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☆ The CIO of a hedge fund says he's betting home prices are going to drop at least 15-20% as consumers start to weaken and 'smart money' gets out of the market
▼ + stars: | 2023-10-19 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Daniel Bustamante, the hedge-fund CIO who won big in his short bet against shares of Carvana last year, is now betting millions of dollars that the housing market will slow significantly. Bustamante's call for home prices is an outlier in terms of where most Wall Street economists see the housing market headed. ATTOMAnother sign that things may go sour in the housing market is that institutional investors, or "smart money", has increasingly stopped buying residential properties, he said. RedfinAgain, Bustamante sees significant downside to home prices ahead. Recession warnings on Wall Street have become quieter in recent months as jobs and consumer spending data have held up.

Persons: Daniel Bustamante, DR, they'll, Bustamante, Bustamante anecdotally, ATTOM Organizations: Bustamante & Co, KB, Federal, National Locations: Carvana, Maricopa County , Arizona

☆ The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar
▼ + stars: | 2023-10-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage rate hit 8% Wednesday morning, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year U.S. Treasury . Rates rose sharply this week and last week, as investors digest more reads on the economy. On Wednesday, it was housing starts, which rose in September, though not as much as expected, according to the U.S. Census Bureau. These higher rates have caused mortgage demand to plummet, as applications fell nearly 7% last week from the previous week, according to the Mortgage Bankers Association.

Persons: Matthew Graham, Horton Organizations: Mortgage News, Treasury, . Census, Federal, Mortgage, Association, CNBC

☆ The interest rate on the most popular American home loan hits 8% for the first time since 2000
▼ + stars: | 2023-10-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Rates on the 30-year fixed mortgage hit 8% on Wednesday, per Mortgage News Daily. It's the first time the interest rate on the most popular US home loan hit that mark since mid-2000. AdvertisementAdvertisementFor the first time since 2000, the rate on the typical 30-year fixed mortgage hit 8% on Wednesday, according to Mortgage News Daily. Mortgage rates are a critical input for the affordability equation for prospective home buyers, and in previous eras of rising rates, home prices have declined as borrowing costs increase. The rise in rates has sent mortgage applications tumbling to their lowest level in almost three decades, according to the Mortgage Bankers Association.

Persons: Bond, — Organizations: Mortgage, Service, Mortgage News, Treasury, Association, National Association of Realtors

☆ Homebuilder confidence drops to the lowest in 10 months as high mortgage rates freeze the housing market
▼ + stars: | 2023-10-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Stubbornly high mortgage rates have taken a toll on builder sentiment, the group said. AdvertisementAdvertisementHomebuilder confidence just plunged to its lowest mark in 10 months, the National Association of Home Builders announced on Tuesday. The group cited stubbornly high mortgage rates as the primary drag on confidence. On Tuesday, rates on the 30-year fixed mortgage hit 7.92%, according to Mortgage News Daily's index. Buyers and sellers alike have largely been kept on the sidelines as mortgage rates hover near multi-decade highs and moving homes looks unattractive.

Persons: —, Alicia Huey, Robert Dietz, Dietz Organizations: Service, National Association of Home Builders, Market, Mortgage, Builders, Federal Locations: Wells Fargo

☆ Wells Fargo names D.R. Horton top pick as mortgage rates surge higher
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo names D.R. Horton top pick as mortgage rates surge higherCNBC's Diana Olick reports on the upgrades on Wall Street regarding homebuilder sentiment.

Persons: Horton, Diana Olick Organizations: Wells Locations: D.R

☆ Homebuilder sentiment drops as mortgage rates rise higher
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHomebuilder sentiment drops as mortgage rates rise higherCNBC's Diana Olick joins 'The Exchange' to discuss bond yields hurting home builder sentiment, homebuilders offering price cuts to entice potential buyers, and homebuilders trying to stay competitive by offering incentives like mortgage rate buydowns.

Persons: Diana Olick

☆ High rates help home demand but supply constraints persist, says Deutsche Bank's Joe Ahlersmeyer
▼ + stars: | 2023-10-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigh rates help home demand but supply constraints persist, says Deutsche Bank's Joe AhlersmeyerJoe Ahlersmeyer, research analyst in the homebuilding space at Deutsche Bank, joins 'The Exchange' to discuss upcoming homebuilder earnings, the impact a drop in margins will have on homebuilder returns, a pullback on the number of starts for multifamily housing.

