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☆ Homebuyers are flocking to a type of loan that offers a lower mortgage rate. But they often require bigger down payments, and lenders don't like to give them.
  + stars: | 2024-08-01 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
Homebuyers seeking lower mortgage rates are snapping up a rare type of loan. AdvertisementA type of mortgage that can offer ultra-low rates is becoming more popular among homebuyers — but they're rare and difficult to come across, real estate experts say. Buyers have been increasingly turning to assumable mortgages, or home-lending schemes where a buyer takes over a seller's mortgage, at the rate it was originally financed. Borrowing costs on the 30-year-fixed mortgage, the most popular type of mortgage in the US, ticked higher to 6.7% last week, according to Freddie Mac data. Meanwhile, 85% of existing homeowners have a mortgage rate under 6%, per an analysis from Realtor.com.
Persons: —, Freddie Mac Organizations: Service, Business
☆ Live updates: Apple investors watching iPhone sales in China ahead of earnings today
  + stars: | 2024-08-01 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
The tech giant suffered from weak demand and rising competition in China earlier this year. Investors are looking for updates on its performance in China and coming products, like the iPhone 16. Investors will be on high-alert for updates on the firm's success in China, the services side of its business, and Apple's key projects. That includes Apple Intelligence, its coming AI software, and the iPhone 16, which is set to be released this fall. This story is available exclusively to Business Insider subscribers.
Persons: — Organizations: Investors, Service, Apple Intelligence, Business Locations: China
☆ Stock market today: Nasdaq surges nearly 3% amid chip rally, dovish Fed comments
  + stars: | 2024-07-31 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
Central bankers said they had more confidence inflation was back on track to 2%. Markets are pricing in a 100% chance of a rate cut in September, per the CME FedWatch tool. AdvertisementUS stocks surged on Wednesday, driven by a rally in the tech sector and dovish comments from the Federal Reserve. The second quarter's inflation readings have added to our confidence, and more good data would further strengthen that confidence," Fed Chair Powell said in prepared remarks. Markets are now pricing in with certainty that the Fed will cut rates in September, according to the CME FedWatch tool.
Persons: —, Powell, Philip Straehl, Morgan Stanley Organizations: Fed, Service, Federal Reserve, Nasdaq, Morningstar Wealth, AMD, Nvidia
☆ Stock market today: Chipmakers lead tech surge ahead of Fed rate decision
  + stars: | 2024-07-31 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
US stocks surged as chipmakers lifted tech shares ahead of the Federal Reserve's rate decision. Fed Chair Powell's guidance will be crucial, with market sentiment hinging on his remarks. All eyes will be on Fed Chair Powell, who is expected to issue guidance on rate cuts in prepared remarks. Advertisement"Tonight's press conference from Fed Chair Jerome Powell may provide a catalyst for the next move. "A too-strong signal of a coming September rate cut may scare traders into thinking that the Fed sees abrupt economic weakness ahead.
Persons: —, Morgan Stanley, Powell, Jerome Powell, David Morrison, Thierry Wizman Organizations: Service, Nvidia, AMD, Federal Reserve, Fed, Trade Nation, Macquarie
☆ The 'Trump dump': The presidential hopeful causes deep stock losses in companies and industries he targets, researchers say
  + stars: | 2024-07-31 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +4 min
Trump is sparking steep losses in areas of the market he's targeted, a group of researchers said. Researchers pointed to Trump's many "tantrums" against certain companies and sectors, which sparked sell-offs. AdvertisementThe market is in the midst of another "Trump Dump," a phenomenon where stocks see deep losses when the presidential hopeful targets them, according a group of researchers. Advertisement"As bad as turbulence has been, a second Trump term promises to be even more perilous for the stock market," they added, pointing to the potential consequences of Trump's economic policies. Other economists have criticized Trump's economic agenda.
