Metro Goes To Dulles, Amazon Fresh Expands: Top VA Business News 2022

Metro Goes To Dulles, Amazon Fresh Expands: Top VA Business News 2022

VIRGINIA — Many of the biggest business news stories of 2022 in Northern Virginia were related to the potential of things to come, with the completion of phase two of Metro’s Silver Line, new small businesses openings, and major aerospace and defense companies announcing plans to move their corporate headquarters to Northern Virginia.

Political and business leaders called the Dulles Corridor the most important economic corridor in the D.C. area, and that the opening of phase two of the Silver Line in November would make it even greater. While many small businesses shut down operations due to the pandemic, several new businesses opened in 2022 as investing in the region was viewed as safe again.

When Amazon announced it would be bringing its second headquarters to Arlington, local officials saw it as a huge win for jobs and economic growth in the county and across the region. The decision by Boeing in May to move its headquarters from Chicago, on the other hand, was viewed more as a symbolic win for Arlington.

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Terry Clower, a public policy professor at George Mason University’s Schar School of Policy and Government and the director of its Center for Regional Analysis, said Boeing’s decision gives National Landing — the Pentagon City and Crystal City area of Arlington — a good set of “bragging rights.”

Boeing’s decision, following Amazon’s HQ2 announcement and the presence of other significant technology sector employers, sends the message that Arlington is great for the tech businesses, Clower told the Washington Post.

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A month after Boeing’s announcement, Raytheon Technologies Corp. said it planned to move its global headquarters from Massachusetts to Arlington. Raytheon’s intelligence and space business is already based in the Rosslyn area of Arlington, where the new corporate headquarters will be located.

2022 also saw major changes to retail centers across Northern Virginia, including the Landmark Mall, whose chapter came to a close in Alexandria to make way for a mixed-use development anchored by Inova Alexandria Hospital. Springfield Town Center saw new businesses commit to the retail center hoping for a revival, while developers and officials in Arlington keep trying to make Ballston Quarter more successful.

Patch has brought together the top business stories in Northern Virginia of 2022:

Top Regional Business Stories of 2022

Dulles Corridor Poised For Economic Growth With Silver Line Completion

In November, local officials gathered for ribbon-cutting ceremonies at stations along Metro’s Silver Line, celebrating a 60-year dream of bringing a rail line out to Washington Dulles International Airport and Loudoun County.

$300M Pledged By Google To Improve Education, Workforce Development Across Virginia

Google will be investing more than $300 million in Virginia, as well as providing a $250,000 grant to promote computer science education and workforce development across the state. The tech giant made the announcement in April during a ceremony at its Reston Station headquarters. Google released its 2021 Economic Impact Report that showed the company had provided more than $8.4 billion in economic activity in the state.

Boeing Moving Corporate Headquarters To Arlington From Chicago

Boeing is moving its corporate headquarters to Arlington from Chicago, with plans to develop a research and technology hub in Northern Virginia, the company announced in May.

Top Retail and Town Center Stories of 2022

Landmark Mall Demolition Starts With New Development Planned

The Landmark Mall chapter is coming to a close in Alexandria. Demolition on the former mall began in May. The 52-acre Landmark Mall site will become a mixed-use development rebranded as the West End Alexandria development. The development will include the Inova Alexandria hospital, residential, retail, commercial and entertainment uses.

Reston Town Center North Task Force To Focus On Future Public Projects

Hunter Mill District Supervisor Walter Alcorn announced in April that he is creating the Reston Town Center Public Facilities Community Task Force to oversee a number of projects taking place near the Reston Town Center.

Arlington Approves 553 New Housing Units, Grocery Store At Macy’s Site

The Arlington County Board in December approved a 16-story glass-walled apartment tower with ground-floor retail on the current site of the Macy’s department store in Ballston. The new building will feature 553 residential units as well as a grocery store on the ground level, replacing the Macy’s and vacant office space above it.