Persons: Joe Ahlersmeyer Joe Ahlersmeyer Organizations: Deutsche, Deutsche Bank

☆ Homebuilder sentiment drops to 10-month low, as mortgage rates soar
▼ + stars: | 2023-10-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Builder confidence in the market for single-family homes dropped to the lowest level since January, as builders contend with a market dominated by high mortgage rates and costs for financing. The monthly National Association of Home Builders/Wells Fargo Housing Market Index dropped 4 points to 40 in October, and September's read was revised down 1 point. Builders point squarely to mortgage rates, which are now at a 23-year high. Regionally, on a three-month moving average, builder sentiment in the Northeast fell 4 points to 50 and in the Midwest dropped 3 points to 39. In the South it fell 5 points to 49, and in the West it fell 6 points to 41.

Persons: September's, Alicia Huey, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Builders, Midwest, CNBC Locations: Wells Fargo, Birmingham , Alabama, West

☆ Goldman Sachs upgrades this homebuilder stock, says it can outperform despite higher mortgage rates
▼ + stars: | 2023-10-16 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Goldman Sachs thinks a focus on home sale volume will lift D.R. Horton despite higher mortgage rates. Goldman did trim its target price to $131 from $132, which still equates to 26.3% upside from Friday's $103.66 close. Mortgage rates have been rising sharply this year, as the Federal Reserve tightens monetary policy to fight inflation and the benchmark 10-year Treasury yield climbs to levels not seen in 16 years. Horton stock.

Persons: Goldman Sachs, Horton, Goldman, Susan Maklari, Maklari, D.R, — CNBC's Michael Bloom Organizations: Federal Reserve Locations: Horton

☆ Here are Monday's biggest analyst calls: Nvidia, Apple, Tesla, Netflix, Colgate, Pfizer, Disney and more
▼ + stars: | 2023-10-16 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS upgrades UnitedHealth to buy from neutral UBS called the stock a "core holding." Jefferies upgrades Pfizer to buy from hold Jefferies said investors should buy the dip in shares of Pfizer. UBS initiates Evolent Health as buy UBS said it sees more upside for the health-care company. Morgan Stanley upgrades Varonis Systems to overweight from equal weight Morgan Stanley said the data security and analytics company has "underappreciated AI tailwinds." UBS upgrades Tal Education to buy from neutral UBS said a turnaround for the education tech company is underway.

Persons: Morgan Stanley, Apple, Jefferies, Goldman Sachs, Horton, Piper Sandler, Tesla, Truist, Stifel Organizations: Apple, JPMorgan, Nvidia, NVIDIA, UBS, UNH, Jefferies, Pfizer, Maplebear Inc, Disney, US Parks, Evolent Health, payors, Varonis, Nice Systems, NICE, Netflix, ISI, Tal Education, RBC, BMO, Energy, Colgate, Palmolive Locations: UNH, U.S

☆ High rates rock housing stocks
▼ + stars: | 2023-10-13 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigh rates rock housing stocksCNBC's Diana Olick reports on the latest for homebuilder stocks.

Persons: Diana Olick

☆ Stay away from bank stocks with turmoil in the sector far from over, 'Big Short' investor Steve Eisman warns
▼ + stars: | 2023-10-11 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Investors should stay away from bank stocks with more market turmoil on the cards, according to Steve Eisman. Eisman also said to avoid homebuilder stocks, which have been battered by rising interest rates. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSteer clear of bank stocks with the turmoil from earlier this year likely to rear its head again soon, Steve Eisman has warned. Eisman is best known for his big bets against the US housing market ahead of the 2008 financial crisis, as depicted in Michael Lewis' book "The Big Short".

Persons: Steve Eisman, Eisman, —, Steer, CNBC's, Freddie Mac, Michael Lewis Organizations: Service, First Republic, Nasdaq, Federal Locations: Silicon Valley, homebuilding

☆ China’s Country Garden warns of default again as property sales plunge
▼ + stars: | 2023-10-10 | by ( Laura He | ) edition.cnn.com time to read: +6 min

The deepening woes at Country Garden offer more evidence that China’s all-important property market is languishing in a persistent downturn, which poses a major threat to the country’s growth prospects. Country Garden was one of the few major private developers still standing after a liquidity crisis engulfed China’s property sector two years ago. The news shocked investors, triggering a broad sell-off in China’s property stocks. Significant uncertaintyOn Tuesday, Country Garden reported that its sales plunged further in September, down 81% from a year earlier. If confirmed, a debt restructuring for Country Garden would be the latest for a Chinese home builder.

