Wall Street Firms Consider Moving Jobs Out of New York City

Wall Street Firms Consider Moving Jobs Out of New York City

#WallStreet #NYC #jobs #economy #technology

$DIA $SPY $QQQ $RUTX $VXX

Wall Street gained ground Monday and rising technology shares drove the NAS Comp to another record closing high.

Q-2 earnings: 48 companies in the S&P 500 have posted results, with 77.1% of those beating consensus, according to Refinitiv data.

In aggregate, analysts now expect S&P 500 Q-2 earnings to have dropped 43.2% Y-Y, as per Refinitiv.

On Wall Street

Work from home and the reduced need for employees in New York’s financial and professional-services industries have prompted some companies to consider paring their presence in the city by at least 20%, according to a new study.

About 25% office employers intend to reduce their footprint by at least a 20%, and about 16% expect to move jobs out of NYC, according to the Partnership for New York City, an influential group composed of corporate chief executives, which hired several consulting firms to conduct the study.

Companies also expect only 10% of their employees to return to the office this Summer and just 40% by year-end, according to the survey, which was conducted in May and released Monday.

The study estimated that city and state tax revenue losses may exceed $37-B during the next 2 yrs, as the state’s economic output drops 7%. The city’s economy will shrink as much as 13% on the year.

Mayor De Blasio’s office refused to comment.

Monday, the major US stock market indexes finished at: DJIA +8.92 at 26680.87, NAS Comp +263.90 at 10767.18, S&P 500 +27.11 at 3251.84

Volume: Trade on the NYSE came in light at 785-M/shares exchanged

HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish to Very Bullish across the board in here.

  • NAS Comp +20.0% YTD
  • S&P 500 +0.7% YTD
  • DJIA -6.5% YTD
  • Russell 2000 -12.0% YTD

Looking Ahead: Investors will not receive any economic reports Tuesday,

Have a healthy day, Keep

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.