Top Hotel Stories of 2022

Hotel Heron, Alexandria Project With Gap Funding, To Open In Late 2023

A new hotel called Hotel Heron will open in the restored building of Old Town Alexandria’s historic George Mason Hotel. The project is being assisted by a gap financing program using state and local tax revenues once open. Located at 699 Prince Street, Hotel Heron will offer 134 guest rooms, a ground-floor restaurant, a rooftop bar, 30,000 square feet of amenities and meeting space. Construction on Hotel Heron has begun, and completion is expected in late 2023.

36-Story Hilton Hotel, With Rooftop Event Space, Planned For Rosslyn

Hilton has signed an agreement to operate a new 36-story, 331-room hotel in Rosslyn that will overlook Key Bridge and Georgetown. Known as Hilton at The Key, the high-rise hotel, which will be located on the former site of a Holiday Inn, will also feature a rooftop event space and 28,000 square feet of meeting space. Dittmar Company, based in Vienna, is leading the development of a bigger project at the site, called The Key, which will include 517 luxury apartments, along with the hotel. The Hilton at The Key is scheduled to open in 2026.

Hilton To Retain Tysons Headquarters, Add Jobs Over 5 Years

Hilton will retain its Tysons-based headquarters and add 350 new jobs over five years. Hilton, a global hospitality company, has been headquartered at 7930 Jones Branch Drive in McLean since 2009. Hilton owns 18 hotel brands, such as Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, DoubleTree by Hilton, Hampton by Hilton, Hilton Garden Inn and Embassy Suites.

Aerial rendering of the new 36-story Hilton hotel planned for Arlington. (Hilton)

Top Restaurant Stories of 2022

Harvey’s Brings American Cuisine With A Twist To Falls Church

Harvey’s, a new restaurant in Falls Church serving American cuisine using locally sourced ingredients, opened for business in March, giving area residents a new option for breakfast, lunch and dinner. The restaurant comes with 48 seats in the main dining room and a 12-seat beer and wine bar. Harvey’s also features a patio that can seat 60 people in all seasons, and lots of free parking behind the restaurant at 513 W. Broad Street.

Conveyor Belt Serves Sushi, Robots Serve Drinks At Tysons Restaurant

A new restaurant serving sushi and other Japenese dishes moved by a conveyor belt and drinks delivered by robots opened in Tysons in September. Kura Revolving Sushi Bar, located at 8461 Leesburg Pike Suite C in Tysons, is a Japanese restaurant concept established in Japan in 1977 and expanded to the U.S. in 2008.

Frank Pepe, Creator Of New Haven-Style Pizza, Opens In Alexandria

In the early 1900s, Frank Pepe emigrated from Italy to the U.S., where he worked on creating his own pizza inspired by his hometown. In New Haven, Connecticut, he established the first New Haven-style pizza, known for being cooked by coal oven and for its thin crust. Fast forward to the present, Frank Pepe Pizzeria Napoletana, led by Pepe’s grandchildren, has expanded to five other states. The first Virginia location opened in July in Alexandria at 3233 Duke Street.

Top Grocery Store Stories of 2022

Hundreds Stand In Rain For Hours Waiting For Amazon Fresh To Open

Hundreds of people stood in the rain in April, waiting for the 7 a.m. grand opening of the new Amazon Fresh store in the Point 50 shopping center in Fairfax City. The store’s Just Walk Out technology allows customers who want to use it to scan the in-store QR code in their Amazon app using Amazon One or by inserting a credit or debit card to open one of the Just Walk Out gates.

Lidl To Celebrate McLean Grocery Store’s Grand Opening On June 1

Lidl celebrated the grand opening of a new grocery store in McLean in June, with local leaders participating in a ribbon-cutting ceremony. The new McLean store was Lidl’s 34th store in Virginia. Lidl, owned by Arlington-based Lidl US, invested $10 million in the McLean site.

New Wegmans Store In Alexandria Partners With ALIVE

A new Wegmans grocery store opened in May in the Carlyle neighborhood of Alexandria, introducing retail to the new Carlyle Crossing development. Located at 1150 Stovall Street, the new 81,300-square-foot store includes a selection of grocery items and prepared foods. There are 450 employees, most of whom were hired locally.

