Market News

Wyndham Hotels & Resorts announced plans to offer a mobile-tipping option to the owners of more than 6,500 hotels.

Ten-year Treasury yields rose to 3.545%, the highest closing level since April 2011.

Workers are returning to U.S. offices at the highest rate since the pandemic forced most workplaces to temporarily close in 2020. Office use on average was 47.5% of early 2020 levels for workers in the office over the five business days from Sept. 8 to Sept. 14 in the 10 major metros.

Hilton has tapped a major development project in Manhattan’s Times Square to debut its boutique brand, The hotel, which will be the first under the new Tempo by Hilton flag, will feature 661 rooms when it opens next year. It is part of TSX Broadway, a $2.5 billion, 550,000-square-foot tower located next to Times Square’s red bleachers and the TKTS discount-tickets booth.

Adam Neumann recieved a $1 billion exit package in cash and loans when he left WeWork. He is now launching a residential apartment brand called Flow.

Stocks suffered their worst day since 2020 as high inflation raised fears about a more-aggressive Fed. The Dow dropped nearly 1,300 points.

Deposits at U.S. banks fell by a record $370 billion in the second quarter, the first decline since 2018. Deposits fell to $19.563 trillion as of June 30, down from $19.932 trillion in March.

Tech firm startups raised $444 billion in the first eight months of 2022, down from $526 billion during the same period in 2021.

The Federal Reserve appears to be on a path to raise interest rates by another 0.75 percentage point this month in the wake of Chairman Jerome Powell’s public pledge to reduce inflation even if it increases unemployment.

Defaults on leveraged loans hit $6 billion in August, the highest monthly total since October 2020, when pandemic shutdowns hobbled the U.S. economy. This sprawling loan market doubled over the past decade to about $1.5 trillion.