Hello readers,
It's been a rollercoaster week in the stock market, but we're ending on a positive note. After a day in the red, stocks rebounded following a speech from Fed Chair Jerome Powell that suggested interest rate cuts were unlikely in March. The tech-heavy Nasdaq Composite and the S&P 500 each gained 1.3%, while the Dow Jones Industrial Average rose 1%, or 370 points.
But it's not just the Fed that's been making headlines. Let's take a look at some of the other major events that have been impacting the market:
- Empty office buildings are starting to spook banks around the world. Japan's Aozora Bank shares shed 26% after it said its U.S. office-loan portfolio will likely lead to a net loss for the 12-month period ending March. Swiss private bank Julius Baer took a $700 million provision on loans it may not get back from an Austrian property landlord. New York Community Bancorp, the first bank to flag such problems, shed another 11% on Thursday.
- Peloton, the popular fitness company, saw its shares plunge 24% after reporting its eighth consecutive quarter of declining sales and cutting its outlook.
- Etsy's shares, on the other hand, rose 9% after the company announced it would add a member of the activist investor Elliott Investment Management to its board of directors.
Despite the ups and downs, there are still plenty of investment opportunities to consider. J.P. Morgan Wealth Management has put together a helpful guide on investing in the post-pandemic reality. Check it out here.
As always, it's important to stay informed about the latest market news. Deutsche Bank has unveiled job cuts and plans for a big payout boost, while commercial property losses are hammering banks on three continents. And did you know that one of America's hottest commodities is probably in your trash? Find out more here.
That's all for now. Stay tuned for more updates and happy investing!
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