Officials celebrate the opening of a new Amazon Fresh store in Fairfax City in April. (Michael O’Connell/Patch)

Top Entertainment Center Stories of 2022

Paragon Theaters Will Bring Movie Theater To Falls Church

Paragon Theaters will officially open at Founders Row, developer Mill Creek announced in November. No opening date has been announced for the movie theater. Paragon Theaters will join residential and retail uses at the mixed-use development at W. Broad and N. West Streets.

Lego Center Groundbreaking Marks Springfield’s Ongoing Economic Growth
Fairfax County Board of Supervisors Chairman Jeff McKay joined Franconia District Supervisor Rodney Lusk on Dec. 8 for a groundbreaking ceremony celebrating the official start to construction of the Lego Discovery Center at Springfield Town Center. McKay said the new Lego Discovery Center will be part of the remake of the retail attractions at Springfield Town Center.

Flight Adventure Park To Host Relaunch Ceremony In Springfield

Flight Springfield held a grand relaunch party in the summer, where former Navy fighter pilot Tammie Jo Shults and former NASA astronaut and space shuttle veteran Hoot Gibson participated in a ribbon-cutting ceremony for the retrofitted aviation-themed adventure park. Located at 7200 Fullerton Road, Flight Springfield had been closed as it undergoes renovations and upgrades.

Top Medical Business Stories of 2022

Titans Of The Toll Road Discussion Focuses On NoVA Healthcare System

COVID-19 exposed major weaknesses in Northern Virginia’s healthcare system, which have led to many medical professionals leaving the industry and creating a workforce shortage, according to an October panel discussion at the Trajectory Event Center in Herndon. “We are in every aspect short-staffed,” said Dr. Bill Hazel Jr., the former Virginia secretary of health and human services and senior deputy executive director of the Claude Moore Charitable Foundation.

Medical Cannabis Dispensary Opens In Huntington

A new cannabis dispensary serving registered medical cannabis patients in Virginia opened in July in Huntington. Beyond/Hello, a medical cannabis dispensary, is open at 5902 Richmond Hwy, Alexandria, VA just outside Alexandria city limits. This is the first licensed cannabis dispensary in Fairfax County. Beyond/Hello also operates dispensaries in Manassas, Sterling and a future Fairfax City location. The company also plans to add an Arlington store.

Facial Recognition Technology Coming To Virginia Hospital Center

VHC Health will begin using facial biometrics for patient identification at Virginia Hospital Center and its other locations in the D.C. area by the end of 2022, according to the Arlington-based health care provider. The health care provider is partnering with CERTIFY Health, which will provide the biometric authentication technology. CERTIFY’s technology will be integrated into VHC’s existing electronic health record and administrative systems.

Alejandro Buxton, 12, the CEO of Smell of Love Candles, opened his own kiosk inside Tysons Corner Center with a ribbon cutting in September. (Emily Leayman/Patch)

Top Small Business Stories of 2022

Vienna 12-Year-Old’s Candle Business Ramps Up Production In Mall Space

Smell of Love Candles debuted its first brick-and-mortar space with a ribbon cutting in September. The kiosk is located on the mall’s second level in front of Banana Republic. The store is run by 12-year-old Vienna resident Alejandro Buxton, who launched Smell of Love Candles in 2020 as an online store.

Sacred Roller Skate Supply Provides Welcoming Space For All In Herndon

Katie McDonald opened a new store in February in Herndon for anyone else likes to roller skate. Sacred Roller Skate Supply is located at 681 Monroe St., next to American Carpet and Floor. McDonald told Patch said she discovered there weren’t a lot of places locally where people could buy quad roller skates or pick up supplies. Since it was always her dream to open her own boutique or shop, why not open a roller skate shop in Herndon?

Turkish Coffee Lady Brings Turkish Traditions To Alexandria

Turkish coffee became the latest addition to King Street in Alexandria as the Turkish Coffee Lady opens in January 2022. The coffee and culture house will open Saturday at 1001 King Street. Turkish Coffee Lady, a start-up business celebrating the coffee culture that dates back to 1554 in Istanbul, Turkey, was founded by Gizem White, a Turkish American entrepreneur.


