Your Tuesday Blip 2/2/21

Your Tuesday Blip 2/2/21

Stocks rebounded today as tech earnings and stimulus talks added upside fuel to the fire. At the close the Dow was higher by 475 points on heavy trading volume to close at 30,697. The big news after hours was that Jeff Bezos is stepping down as CEO of Amazon.
Since bottoming in May with a reading in the 40s, US manufacturing sector has been on a steady rise hitting 60.5 in December and matching levels not seen since 2018. 2021 is starting off well for manufacturing as the latest ISM Manufacturing Index came in with a reading of 58.7 which is a slight decline from December but solidly in growth territory. Activity is broad based with 16 of 18 industries reporting expansion. Respondents in the survey noted that business demand is going past pre-pandemic levels, labor is tight and supply chain headwinds are causing delays in the deliveries.
Brookfield property reported earnings today. Brookfield is the largest owner of real-estate in the world. They noted that office rents in the US and North America in general are seeing rent collections at normal levels even though physical occupancy continues to lag. CEO Brian “Elvis” Kingston said that as the vaccine works its way into the general population they expect office utilization to return to normal levels. While Brookfield reported a loss they are currently the subject of a potential buyout by their parent company which is looking to buy shares at a time when valuations are cheap.