⚰️Is Office Work Dead For Good?

Good morning. US stock futures fell in Wednesday morning trading as Wall Street awaited data on the health of the US labor market.

🤖 US office vacancy rate hits record high

📝 Our report: US office vacancies have hit a fresh peak in the first quarter, proving that even office spaces are getting a taste of the "work from anywhere" lifestyle. Vacancies rose to a record 19.8%, Moody’s Analytics said in a preliminary report, moving from 19.6% in the fourth quarter of 2023.

 🔑 Key points:

• The struggles in the sector have already sent vacancy rates past historic peaks in 1986 and 1991 with possibly room for more, according to Moody’s.

• The Federal Reserve’s interest rate hiking cycle has also wounded commercial real estate.

• “The office stress isn’t quite done yet,” Thomas LaSalvia, Moody’s head of commercial real estate economics and an author of the report said, adding that winners and losers will be determined by proximity to mixed-use neighborhoods and public parks instead of the typical office block.

💡 So what: The surge in US office vacancies signals a shift in work dynamics towards hybrid or remote setups, impacting commercial real estate and local economies. It underscores the need for adaptive strategies from businesses and highlights the importance of flexibility in office space utilization.

Wednesday - Fed Chair Jerome Powell Speaks, ISM Services

Thursday - US Trade Balance, Chicago Fed President Austan Goolsbee Speaks

Friday - US Unemployment Rate, Consumer Credit

📈 These are the steps to follow when doing stock research

💰 This is the number one factor that makes people feel financially secure

🧑🏼‍💼 These are the things employers look for in a resume

 📈 Get 5.1% APY For Your Extra Cash

Many of you ask where we’re putting our extra cash to earn the highest interest while still having access to it.

I’ve looked through plenty of high yield options and my top pick is Moomoo. It’s offering one of the highest yields available today at 5.1% APY.

And the best part? No minimum deposits, no cap on interests, and you can withdraw your cash at anytime.

Moomoo is offering Daily Market Briefs subscribers a limited-time deal: earn 5.1% APY on your cash and get up to 15 free stocks.

PS: Despite the funny name, Moomoo is a registered broker dealer with the SEC and is a member of SIPC meaning you’re insured up to $500,000.

🏢 WeWork bankruptcy exit to happen sooner than anticipated

WHAT: WeWork is rolling up its sleeves and aiming to make a speedy exit from Chapter 11 bankruptcy in the U.S. and Canada by May 31st. The company said it had agreed to amend about 150 leases with better economic terms, such as reduced rent payments, and it is in the process of exiting another 150 leases. The company will maintain 150 leases without change, and it is still negotiating with landlords for about 50 additional locations.

WHY: The shared office space provider, once privately valued at $47 billion, filed for bankruptcy in November as it racked up losses on its long-term leases after demand for office space plunged during the pandemic and from a shift to hybrid working.

✂️ GE splits three ways

WHAT: General Electric has finally wrapped up its grand breakup into three separate entities, signaling the end of an era for the 132-year-old conglomerate that was once the most valuable U.S. corporation and a global symbol of American business power. The industrial giant's aerospace and energy businesses began trading on the New York Stock Exchange as separate entities more than a year after GE spun off its healthcare business.

WHY: The breakup culminates CEO Larry Culp's efforts to turn around a company that looked all but dead due to bad investments and the 2008 financial crisis that nearly bankrupted its most profitable business, GE Capital.

🛒 Amazon kills cashier-less system in US grocery stores

WHAT: Amazon has decided to hit the pause button on its cashier-less Just Walk Out technology in grocery stores, taking a step back from its bold initiative to let shoppers dodge the checkout line. The company said it will remove the system as it remodels existing Fresh grocery stores and won’t feature it in new locations that will start opening later this year.

WHY: The company began developing the technology more than a decade ago, part of a push by Jeff Bezos, then chief executive officer, to develop a unique offering to accompany Amazon’s move into physical stores.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs