BANKS: Down

Posted on February 2, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

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Commercial real estate has been on the struggle bus since the pandemic hit in 2020, and now it’s taking regional banks along for the ride.

CITE: https://www.r2library.com/Resource

Recently, New York Community Bancorp (NYCB) shares took an 11% tumble—on top of a 38% plunge on Wednesday—after the bank said it’s dealing with surging losses from office buildings and multifamily apartment buildings. It’s a sign that commercial real estate (CRE) lenders are reckoning with the fact that they might not get their money back as commercial landlords struggle with high vacancies and interest rates:

  • More than $2.2 trillion in US commercial property loans will come due by 2027, according to the Wall Street Journal.
  • The default risk is worse for regional banks, where CRE loans make up nearly 29% of all assets, versus 6.5% at big national banks.

The KBW Regional Banking Index also dropped 9.2% since Wednesday, the most since Silicon Valley Bank’s collapse last year. (Coincidentally, most of the assets of Signature Bank, which failed shortly after SVB, were bought by NYCB.)

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SECOND OPINIONS: Secure Investment Advisory -OR- Medical Practice Management Advice

Posted on February 2, 2024 by Dr. David Edward Marcinko MBA

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MARCINKO & ASSOCIATES, Inc.

Dr. David Edward Marcinko MBA CMP®

Certified Medical Planner®

SPONSOR: http://www.CertifiedMedicalPlanner.org

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FINANCIAL PLANNING

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INVESTMENT ANALYSIS

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CONTACT: Ann Miller RN MHA

EMAIL: MarcinkoAdvisors@msn.com

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2nd OP

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DAILY UPDATE: Tech Industry Sheds Workers as the Stock Markets Rebound

Posted on February 2, 2024 by Dr. David Edward Marcinko MBA

By Staff Reporters

LEAP YEAR: This February month is a Leap Year. It’s stuffed with 29 days for 2024. If we didn’t have leap years, then our seasons would completely flip every ~750 years!

GROUND HOG DAY: A tradition observed in the United States and Canada on February 2nd of every year. It derives from the Pennsylvania Dutch superstition that if a ground hog emerges from its burrow on this day and sees its shadow, it will retreat to its den and winter will go on for six more weeks; if it does not see its shadow, spring will arrive early.

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The tech industry has shed tens of thousands of workers over the last year or so, including thousands this month alone across companies including Unity, Twitch, Amazon, Meta, Microsoft, eBay and Google. It also emerged that PayPal is firing around 2,500 people. 

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) rose 60.54 points (1.3%) to 4,906.19; the Dow Jones Industrial Average (DJI) gained 369.54 points (1.0%) to 38,519.84; the NASDAQ Composite® (COMP) added 197.63 points (1.3%) to 15,361.64.
  • The 10-year Treasury note fell over 10 basis points to 3.86%.
  • The CBOE Volatility Index® (VIX) fell 0.47 to 13.88.

Regional bank shares remained under pressure in the wake of poorly received quarterly results earlier this week from New York Community Bancorp (NYCB), which took over the failed Signature Bank in 2023. The bank’s shares fell another 11% on top of a 38% drop Wednesday while the KBW Regional Banking Index (KRX) sank 2.3% to a two-month low. The bank weakness was offset by strength in several other sectors, including retail and consumer discretionary.

CITE: https://www.r2library.com/Resource

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