Persons: Trump, —, Jeffrey Sonnenfeld, Whitney Tilson, Steven Tian —, Davidson, Powell, Donald Trump, Harris, Joseph Stiglitz Organizations: Service, Bloomberg, Taiwan Semiconductor, Nasdaq, Clean Energy, Harley, Delta Airlines, Biden, Trump Locations: Taiwan, Trump's
☆ 'A growth turnaround beginning': Here's what Wall Street expects from Apple's 3rd-quarter earnings
  + stars: | 2024-07-31 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +7 min
Artificial intelligence incorporated into Apple products could add another $30 to $40 each share of Apple stock, Wedbush estimated. "We strongly believe June will be the last negative growth quarter for China with a growth turnaround beginning in the September quarter. AdvertisementMorgan Stanley: Big upgrade cycle comingMorgan Stanley's research team reiterated Apple as its "top pick", thanks to a large number of Apple users set to upgrade their devices. "Apple Intelligence is a clear catalyst for a multi-year product upgrade cycle," analysts added in a note. But investors are still waiting for Apple Intelligence to roll out before sentiment improves.
Persons: —, Wedbush, Needham, Morgan Stanley, Morgan Stanley's, Oppenheimer, Apple's Organizations: Service, Apple, Apple Intelligence, Business, OpenAI, Bank of America, Apple Care, Apple Music, Analysts, Barclays, Stock Locations: China, Asia, Needham, Apple's
☆ The market is flashing signs of a dangerous debt bubble with losses that could be 'contagious,' economist says
  + stars: | 2024-07-30 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
The market risks a harmful debt bubble, potentially spreading losses in the financial sector. Economist Dambisa Moyo warns of overvalued stocks driven by enthusiasm for artificial intelligence. AdvertisementThe stock market could be hosting one of the most harmful types of debt bubbles, with losses that risk spreading around the financial sector, according to one economist and investing veteran. But even more concerning is that the US could be seeing one of the most problematic types of bubbles, fueled by highly borrowed and "unproductive" assets, Moyo said. Losses from troubled companies also risk contaminating other areas of the market, Moyo added.
Persons: Dambisa Moyo, Moyo, —, Dambisa Moyo —, Goldman Sachs Organizations: Service, Project Syndicate, Versaca
☆ Sellers are 'losing their grip' on the housing market as home prices cool, research firm says
  + stars: | 2024-07-30 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
Sellers are quickly "losing their grip" on the housing market, according to Capital Economics. That's because home prices are cooling, thanks to more inventory staying on the market. Still, the research firm is forecasting a 5% surge in home prices by the end of the year. That's because higher levels of inventory are starting to weigh on home prices, according to the research firm Capital Economics. It's starting to reverse a trend that's persisted for the past few years, with tight inventory pushing home prices to record highs.
Persons: Sellers, — Organizations: Capital Economics, Service, Business
☆ 'Big Short' investors are bullish on gold because money is devaluing too quickly
  + stars: | 2024-07-29 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Three famed "Big Short" investors say gold remains a top long-term bet. Danny Moses, Porter Collins, and Vincent Daniel went on CNBC to explain why they're bullish. They cite rising debt levels, which they say could result in a "huge debasement" of the dollar. AdvertisementInvestors should be scooping up more gold for the long haul, according to three investors of "Big Short" fame. Collins and Daniel — the co-founders of Seawolf Capital — said they remained long on gold, gold miners, and precious metals like silver in their annual letter to shareholders.
Persons: Danny Moses, Porter Collins, Vincent Daniel, —, Vincent Daniel —, Collins, Daniel, Daniel —, Moses, Gold, we've Organizations: CNBC, Service, Treasury, stoke, Seawolf, Moses Ventures Locations: US
☆ Stocks are approaching a 'watershed' moment as rate cuts unlock opportunity in unloved areas of the market, Wharton professor Jeremy Siegel says
  + stars: | 2024-07-29 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
The stock market is about to see a major shift once the Fed cuts rates, Jeremy Siegel said. The top economist thinks value stocks could start outperforming growth stocks once the Fed eases policy. Cooling inflation data supports a Fed rate cut by September, Siegel predicted. The Wharton School finance professor pointed to opportunity lurking in value stocks, an unloved group of the market that's underperformed this year when compared to growth stocks. Growth stocks have outperformed partly due to Wall Street's AI craze, which has ignited investor fervor for growth stocks, like mega-cap tech firms.