Persons: “, Houlihan Lokey, Sidley Austin, Xu Jiayin Organizations: Hong Kong CNN, Hong Kong, Hong Kong Stock Exchange, CNN, China International Capital Corporation Hong Kong Securities, Country Locations: China, Hong Kong, Beijing

☆ Soaring Treasury yields ignite turbulence throughout markets
▼ + stars: | 2023-10-05 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Because the $25-trillion Treasury market is considered the bedrock of the global financial system, soaring yields on U.S. government bonds have had wide-ranging effects. Higher Treasury yields can curb investors' appetite for stocks and other risky assets by tightening financial conditions as they raise the cost of credit for companies and individuals. With some Treasury maturities offering far above 5% to investors holding the bonds to term, rising yields have also dulled the allure of equities. Reuters GraphicsWith Treasury yields surging, credit market spreads have widened as investors demand a higher yield on riskier assets, such as corporate bonds. The MOVE index (.MOVE), a measure of expected volatility in U.S. Treasuries, has surged to a 4-month high, signaling expectations for continued Treasury market ructions.

Persons: Andrew Kelly, That's, Saqib Iqbal Ahmed, Davide Barbuscia, Ira Iosebashvili, Nick Zieminski Organizations: United States Department of, Washington , D.C, REUTERS, Treasury, Federal Reserve, Bank of America Global Research, Reuters, Traders, Reuters Graphics, Silicon Valley Bank, Signature Bank, Thomson Locations: Washington ,, U.S, Silicon

☆ As interest rates soar, buy stocks like this homebuilder, Wall Street analysts say
▼ + stars: | 2023-09-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Interest rates keep climbing, but that's not stopping Wall Street analysts from finding a slew of stocks to buy. CNBC Pro combed through top Wall Street research to find stocks that are beneficiaries of high interest rates. HealthEquity "We view HQY as an attractive investment in a higher interest rate environment that can function as a portfolio diversifier," according to Baird analyst Mark Marcon. The firm said as middle market businesses face rising interest rates, Bunge can take advantage. Toll Brothers High interest rates are no problem for the homebuilder, Raymond James analyst Buck Horne said in a recent note.

Persons: Bunge, Baird, Mark Marcon, Marcon, Goldman Sachs, Adam Samuelson, Samuelson, Raymond James, Buck Horne, Horne, homebuilders, TOL, HealthEquity, Morgan Stanley Organizations: CNBC, Bank of America, Toll, HealthEquity, Costco, Evercore ISI, CMA, Catering Locations: HealthEquity, homebuilders, homebuilding

☆ Stocks making the biggest moves midday: Splunk, Cisco, Broadcom, Fox and more
▼ + stars: | 2023-09-21 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cisco Systems , Splunk — Shares of Cisco fell 3.9% Thursday after the company said it is acquiring cybersecurity software company Splunk for $157 per share in a cash deal worth about $28 billion. KB Home posted its fiscal third-quarter report Wednesday evening, reporting earnings of $1.80 per share on revenue of $1.59 billion. Analysts polled by LSEG, formerly known as Refinitiv, called for earnings of $1.43 per share and revenue of $1.48 billion. Broadcom — Shares of Broadcom moved lower by almost 2.7%. Klaviyo — The marketing automation company stock closed Thursday roughly 2.9% higher.

Persons: Rupert Murdoch, Eli Lilly —, Klaviyo, Horton —, PulteGroup, Horton, Zillow, CNBC's David Faber, —, Alex Harring, Tanaya Macheel, Samantha Subin Organizations: Broadcom, Cisco Systems, Cisco, KB, LSEG, Fox Corporation, News, News Corp, Broadcom —, Google, CNBC, Klaviyo, New York Stock Exchange, Zillow, FedEx —, FedEx, Paramount, Netflix, Disney, Writers Guild of America, Wednesday Locations: San Jose , California

☆ Stocks making the biggest moves premarket: FedEx, KB Home, Klaviyo and more
▼ + stars: | 2023-09-21 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

FedEx — Shares gained more than 5% after fiscal first-quarter earnings results that topped expectations. FedEx reported adjusted earnings of $4.55 per share, greater than the $3.71 forecast by analysts polled by LSEG, formerly known as Refinitiv. Its revenue of $21.7 billion was slightly below expectations of $21.74 billion. KB Home — The homebuilder stock fell more than 3% despite KB Home beating expectations in its third-quarter report. Klaviyo — The marketing automation company stock slid more than 1% after it made its public debut.

