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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Amazon is undertaking significant job cuts within its Prime Video and MGM Studios divisions, affecting several hundred roles. These layoffs are part of a broader strategy to optimize investments for long-term success, focusing on areas with the most impact on content and product initiatives. Mike Hopkins, who leads these units, communicated these changes in a staff memo. This follows Twitch's announcement of 500 job cuts and is part of Amazon's extensive layoffs across the company, which began in late 2022 and have impacted over 27,000 jobs.

2. Home prices in the U.S. are rising, primarily due to decreasing mortgage rates. According to a recent report by CoreLogic, there was a significant 5.2% increase in national home prices in November compared to the same period last year. This growth rate is a noticeable jump from October's 4.7% increase. The trend is primarily attributed to the recent dip in mortgage rates, which has boosted buyers' purchasing power. Despite some projections of a slight price decline next year, the ongoing scenario of limited supply against high demand will likely keep pushing prices upwards. Notably, after reaching a 20-year peak in 2022, the average 30-year fixed mortgage rate has reduced from over 8% to the high 6% range.

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4. Headlines

   1. Blackrock is laying off 3% of its workers, an estimated 600 people.

   2. Industry experts believe AI will increase pay per hour for most employees.

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