Persons: Jeremy Siegel, Siegel, —, Powell Organizations: Service, Wharton School, CNBC
☆ De-dollarization is a fad that will backfire on countries trying to move away from the greenback, currency expert says
  + stars: | 2024-07-28 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +6 min
De-dollarization is nothing but a myth — and it could backfire on countries like Russia and China. That's according to Jeffrey Christian, a commodities expert who thinks dollar dominance isn't going away anytime soon. He says countries phasing out the greenback also could face consequences, like liquidity issues and slow growth. AdvertisementDe-dollarization is probably a fad — and countries trying to stage a global shift away from the dollar may soon find that the movement will backfire. Despite the ongoing movement, dollar dominance isn't probably going away, given how pervasive the greenback is in financial markets, he told Business Insider in an interview.
Persons: Jeffrey Christian, —, Christian, It's, it's Organizations: Service, CPM Group, Traders, Reuters, Bank of International, International Monetary Fund, UC, Berkeley Locations: Russia, China, India
☆ AI could force 12 million workers to switch jobs in coming years, causing unprecedented competition
  + stars: | 2024-07-27 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +5 min
Advertisement"We see a higher polarization of the job market," Petropoulos told Business Insider in an interview. Though he didn't have an exact estimate, Petropoulos expects higher unemployment among medium-skilled workers as the economy transitions to an AI-run job market. "The typical job will require a higher level of skills than it did before," Ellingrud said of increased competition in the job market. It absolutely is already," Maggioncalda told BI, noting that workers who don't upskill will have trouble in the job market. It could take years for a worker displaced by AI to retrain and make themselves more competitive in a job market more heavily integrated with AI, Ellingrud speculates.
Persons: —, Georgios Petropoulos, Petropoulos, Ellingrud, That's, Jeff Maggioncalda, Maggioncalda, GPT, It's, didn't Organizations: Service, Massachusetts Institute of Technology, Business, McKinsey Global Institute, McKinsey, Microsoft
☆ Feds accuse famed short-seller Andrew Left of fraud and market manipulation
  + stars: | 2024-07-26 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
Andrew Left, a short-seller known for his research and social-media activity, has been accused of fraud. The Justice Department alleges that Left "knowingly exploited his ability to move stock prices." He rose to prominence because of his work on Valeant but more recently took big losses on GameStop. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAndrew Left, the famed short-seller who made millions betting against public companies, has been charged with fraud by federal prosecutors.
Persons: Andrew Left, —, Citron, Left — Organizations: Department, GameStop, Service, Citron Research, Justice Department, Left, Valeant Pharmaceuticals, Health, Enron, Business
☆ Florida's housing market is seeing 'nightmare scenarios' as buyers back out due to affordability concerns, Redfin says
  + stars: | 2024-07-26 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
Florida's housing market is seeing a wave of buyers get cold feet. In June, 21% of home purchase agreements fell through in Orlando, Jacksonville, and Tampa, Redfin found. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFlorida's housing market is facing a wave of "nightmare scenarios," with a growing number of home deals falling through as buyers get cold feet. In key metros like Orlando, Florida, and Tampa, around 21% of home-purchase agreements were cancelled in June, according to data from Redfin.
Persons: Redfin, — Organizations: Service, Business Locations: Orlando , Jacksonville, Tampa, Orlando , Florida, Redfin
☆ Stock market today: US stocks trade mixed as tech losses deepen and investors await PCE
  + stars: | 2024-07-25 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
US stocks gave back gains to trade mixed on Thursday amid more tech weakness. GDP grew 2.8% in the second quarter, according to advanced estimates from the Commerce Department, well-above the 2.1% growth economists had expected. PCE inflation rose 2.6%, down from the prior reading of 3.7%. Mega-cap tech stocks continued to slide after Tesla and Alphabet delivered disappointing results for the second quarter. Alphabet was down for a second day, dropping another 3% on Thursday.