Persons: Klaviyo, Exane, CNBC's David Faber, Disney, LSEG, — CNBC's Brian Evans, Jesse Pound, Alex Harring Organizations: FedEx —, FedEx, LSEG, KB, New York Stock Exchange, BNP, Solutions, Starbucks, Netflix, Disney —, Writers Guild of America, Darden Locations: China

☆ Reactions: Bank of England bashes pound after halting rate rises
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +8 min

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Investors had already rushed on Wednesday to reel in their bets on further UK rate rises after data showed UK inflation cooled surprisingly quickly in August. Against the euro , the pound was down 0.5% at 86.74 pence, having traded around 86.70 pence before the decision. "The MPC still refers to its flexibility to react should things change, but the chances are this could be the peak in this UK interest rate cycle." "However, there is a risk that the ‘lag effect’ on interest rate hikes means that today’s decision may not be felt for another 9 to 12 months."

Persons: Hollie Adams, Sterling, THOMAS, Huw Pill's, HUGH GIMBER, PHILIP SHAW, DOUGLAS GRANT, JEREMY BATSTONE, CARR, RAYMOND JAMES, FRANCES HAQUE, JOE TUCKEY, RICHARD GARLAND, GILES COGHLAN, BoE, stagflation, Amanda Cooper, Dhara Organizations: Bank of England, City of, REUTERS, London, Investors, Bank of, Bank, MPC, SANTANDER, LONDON, Core CPI, PMI, CPI, EMEA, Thomson Locations: City, City of London, Britain, London, MANX, EUROPEAN, FRANCE, GROUP, OXFORDSHIRE

☆ London stocks open higher on surprise CPI data
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The exporter-heavy FTSE 100 (.FTSE) rose 0.6% by 0705 GMT, while the sterling weakened 0.4% against the U.S. dollar, hitting its lowest levels since May. Britain's annual consumer price inflation (CPI) unexpectedly fell to 6.7% last month from 6.8% in July, data showed, while economists polled by Reuters had forecast CPI would rise to 7.0%. M&G (MNG.L) gained 3.3% after the insurer posted a better- than-expected 31% rise in its first-half operating profit. Mid-cap stocks (.FTMC) soared 1.4%, boosted by a 3.8% rise in Dunelm Group Plc (DNLM.L) after the homeware retailer said it expected higher sales volumes to drive earnings in 2024.

Persons: Toby Melville, BoE, Siddarth, Rashmi Organizations: London Stock Exchange Group, City of, REUTERS, Bank of England, U.S ., Reuters, Dunelm, Thomson Locations: City, City of London, Britain, Bengaluru

☆ Stock futures edge lower after Fed skips a rate hike, but signals another increase is coming: Live updates
▼ + stars: | 2023-09-20 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Stock futures traded near the flat line Wednesday night as investors parsed through the Federal Reserve's projections made earlier in the day. Futures tied to the Dow Jones Industrial Average were lower by 14 points, or 0.04%. S&P 500 futures were down 0.1%, while Nasdaq 100 futures edged lower by 0.2%. Fed Chair Jerome Powell had commented that a soft landing for the economy was still possible, but not his baseline scenario. During Wednesday's session, the 10-year note reached levels not seen since November 2007, while the 2-year yield hit its highest point since July 2006.

Persons: Jerome Powell, Jimmy Chang, Chang Organizations: Dow Jones, Nasdaq, FedEx, Federal Reserve, Rockefeller Global Family, Treasury

The new projections and the Fed's latest policy statement will be released at 2 p.m. EDT (1800 GMT). Fed Chair Jerome Powell is scheduled to hold a press conference half an hour later. With inflation slowing, that would allow interest rates to decline also. The last set of projections envisioned that the Fed's policy rate would fall by a percentage point in 2024, and by 1.2 percentage points in 2025 to end that year in the 3.25%-3.50% range. It hasn't happened so far, with economic growth through the first half of the year above the 1.8% rate that Fed officials view as the economy's non-inflationary trend, and continuing that way through the third quarter.

