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Market Snapshot: Week of Nov. 27- Dec. 3

December 04, 2017
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 most important incidents from these sectors so that you don't have to.

1. Business

Market Snapshot: Week of Nov. 27th to Dec. 3rd

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  • Dow Jones: 24,232 (+2.83%)
  • S&P 500: 2,642 (+1.51%)
  • Nasdaq: 6,848 (-1.62%)

Market Winners:

  • Snapchat CEO, Evan Spiegel, announced earlier last week that the popular social media application would undergo a significant redesign, eliminating the Story feature. According to Spiegel, his goal is to differentiate the app from other popular social media platforms. 
  • Time Inc. was bought out by media giant Meredith for $1.85 billion in a deal partially managed by the Koch brothers.
  • Last Tuesday, Buffalo Wild Wings stock jumped 6% following an official buyout offer announcement by Atlanta-based private equity firm Roark Capital. The deal is expected to close in the first quarter of 2018.

Market Losers:

  • Despite trends showing that Americans are reading more this year, Barnes & Nobles reported a $30 million quarterly loss.
  • Sears sales continued to fall another 17% due to lack of repeat business and new customers.
  • Rideshare company Uber reported a $1.6 billion quarterly loss company, due in part to slow growth caused by the rideshare company’s recent hacker mishaps and the rapid growth of its main competitor, Lyft.  

Other Market News:

  • The Stoxx Europe 600 Index climbed 1.1 percent, the most since July.
  • West Texas Intermediate crude decreased 1.1 percent to $57.73 a barrel.
  • The value of one Bitcoin surpassed $11,000 for the first time, increasing by $3,000 since Thanksgiving alone. Bitcoin has experienced a 900% since the beginning of 2017.
  • CVS Health Group announced it would purchase Aetna Inc. for about $67.5 billion. This merger will significantly restructure the landscape of the U.S health-care sector; the deal is set to close mid-2018.  

2. Real Estate

Local:

  • Mast Capital is proposing to build a massive mixed-use project on a riverfront site at 1001 Northwest Seventh Street, according to documents filed with the Miami River Commission. Wanting to get in on the action near the Miami River, Mast Capital’s project is planned to have nearly 700 residential units, 800 parking spaces and commercial and retail space on the ground level. Rad Miami River Phase I LLC currently owns the 6.31-acre development site.

Trend Watch:

  • Bitcoin is poised to become the biggest emerging trend to impact the global real estate industry in 2018. In spite of its popularity, Bitcoin remains largely a mystery to many within the real estate community. What is Bitcoin? Where did it come from? And perhaps most importantly, how will it impact the real estate industry? Here is a beginner’s guide to Bitcoin for realtors.

3. Politics

North America:

  • Senate passed a 51-49 Tax Reform vote early Saturday significantly changing our nation’s federal tax code. Fifty-one senators voted in favor of  the "Tax Cuts and Jobs Act." Now, attention is on legislation trying to find common ground between the House and Senate bills, which could be ready "within ten days” according to Republican Senator David Perdue of Georgia.
  • Former national security adviser, Michael T. Flynn, pleaded guilty on Friday to lying to the F.B.I. About conversations with the Russian ambassador last December. Flynn is the first senior White House official to cut a cooperation deal in the special counsel’s wide-ranging inquiry into election interference.

South America:

  • According to Reuters, Venezuelan President Nicolas Maduro announced on Sunday that he’s planning to launch "petro," a digital currency backed by oil, gas, gold and diamond reserves. The development of this new Venezuelan cryptocurrency is an attempt circumvent U.S.-led financial sanctions.

Asia:

4. Sports

Local:

North America:

​5. Arts & Entertainment

Local:

  • Instagram-famous chef Nusret Gökçe, also known as “Salt Bae,” has sprinkled salt into old Cuban wounds by posting a picture impersonating as Fidel Castro. This cannot be good publicity for his new restaurant Nusr-et Turkish Steakhouse, which opened up at 999 Brickell Avenue in Miami’s financial district.
  • This past Wednesday, co-host of NBC's Today, Matt Lauer was fired based on many accusations of sexual misconduct. Lauer’s conduct was not a secret among other employees at Today, according to numerous sources.
  • The Institute of Contemporary Art, Miami (ICA Miami) inaugurated its new building in the heart of the Miami Design District last week. The opening comes just days before the Art Basel Miami Beach kicks-off its 16th installment. Click here for your guide to Art Basel Miami Beach 2017 and the surrounding events of Miami Art Week. 

 6. 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.

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