You are here

Market Snapshot: Week of Jan. 30 - Feb. 6

February 06, 2018
Juan Artiles
Newsroom Contributor

We believe that knowledge is power and we want you to have more of it. The best realtors can engage their customers in conversation on a wide-range of topics, from business trends and shifting political landscapes to the latest happenings in the world of sports, art, and pop-culture. We've summarized the biggest happenings from these sectors so that you don't have to.

Business

Market Snapshot (January 29th - February 2nd)

Powered by MarketSnacks

Dow Jones: 25,521 (-4.16%)
S&P 500: 2,762 (-3.89%)
Nasdaq: 7,241 (-3.52%)

Market Winners:

  • Industry titans, Amazon, Berkshire Hathaway and JPMorgan Chase, announced on Tuesday that they would form an independent healthcare company for their employees in the United States. The alliance was a sign of just how frustrated American businesses are with the state of the nation’s health care system and rising costs of medical treatments.
  • Electronic Arts reports $2 billion in quarterly revenues thanks to their successful game releases and additional content for preexisting games.
  • Boeing is expected to dominate jet deliveries throughout 2018, as a result their stock price has reached an all-time high.
  • Keurig Green Mountain acquired Dr. Pepper Snapple for $19 billion in its efforts to build a food-and-coffee empire.

Market Losers:

  • Bitcoin and other alternative tokens continue their downwards slide. Bitcoin, which was priced at around $16,000 per Bitcoin about a month ago, dipped to below $7,000.
  • Cryptocurrency enthusiasts weren’t the only ones pulling their hair out this week; the stock market also took a tumble. The Dow dropped over 1,000 points on Monday, for its worst weekly loss since 2016. Many stock market skeptics believe this is just a correction and not a crash.
  • Exxon Mobil and Chevron shares both fell 5% due to profits failing to keep up with rising oil prices.

Other Marker News:

  • Last Friday's stock market rout in the U.S. spread to Asian and European markets this morning. The MSCI Asia Pacific Index dropped 1.5 percent overnight Monday, with Japan’s Topix Index closing 2.2 percent lower.
  • In Europe, the Stoxx 600 Index was 1.1 percent lower, with utilities the only sector putting in a positive performance. S&P 500 futures pared earlier losses to 0.3 percent as investors assess whether the weak start to February is the beginning of a major move, or just a blip.

Real Estate

Local:

  • Grammy Award-winning record producer and rapper Timbaland sued to evict the failed buyer of his Miami mansion Monday.  Records show Will Zamora was under contract to buy Timbaland’s home located at 10395 Southwest 67th Avenue near Pinecrest but the sale fell through and now Zamora is living illegally in the producer's house. In early January, Timbaland purchased a double unit at Aria on the Bay in Miami’s Arts & Entertainment District.
  • Abelardo Pachano Bertero, a former head of the Ecuador Central Bank who now runs the financial and advisory firm, Finanview, is looking to back out of purchasing a $3.6 million unit at Privé at Island Estates. Bertero alleges that ongoing lawsuits between the developers and neighboring homeowners could have a significant adverse impact on the condo's value and marketability. Recently Privé, won a $26M jury verdict against a homeowner’s association. To read more click here.

Politics

North America:

  • President Trump delivered his first State of the Union address last Tuesday evening. In his speech, he covered potential agenda items for 2018 in broad terms, including a call for $1.5 trillion in new infrastructure spending, a commitment to immigration reform and border security and partnerships with states and the private sector. If you missed the State of the Union Address, you can watch it here.
  • The Virginia Senate voted unanimously, 40-0, Monday to pass  Joint Commission Health Care bill, SB 726, which allows Virginia physicians to recommend the use of cannabinol oil of THC-A for treatment purposes. Many Virginians suffering from a variety of conditions such as cancer, Crohn's disease, and PTSD have lobbied passionately for this state reform.

Sports

North America:

National Football League (NFL):

  • David bested Goliath this Super Bowl LII, with the understated Philadelphia Eagles beating the New England Patriots 41 -33 Sunday night. The game was an offensive showcase by Patriots QB Tom Brady and Philadelphia's QB Nick Foles but ultimately was decided by a turnover by Brady late in the game. Philadelphia hasn’t won a Super Bowl since 1960. For a recap of the game click here.

National Basketball Association (NBA):

  • Lebron James is frustrated with the Cleveland Cavaliers sub-par play this season. Following their nationally televised loss, 120-88, to the Houston Rockets, James said "They should take us off every nationally televised game for the rest of the season. We haven't played good ball, and we get our butts kicked every time we play on national television, so I'm at a loss for words." Lebron’s continual dissatisfaction has skeptics questioning where he's going to land next season; maybe he'll come back to South Beach. 

Entertainment

  • Justin Timberlake performed at this year’s Super Bowl Halftime Show with a lively showcase of his repertoire of hits. Possibly more memorable than Justin Timberlake’s performance was the selfie seen around the world.

  • This year’s Super Bowl advertisers did not disappoint with a myriad of unique, hilarious and emotionally charged commercials premiering throughout the game of the year. To see the Top 10 Super Bowl LII commercials watch the embedded video above.

Quote of the Week

All the opinions expressed by Juan Artiles in this newsletter are solely his opinions. You should not treat any opinion expressed by his as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinions.

Recent Posts

In the Cervera Newsroom, our mission is clear: to inform, intrigue, and inspire Miami real estate professionals and consumers.

Miami-Dade County mid-market single-family home sales increased, and median prices rose for...

It’s a hive of activity at the Aston Martin Residences site in Miami where one of the largest...

Dwindling new developer condo inventory paired with increasing demand has resulted in a...

The numbers are in and April proved to be another strong month for Miami real estate...