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How Nestle New Business Ventures sparks fresh innovation

How Nestle New Business Ventures sparks fresh innovation

VEVEY, SWITZERLAND — Nestle United states of america is leveraging its 30,000-strong workforce to spark fresh new innovation. Its New Business enterprise Ventures team partners with groups throughout the firm to persuade “what if” jobs, lending expertise on early-phase traits to test new items and business enterprise styles that charm to the evolving preferences of consumers.

Released in 2017, Nestle’s open up channel innovation platform has resulted in almost two dozen solution launches. The most current example marks the company’s initial foray into the frozen smoothie room.

Outshine Smoothie Cubes launched this thirty day period with a few fruit-forward formulations. Kinds consist of Go-Getter, that includes banana, pineapple, papaya, day paste and beet juice with a contact of chia and B vitamins, and Intestine Supporter, that includes strawberries, banana, coconut cream, carrot juice, date paste, beet juice, chia seed and fiber. The third possibility, Glow To, is designed with collagen peptides from Critical Proteins and includes banana, pineapple, mango, date paste, spinach, kale, kiwi, cucumber and chia seed.

Buyers mix the premixed fruit blends with liquid, enable it sit for 15 minutes, then shake for a mess-cost-free smoothie working experience.

The strategy was generated by Kelaine Cleary, a member of Nestle’s contracting production group. In the beginning dubbed Blenderful Smoothie Cubes, her notion was to produce a handy and price tag-helpful way to get a healthier start out to the working day.

“She pitched the plan to our government management crew, and then we experienced our collection of cooks layout the item,” reported Doug Munk, senior director of New Company Ventures for Nestle. “It was greenlit inside 6 months, and we got to market place in 20 northern California outlets to exam it. We shown by means of income and velocity that we were being on to anything, and for the reason that of the scale of Nestle, we understood Outshine was the ideal brand name for the solution.”

Nestle in September extra a new raspberry peanut butter flavor to its lineup of Rallies Nut Butter Bombs. The refrigerated snack manufacturer, which also gives brownie almond butter and salted cashew butter bites, debuted on the internet and in find suppliers previous calendar year and is expanding nationwide this tumble.

Nestle initially tried to enter the refrigerated snack house several several years ago with GoodBe, a brand name of chilled yogurt and granola bars.

“What we read from people was, ‘Yes, we want to shop in the refrigerated area for snacking, but we even now want indulgence,’” Mr. Munk explained. “That was a wonderful realization of a pivot we essential to make. GoodBe was seriously centered on superior-for-you characteristics and leaning into probiotics. We noticed an opportunity to dive more into permissible indulgence. Which is what led us to Rallies.”

Essential to Nestle’s innovation playbook is screening and learning in advance of earning major bets. The firm is taking a lean solution to launching new goods made by means of its inside incubator. As an case in point, it has been accumulating responses and getting insights on Boosted Brew, a keto-pleasant espresso enhancer.

Made by a Nestle worker and keto diet plan follower, the shelf steady creamer is offered on Amazon.

“Boosted Brew supplies great strength, wonderful texture and goes along with what we’re observing in coffee outlets all-around purposeful benefits,” Mr. Munk mentioned. “We’ve been tests and studying alongside the way. We’re likely to be scaling it into brick-and-mortar in 2023.”

Nestle new Business enterprise Ventures also is targeted on reimagining main brand names to superior satisfy buyer desires. The open channel platform has sparked new additions to the Stouffer’s model, together with stuffed Mac & Cheese Bites and Lasagna Bites.

Discovering new small business types is one more aim. Nestle New Enterprise Ventures this 12 months piloted a shipping and delivery service model for freshly baked Toll Property cookies, offering heat treats immediately to doorsteps in Washington. It designs to take a look at opportunities in intelligent vending and personalized diet in 2023, Mr. Munk claimed.

