TheStreet’s J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Wednesday, November 1.
Full Video Transcript Below:
J.D. DURKIN: I’m J.D. Durkin, reporting from the New York Stock Exchange.
Stocks were in the green to close out the first trading day of November. The Dow closed up over 200 points, the Nasdaq closed up 1.6 percent, and the S&P closed just over 1 percent higher.
This comes after the Federal Reserve left interest rates unchanged for the second straight month. While rates still sit at a 22-year high, the latest decision gave investors hope that the central bank is done raising rates for the year.
Meanwhile, investors are still looking ahead to Apple earnings out Thursday, and the October jobs report out Friday.
Another story we’re following is the continued decline of WeWork. The company, which provides shared co-working spaces, is reportedly on the verge of filing for bankruptcy.
WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey. In 2019, after raising a billion dollars in funding, it had a market value of $47 billion. But then came its botched IPO. Larger than expected losses and conflicts of interest surrounding Neumann, its CEO at the time, put the IPO on hold for two years. By that time, the company had lost almost $30 billion in value.
But the company has continued to struggle, with current CEO David Tolley saying in August, “Excess supply in commercial real estate, increasing competition in flexible space, and macroeconomic volatility drove higher member churn and softer demand than we anticipated, resulting in a slight decline in memberships.”
The company lost nearly $700 million in the first half of 2023 and $2.3 billion in 2022.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m J.D. Durkin with TheStreet.
