Boeing can breathe again

GM folks, hump day is here. It only gets uphill from here.

As far as financial bytes go, Aurify has your back.

Alright so today we’ve got:

• Home prices in pricey regions are finally correcting.

• Boeing is breathing fresh air finally.

• Loans on apartment buildings are defaulting with rising interest rates.

  Let’s take a look.

The Big Picture

Home prices fell for the first time in a decade in parts of the country. Prices still rose in Midwest, South and Northeast but fell in the Western states.

California and Mountain view seemed to be most affected as prices fell as much as 14.5% in San Francisco. Austin, Texas and Boise, Idaho saw declines of about 10%. Home prices seem to have corrected in expensive markets, and have gone higher in affordable markets.

Western states where prices climbed during the pandemic, are seeing home price fall quickly. The country’s median single family home price fell 0.2% to $371,200.

Sector Sweep

Tech

• Sam Bankman Fried, the FTX founder is looking to dismiss the criminal charges levied on him by the Justice Department, as his lawyers argue that these were ‘flawed charges brought on him in a rush’.

• Rivian reported lower losses in the latest quarterly earnings as they look to conserve the limited cash they have at their disposal. They beat expectations, sending their stock up 5%.

• The rise of ChatGPT has impacted the markets as the rise of AI is sending stocks like Nvidia shooting upwards while shares of study materials company like Chegg went downwards.

Automotive

• GM has hired Mike Abbot, VP of Apple cloud services to lead it’s software division as they attempts to reduce reliance on Silicon Valley tech companies.

Transportation

• Boeing finally have something to celebrate as they struck a deal with Ryanair to sell $40 billion worth of 737 Max jets.

Real Estate

• Defaults for mortgage bonds used to fund apartment building purchases are rising as almost $88 billion of securitized mortgages are at risk of default while 42% are backed by apartment buildings.

• With the decline of 5-day work week commute, it has been observed that suburban retail has been given a leg up. Suburban shopping centers are on the rise, as city office districts are relocating to suburbs.

Energy

• Saudi Arabia’s national oil company Saudi Aramco, posted a 19% drop in quarterly profits as they went down from $39.47 billion to $31.88 billion.

That’s all for today folks. Do keep a lookout for our weekly email about stock deep dives and personal finance strategies this Saturday.

BTW, do tell us how we did. Just hit us with a reply.

Cheers!

Memetic Universe

Jerome Powell right now

Nobody can take him on.