The UAW strike’s ripple effects is decreasing the demand for steel, the Journal reported. The strike has cut production of 6,030 vehicles a day that used 5,982 tons of steel, S&P estimates. Prices of coiled sheet steel, commonly used to make automotive parts, have fallen 40% since April. Loading Something is loading. Thanks for signing… Continue reading The price of steel is falling as the UAW strike hits demand
Applications for home loans have plunged to the lowest level since 1996 as mortgage rates notch 23-year highs
Mortgage applications just plunged to their lowest level since 1996 last week, per the MBA’s latest survey. That comes as the 30-year mortgage rate touches 7.53% in the past week, the highest in 23 years. Experts say the housing affordability crisis won’t improve until mortgage rates dial back significantly. Loading Something is loading. Thanks for… Continue reading Applications for home loans have plunged to the lowest level since 1996 as mortgage rates notch 23-year highs
Here’s where Wall Street strategists see the stock market headed next after a brutal September
Stocks are coming off a brutal two-month stretch, and Wall Street is divided on what comes next. Fundstrat remains bullish, while JPMorgan has warned the carnage for stocks isn’t over. Soaring bond yields may just be a near-term headwind for stocks, another strategist said. Loading Something is loading. Thanks for signing up! Access your favorite… Continue reading Here’s where Wall Street strategists see the stock market headed next after a brutal September
‘Shark Tank’ star Kevin O’Leary laughs off idea that institutional investors want bitcoin – ‘They don’t own any of it’
Institutions aren’t putting money into bitcoin, despite talk of rising interest, Kevin O’Leary said. A bitcoin spot ETF won’t happen as the main crypto exchanges are under SEC scrutiny, he told CoinDesk. Without compliant and transparent exchanges in the US, bitcoin won’t rise in value, he added. Loading Something is loading. Thanks for signing up!… Continue reading ‘Shark Tank’ star Kevin O’Leary laughs off idea that institutional investors want bitcoin – ‘They don’t own any of it’
Stock market carnage isn’t over yet as soaring bond yields send investors into ‘extreme fear’ mode
The stock market isn’t going to recover from its recent rout soon as three headwinds remain, according to JPMorgan.The bank highlighted that valuations are still too high, and interest rates are too restrictive.Investors have entered “extreme fear” mode as interest rates surge to a new cycle-high. Loading Something is loading. Thanks for signing up! Access… Continue reading Stock market carnage isn’t over yet as soaring bond yields send investors into ‘extreme fear’ mode
An early investor in Warren Buffett’s Berkshire Hathaway is now worth $3 billion – and joined the Forbes 400 this year
An early Berkshire Hathaway investor joined the Forbes 400 list of wealthiest Americans this year. Stewart Horejsi, who first bought into Warren Buffett’s company in 1980, has a $3 billion net worth. Horejsi paid less than $300 for his first Berkshire shares, which are now worth $522,000 each. Loading Something is loading. Thanks for signing… Continue reading An early investor in Warren Buffett’s Berkshire Hathaway is now worth $3 billion – and joined the Forbes 400 this year
The Dow is about to give up all of its gains for 2023
The Dow Jones Industrial Average is down more than 400 points Tuesday. It’s on pace to close the trading session slightly in the red for 2023. Bond yields spiked after fresh labor data, which pointed to a still-resilient job market. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized… Continue reading The Dow is about to give up all of its gains for 2023
The stock market today has ‘echoes’ of the 1987 crash, and even a hint of a recession would be a massive blow to equities, Societe Generale says
Stocks are following the same path they did ahead of the 1987 stock crash, Societe Generale said. Investors are bullish in the face of rising bond yields, in an “echo” of late 80s sell-off. Any sign of recession now could spark big losses for investors, the bank’s Albert Edwards said. Loading Something is loading. Thanks… Continue reading The stock market today has ‘echoes’ of the 1987 crash, and even a hint of a recession would be a massive blow to equities, Societe Generale says
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