Whilst rising mortgage rates are putting pressure on the consumer there hasn’t been anywhere near the excess of lending that there was in the 2000s.Ī report from Fitch this week said that the Fed’s interest-rate moves had indeed made housing prices more likely to fall, and put the largest plausible drop at 15 percent. The real estate sector was weak with Federal Reserve officials predicting a slowdown in the housing market. ![]() ![]() Oil and gas stocks alongside coal, copper and aluminium stocks outperformed The stock a recent favourite of the reddit crowd has now fallen 40 per cent in after market tradingĮnergy was the best performer sector on crude strength – Oil prices gained about 4 per cent on Thursday as positive US economic data and robust US fuel consumption offset concerns that slowing economic growth in other countries could undercut demand. While Shares of Bed Bath & Beyond fell 26 per cent on Thursday morning as investors reacted to activist investor Ryan Cohen’s filing that he intends to sell his entire stake in the meme stock. Shares of Cisco popped more than 6 per cent after the company beat estimates for its fiscal fourth quarter. Retail earnings highlighted a still fairly resilient consumer and some progress on inventory and supply chain issues, though margin headwinds are expected to linger. The Dow Jones Industrial Average added 0.06 per cent. Overnight the S&P 500 rose 0.23 per cent, while the Nasdaq inched 0.21 per cent. 13, while existing home sales dropped nearly 6 per cent in July.Ī glimmer of hope form Fed Reserve minutes suggested the central bank said it remains committed to fighting inflation, but indicated it could adjust its pace of tightening based on market conditions. ![]() Initial jobless claims fell to 250,000 for the week ended Aug. More data released Thursday provided clues into the state of both the jobs and housing markets. US equities finished higher in uneventful Thursday trading, though off best levels.
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