The crew also will search for to associate with emerging technology businesses to build increased buyer assist options.

“As we think about driving tips throughout the whole group, a big aim for us next 12 months is growing our crowdsourcing efforts to startups,” Mr. Munk mentioned. “We have a new innovation obstacle to give superior encounters for customers seeking to get to out to us.”

Futures open flat after S&P 500 hits fresh record to kick off Santa Claus Rally

Futures open flat after S&P 500 hits fresh record to kick off Santa Claus Rally

U.S. inventory futures ended up sideways on Monday right after the S&P 500 closed at a further report high in an all-all around potent day for marketplaces that leap-started off the expected year-end bull operate recognised to buyers as the Santa Claus Rally.

Contracts on the S&P 500, Dow, and Nasdaq were being mostly unchanged going into right away trading.

For the second consecutive buying and selling session, the S&P 500 soared earlier its former peak, marking the benchmark’s 69th record shut of the year alongside with broader industry improvements in the ultimate extend of 2021.

The moves recommend that a Santa Claus Rally — one particular in which stocks climb greater in the last 5 buying and selling classes of a calendar year, in addition the initially two trading days of the new year — is so considerably underway. In excess of the previous 92 a long time, the S&P 500 received 77{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the time through the year-stop rally period of time, in accordance to information from Sundial Capital Exploration. The common gain in this seven-day buying and selling time period tallied 2.66{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The innovations arrive even as conditions of Omicron, the newest COVID-19 variant, surged. December was a volatile thirty day period for traders who weighed the strain’s impression on the economic climate, but the latest developments that show the Omicron virus is considerably considerably less probable to direct to hospitalizations helped relieve some before problems.

“Beyond vaccines, cure selections are getting to be additional obtainable,” Rik Mehta, an Food and drug administration formal and Georgetown College wellbeing law professor, instructed Yahoo Finance Dwell. “That will continue to keep men and women that are vaccinated and unvaccinated out of the hospitals and from developing critical infection. Which is heading to be a recreation changer for this.”

Meanwhile, journey stocks have been a dim location in the earlier session’s rally. Shares of U.S. airline organizations took a hit pursuing information of extra than 2,800 canceled flights about the Xmas weekend and into Monday. Disruptions and delays have been the end result of staffing shortages triggered by an uptick of COVID-19 instances among crews and personnel.

American Airways (AAL) shut down .49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $18.17 per share, United Airlines (UAL) traded .65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} lessen at $44.58 for each share, and Delta Air Traces (DAL) slipped .76{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $39.00 for every share.

“If the stocks are down, now is the time to purchase,” DLB Money Solutions CEO Debbie Boyd explained to Yahoo Finance Dwell as she mentioned airline firms. “Think of those people shares becoming down as on sale.”

The rest of the 7 days is expected to be largely tranquil for investors, with trading volumes lower and a mild calendar of financial data and earnings releases.

“We’re likely to have a incredibly potent January,” Navellier & Associates founder and CIO Louis Navellier advised Yahoo Finance Dwell. “If we can rally on gentle volume, we’re going to get an explosion to the upside when the quantity boosts in January.”

The marketplace will head into 2022 with quite a few key criteria to weigh but with its major concentrate on the class of the pandemic and rising inflationary pressures, as perfectly as on actions the Federal Reserve could get in reaction.

“Inflation and Omicron are the two most important catalysts for the stock sector suitable now,” APAC CEO at Qraft Technologies Francis Oh instructed Yahoo Finance. “I believe that those people catalysts are priced in by the industry volatility… continue to I assume the market will cautiously transfer off.”

6:00 p.m. ET: Futures unchanged following rally

Here’s how U.S. inventory futures fared heading into the overnight session ET:

  • S&P 500 futures (ES=F): -.75 factors (-.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,781.50

  • Dow futures (YM=F): -7 factors (-.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 36,171

  • Nasdaq futures (NQ=F): +9 details (+.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,569

  • Crude (CL=F): +$.42 (.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $75.99 a barrel

  • Gold (GC=F): +$3.90 (+.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,812.70 for each ounce

  • 10-yr Treasury (^TNX): +.03bps to generate .02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Alexandra Semenova is a reporter for Yahoo Finance. Stick to her on Twitter @alexandraandnyc

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S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

Stocks reached fresh all-time highs on Tuesday in another record-setting session, with investors cheering another set of better-than-expected corporate earnings results. 