Persons: —, Neil Dutta Organizations: PCE, Service, Dow Jones, Treasury, Commerce Department, Fed, Macro, Meta, Microsoft, Here's
☆ The US job market is close to the 'danger zone,' famed economist Claudia Sahm says
  + stars: | 2024-07-25 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
The job market is in the "yellow" zone as unemployment ticks higher, economist Claudia Sahm said. Sahm is the creator of a highly accurate recession indicator that's close to being triggered. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe job market is edging closes to conditions typically associated with a downturn, according to the creator of a well-known recession indicator. Claudia Sahm, a former Fed economist, voiced concerns about the state of the job market in an interview with Fox Business Network on Wednesday.
Persons: Claudia Sahm, Sahm, — Organizations: Service, Fox Business Network, Business
☆ The US will be an oil production powerhouse through at least 2026, Goldman Sachs says
  + stars: | 2024-07-25 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
US oil production will be "robust" for at least the next 18 months, Goldman Sachs said. AdvertisementAmerica's oil production boom will last for at least the next 18 months, according to Goldman Sachs. Analysts said they expect oil production in the Permian Basin to remain strong through the end of 2026, despite crude oil production slowing slightly from its rapid pace in 2023. Oil production will keep growing, just at a slower clip in the coming years, the bank said. Oil prices have risen this year as markets took in supply cuts from OPEC+ and escalating geopolitical tension in the Middle East.
Persons: Goldman Sachs, —, Yulia Grigsby Organizations: Service, Analysts, US, US Energy Information Administration, West Texas, Goldman Sachs Research, International Energy Agency Locations: —, East
☆ The housing market is poised to loosen up as inventory climbs and prices cool, Fannie Mae says
  + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
US home listings are up 30% from levels last year, according to Fannie Mae. The mortgage finance giant said it expects sales to rise and prices to moderate through 2024. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHomebuying conditions are finally starting to improve, with prices leveling off and supply outpacing demand in key markets, according to Fannie Mae. The government-sponsored mortgage giant pointed to positive trends in housing, even as affordability conditions remain poor for now.
Persons: Fannie Mae, — Organizations: Service, Business
☆ Stock market today: Nasdaq suffers worst day since 2022 as weak earnings spark steep sell-off
  + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
US stocks dropped Wednesday, with the Nasdaq seeing its steepest single-day loss since 2022. AdvertisementUS stocks dropped on Wednesday, led by a steep sell-off in the tech sector after the first batch of mega-cap earnings disappointed investors. Tesla shares dropped 12% after the carmaker missed earnings estimates and logged a big drop in auto revenue. AdvertisementOther mega-cap tech stocks also tumbled in Wednesday's session as investor sentiment soured. Investors are waiting on more mega-cap tech earnings, with Meta, Apple, and Amazon set to report their financials next week.
Persons: — Organizations: Nasdaq, Service, Dow Jones Industrial, YouTube, Nvidia, Meta, Tech, Apple, Here's Locations: Tech
☆ Stock market today: US stocks slide as high-profile earnings disappoint
  + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
US stocks tumbled on Wednesday as traders digested weak tech earnings. Tesla missed on earnings last quarter, while Alphabet said YouTube ad revenue fell short. AdvertisementUS stocks continued their slide on Wednesday, led by a decline in tech stocks after Alphabet and Tesla reported earnings for the second quarter. Investors mulled a disappointing round of earnings reports on Tuesday, with Tesla missing earnings estimates and Alphabet reporting that its YouTube ad revenue fell short the last quarter. Investors are eyeing a slew of coming high-profile earnings, with Meta, Apple, and Amazon on deck to report their financials next week.