Persons: Matthew Luzzetti, Jerome Powell, Powell, Joseph Davis, Davis, Howard Schneider, Paul Simao Organizations: Federal Reserve, Deutsche Bank, Reuters Graphics Reuters, Commerce, Vanguard, Thomson Locations: WASHINGTON

☆ Morning Bid: Messy market mood as oil irks
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +5 min

Model of Oil barrels are seen in front of rising stock graph in this illustration, July 24, 2022. The crude spur is more supply than demand related and most fingers point to the latest output cuts from Saudi Arabia and Russia. Headline inflation rates are already backing up as a result of the energy price rebound and U.S. gas pump prices rose last week to $3.88 per gallon - the highest since October 2022. Stock markets around the world were mixed to positive and U.S. futures were up a fraction ahead of Wall St's open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, Mike Dolan, Claudio Borio, Mehmet Simsek, Goldman Sachs, Christina Fincher Organizations: REUTERS, U.S . Energy, Administration, Federal Reserve, Bank for International, U.S, Economic, American Chamber of Commerce, Stock, Kingfisher, . Federal Reserve, Treasury, Turkey's, Goldman, Reuters Graphics, Reuters Graphics Reuters, Reuters, Thomson Locations: U.S, Saudi Arabia, Russia, Treasuries, China, Shanghai, Europe, Canada, New York

☆ US housing starts fall to lowest level since 2020 in worrying sign for the economy
▼ + stars: | 2023-09-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

August US housing starts fell to its lowest level in three years in a worrying sign for the economy. "The sharp drop in housing starts is concerning because housing has been one of the pillars of the economy that has held up," a CIO said. US housing starts, which refers to the beginning of construction of a new home, plunged 11% in August to 1.23 million, representing its lowest level since June 2020. The drop in housing starts coincides with a decline in homebuilder sentiment, which fell in September to its lowest level since April. AdvertisementAdvertisementBut there was one sign of hope for the economy in the August report of housing starts, and that's the fact that housing permits jumped 7% to 1.54 million.

Persons: Chris Zaccarelli, Zaccarelli, that's, I've, Jaime Moore, Jeffrey Roach Organizations: Service, Alliance, LPL Financial Locations: Wall, Silicon

☆ Sunac China files for Chapter 15 bankruptcy protection
▼ + stars: | 2023-09-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —One of China’s leading property developers, Sunac, has filed for bankruptcy protection in the United States, shortly after winning approval from its creditors to restructure nearly $10 billion worth of debt. The company filed a petition for Chapter 15 protection with the US Bankruptcy Court for the Southern District of New York on Tuesday. It’s the second big distressed Chinese developer in weeks to seek such protection: Evergrande made a Chapter 15 filing in the United States a month ago, after posting losses of $81 billion in the last two years. Entering the process may help Sunac China negotiate with overseas lenders as it works to overhaul its debt. “While Evergrande is still struggling to get their offshore creditors on board, Sunac has really overtaken them,” she said.

Persons: It’s, Evergrande, Sunac, Sandra Chow, it’s, Chow, ”, —, ” Chow, “, Andy Rose Organizations: Hong Kong CNN, US, Court, Southern, of, Asia, CNN, Evergrande Locations: China, Hong Kong, United States, of New York

☆ Dollar eases as traders eye upcoming central bank decisions
▼ + stars: | 2023-09-18 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

Data on Monday showed U.S. homebuilder confidence fell for a second month in September, with optimism dropping to the lowest since April as high interest rates cut into affordability for prospective buyers. Fed fund futures show investors expect the Federal Reserve to keep interest rates on hold in the 5.25% to 5.5% range on Wednesday. The European Central Bank raised interest rates to 4% last week, but said this hike could be its last. Traders think Sweden's central bank is highly likely to raise interest rates on Thursday by 25 basis points to 4%, piling more pressure on the economy. The yen was up about 0.15% against the dollar at 147.62 to the dollar, with traders out for a Japanese public holiday.

Persons: Lee Jae, BoE, BoJ, Michael Brown, Janet Yellen, Brown, Kazuo Ueda, Saqib Iqbal Ahmed, Chris Reese, Richard Chang Organizations: REUTERS, U.S, Federal Reserve, Bank of England, Bank of Japan, Trader, Treasury, European Central Bank, Traders, Bank of, Thomson Locations: Seoul, Swedish, Bank of England

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