The Dow and S&P 500 gained while the Nasdaq rose more modestly, weighed by a drop in Tesla (TSLA) after CEO Elon Musk downplayed the expected impact of a deal with car rental giant Hertz. Investors watched with optimism as more corporate earnings results exceeded expectations and defied concerns over ongoing supply chain constraints, shortages and cost pressures. 

Clorox (CLX) became one of the latest major names to top estimates in results posted Monday after the closing bell, with the cleaning supplies and home goods company topping third-quarter sales and profits estimates and reaffirming its full-year guidance even as the company said it expects “cost pressures to persist.” Shares of Avis (CAR) and Simon Property Group (SPG) also jumped, with both of these companies posting quarterly earnings that exceeded expectations after market close. 

Heading into this week, the expected earnings growth rate for the S&P 500 was at 36.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the third quarter, which while a step down from the second quarter’s rate, would still mark the third-highest pace in data spanning back to 2010, according to FactSet. 

“I don’t think what’s going on is terribly surprising,” when it comes to the sizable year-over-year earnings growth many companies have reported for the third quarter, Pacer ETF’s President Sean O’Hara told Yahoo Finance Live. “I think what we need to see going forward is, is it sustainable, or are some of these outside factors going to be a bigger challenge than we expect?”

“Is inflation and the input costs that the producers are dealing with, is that going to derail things? Is the lack of workers?” he added. “There’re a lot of things out there that could potentially derail the market, especially as you’re making this transition from where we are, which is easy comparables versus last year, to more difficult ones going forward.” 

In addition to the solid backdrop of corporate earnings, an ongoing economic recovery and still-accommodative positioning by monetary policymakers have also helped underpin equities in their march to new highs. For investors, the Federal Reserve’s latest monetary policy decision on Wednesday will help suggest how long the central bank will maintain its current levels of support. Many pundits expect to see the bank begin to pull back the asset purchases that comprised its quantitative easing program that had helped support the recovery, with fresh economic data reflecting a U.S. economy closing in on pre-pandemic conditions. 

“We think that better days are ahead. Earnings are still growing at a pretty healthy clip. There’s a lot of people focusing on peak growth rates. That’s probably not the way to look at it,” Sameer Samana, Wells Fargo senior global market strategist, told Yahoo Finance Live. “From our standpoint, those low interest rates, still stimulative policy and really strong growth are what set the stage for strong equities in the next year.” 

4:05 p.m. ET: S&P 500, Dow and Nasdaq rise to reach fresh all-time highs; markets await Fed decision

Here were the main moves in markets as of 4:05 p.m. ET:

  • S&P 500 (^GSPC): +16.98 (+0.37{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,630.65

  • Dow (^DJI): +138.79 (+0.39{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 36,052.63

  • Nasdaq (^IXIC): +53.69 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,649.60

  • Crude (CL=F): -$0.55 (-0.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.50 a barrel

  • Gold (GC=F): -$6.90 (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,788.90 per ounce

  • 10-year Treasury (^TNX): -2.6 bps to yield 1.5490{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

12:36 p.m. ET: Residential rental vacancy rate dips in 3Q to near pre-pandemic levels

The U.S. vacancy rate for rental housing fell in the third quarter to close in on pre-pandemic levels. 

Rental vacancies reached 5.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the three months ending in September, marking the lowest level since the second-quarter of 2020. This fell by 6.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} compared to the second quarter and from 6.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the same period last year. 

Rent prices have also been increasingly notably over the course of the past year, with the median asking rent for vacant units rising to $1,203 in the third quarter from $1,160 a year earlier. And in the Bureau of Labor Statistics’ consumer price index, rent of primary residence prices last increased by 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in September compared to August, accelerating from a rise of 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the prior month. 