Persons: Tesla, —, David Morrison, Will today's Organizations: Service, YouTube, Elon, Trade, Meta, Apple, Here's
☆ Why immigration is boosting the US economy, according to Nobel economist Paul Krugman
  + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Read previewImmigration isn't taking jobs away from Americans — and it's actually great for the US economy, according to Nobel laureate Paul Krugman. The unemployment rate among native-born workers remains near a historical low US Bureau of Labor Statistics/Federal ReserveThe labor force participation rate among native-born workers has been on the decline, but among prime-age native-born workers, the labor force participation rate has actually been rising, Fed data shows. Advertisement"So the near stagnation of native-born employment isn't a demand-side issue, in which people aren't working because they can't find jobs. If we didn't have the immigrants, we wouldn't have the jobs," Krugman wrote. AdvertisementOther economists and strategists on Wall Street have said immigration could end up being a big boost to the economy.
Persons: —, it's, Paul Krugman, Trump, Krugman, they've, We've, There's, aren't Organizations: Service, The New York Times, Business, Federal Reserve, Bureau of Labor Statistics, US, of Labor Statistics, Fed, Congressional, Office Locations: America, Foreign
☆ Tesla earnings call live updates: Elon Musk's EV maker to report quarterly earnings today after market close
  + stars: | 2024-07-23 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
Tesla is set to report second-quarter earnings after the closing bell on Tuesday. Wall Street is more bullish after Tesla reported better-than-expected deliveries for the second quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla investors are eagerly awaiting the company's second-quarter results as they look for signs that the strongest headwinds have passed after a tough start to the year. The carmaker is set to report financials for the second quarter on Tuesday after the closing bell.
Persons: Tesla, —, Elon Musk Organizations: Service, Elon, Business
☆ The Fed is only going to cut rates once in 2024 as shelter inflation is too high and the job market is hot, Vanguard says
  + stars: | 2024-07-23 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
The Fed will only cut interest rates 25 basis-points this year, Vanguard predicted. Central bankers will be held back by high shelter costs and a strong job market, the firm said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Federal Reserve is likely to cut interest rates just once this year, as housing costs are too high and the job market is still too hot, Vanguard said. That's a lot less than more ambitious rate cut scenarios see for the rest of this year, with investors expecting as many as three rate cuts by December, according to the CME FedWatch tool.
Persons: — Organizations: Vanguard, Service, Business
☆ 'Turnaround has begun': Wall Street is bullish on Tesla earnings as it looks toward Robotaxi reveal and full self-driving
  + stars: | 2024-07-22 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +7 min
Wall Street analysts are bullish on updates about the firm's Robotaxi and FSD technology. Tesla's energy business could also be key to its long-term growth, strategists said. Investors now are eagerly waiting on key updates from the company, with all eyes on Tesla's Robotaxi Day in early October. The firm said it would continue to look out for updates on Tesla's Robotaxi and its more-affordable vehicle, which is expected to be released in the coming years. The firm maintained its three-star rating on Tesla stock and assigned a fair value of $200 per share, implying 20% downside.
Persons: —, eyeing, Elon, Tesla, Musk, hasn't, Tesla's, Garrett Nelson, Nelson, Morgan Stanley, Oppenheimer, TSLA, Morningstar, Seth Goldstein, Goldstein Organizations: Wall Street, Service, EVs, Street, Wedbush Securities, Tesla Energy, Morningstar Locations: China
☆ Soaring rents have sent evictions spiking 35% in pandemic boom towns
  + stars: | 2024-07-22 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
Evictions are rising in housing markets that saw big demand during the pandemic, according to data from the Eviction Lab. That's partly due to high rent prices in the region, which are burdening renters, researchers said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRental housing in pandemic boom towns has become so expensive that many areas are seeing a huge spike in evictions. That's partly due to high rent prices, researchers said, fueled by big shifts in where Americans lived and worked during the pandemic, a trend that drove many renters to the Sun Belt.
Persons: — Organizations: Service, Princeton University, Business
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