and February were searching outside of their current residence areas, the company said. The number was 26 percent for the same period last year, which predated the COVID pandemic. As more employers allow workers to work...
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SPACs RAISE REGULATORS’ CONCERNS
Wall Street’s favorite new gimmick, which we noted in last week’s Trends Journal and this one – special-purpose acquisition companies (SPACs) – is drawing interest from regulators, which sent SPAC index prices tumbling last week. (See last week’s “U.S. MARKETS OVERVIEW” for more on SPACs.) A SPAC is a company that makes no product, performs...