11:35 a.m. ET: Avis shares surge, triggering volatility halt after 3Q estimates point to strong car-rental demand

Shares of Avis (CAR) more than doubled on Tuesday alone after the car-rental company posted third-quarter estimates that far exceeded consensus estimates, pointing to solid demand for rentals. 

At session highs on Tuesday, the stock more than tripled to reach a record $545.11 per share. This outsized move to the upside triggered at least one volatility halt in the stock. Third-quarter net revenue nearly doubled over last year to reach $3 billion, and adjusted earnings per share of $10.74 were much better than the $7.24 expected. The company also said it would add more electric vehicles to its fleet over time during its quarterly earnings call with analysts.

11:27 a.m. ET: Chegg shares plunge after lowering guidance, with company saying ‘education industry is experiencing a slowdown’ 

Shares of education company Chegg (CHGG) sank 45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Tuesday morning after the company lowered its full-year guidance and highlighted a slowdown in the broader higher education industry. 

For the third quarter. Chegg reported revenue of $171.94 million, which missed expectations for $174 million, according to Bloomberg consensus data. The firm also lowered its forecast for both revenue and adjusted EBITDA for the full year, and now sees revenue coming in at as much as $764 million, versus the as much as $815 million seen previously. 

“In late September it became clear to us that the education industry is experiencing a slowdown that we believe is temporary and is a direct result of the Covid-19 pandemic,” CEO Dan Rosensweig said in prepared remarks for the company’s earnings call. 

“A combination of variants, increased employment opportunities and compensation, along with fatigue, have all led to significantly fewer enrollments than expected this semester,” he added. And those students who have enrolled are taking fewer and less rigorous classes and are receiving less graded assignments”

9:42 a.m. ET: Tesla gives back some gains as Musk plays down Hertz deal

The carmaker’s high-flying stock is under pressure in early trading, after Elon Musk tweeted that Tesla has not yet signed on the dotted line with Hertz, which announced a deal last week to add Model 3s to its fleet of rentals. Musk also stated that regardless, the deal would have “zero impact” on Tesla’s bottom line.

But Hertz said it’s already receiving cars under its plan to add 100,000 Tesla EVs through 2022, but didn’t respond directly to Musk’s remark:

As we announced last week, Hertz has made an initial order of 100,000 Tesla electric vehicles by the end of 2022 and is investing in new EV charging infrastructure across the company’s global operations. Deliveries of the Teslas already have started, and consumer reaction to our commitment to lead in electrification has been beyond our expectations.

9:30 a.m. ET: Stocks open flat ahead of the Fed

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): 4,619.64, +5.97 (+0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Dow (^DJI): 35,924.83, +10.99 (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Nasdaq (^IXIC): 15,611.21, +15.30 (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Crude (CL=F): $83.42 per barrel, -$0.63 (-0.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • Gold (GC=F): $1,792.90 per ounce, -$2.90 (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a})

  • 10-year Treasury (^TNX): 1.5590{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, -0.016 bps

7:25 a.m. ET Tuesday: Stock futures point to a mixed open

Here’s where markets were trading Tuesday morning:

  • S&P 500 futures (ES=F): -0.25 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,605.50

  • Dow futures (YM=F): +9 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,809.00

  • Nasdaq futures (NQ=F): -28.25 points (-0.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,866.00

  • Crude (CL=F): -$0.39 (-0.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $83.66 a barrel

  • Gold (GC=F): -$2.70 (-0.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,793.10 per ounce

  • 10-year Treasury (^TNX): -1.7 bps to yield 1.556{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

6:07 p.m. ET Monday: Stock futures edge lower 

Here’s where markets were trading as the overnight session kicked off: 

  • S&P 500 futures (ES=F): -2 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,603.75

  • Dow futures (YM=F): -18 points (-0.05{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,8782.00

  • Nasdaq futures (NQ=F): -16.25 points (-0.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,878.00

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in New York City, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter