Foreclosures | Mortgages | Financing
The Federal Open Market Committee finished its September meeting today, and the Fed will not be raising interest rates. Janet Yellen insists, however, that it is not a lack of confidence that made the committee hold off on a rate hike. …read more
From:: Real Estate Wire
Oil prices settled higher Wednesday following a third week of surprise U.S. inventory drops and the decision by the Federal Reserve not to raise interest rates. Oil for November delivery settled up $1.29, or 2.9%, at $45.34 a barrel. On Wednesday, the U.S. Energy Information Administration reported a 6.2 million barrel decline in weekly crude inventories, while the Fed decided against a September rate hike. Following the Fed decision, the dollar declined, and was last down 0.3% on the day.
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From:: Stock Market News
The dollar weakened against the euro and the pound on Wednesday, after the Federal Reserve voted to hold off against raising interest rates at its September meeting. The euro [S: EURUSD] traded at $1.1184, compared with $1.1156 before the release of the Fed statement and 1.1152 late Tuesday. The pound [S: GBPUSD] traded at $1.3020, breaking above the $1.30, which had been described as a psychologically important level. Prior to the statement, it had changed hands at $1.2987, compared with $1.2986 late Tuesday. The dollar traded at ¥100.55, compared with ¥100.83 before the statement, and ¥101.62 late Tuesday. The yen was also impacted after the Bank of Japan introduced new measures designed to increase inflation.
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From:: Stock Market News
Treasury yields erased their early increase to trade largely unchanged on the day after the Federal Reserve kept interest rates unchanged but strongly signaled a rate hike was likely before the end of the year. The yield on the two-year Treasury note , which is most sensitive to Fed rate changes, retreated from a three-month high reached earlier in the session to trade up 0.4 basis point at 0.782%, according to Tradeweb. Treasury yields rise when prices fall and vice versa. One basis point is equal to one-hundredth of a percentage point. The yield on the benchmark 10-year Treasury note was up 0.2 basis point to 1.689%. And the yield on the 30-year Treasury bond inched lower by 0.3 basis point to 2.426%.
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From:: Stock Market News
Gold futures finished higher Wednesday, then wavered above and below their settlement in electronic trade after the U.S. Federal Reserve kept interest rates unchanged but said a rate hike was likely in the near future. Ahead of the Fed news, gold for December delivery settled at $1,331.40 an ounce Wednesday, up $13.20, or 1%, from Tuesday. It traded at $1,331.90 in electronic trading shortly after the Fed announcement.
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From:: Stock Market News
U.S. stocks extended modest gains after the Federal Reserve left key interest rates unchanged and said a rate hike was likely in the near future. The S&P 500 was up 7 points, or 0.3%, to 2,147, with nearly all main sectors trading higher. The Dow Jones Industrial Average advanced 54 points, or 0.3%, to 18,177. The Nasdaq Composite was up 13 points, or 0.3%, to 5,254.
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From:: Stock Market News
Hillary Clinton has a nine-point lead over Donald Trump in the battleground state of New Hampshire, according to a poll released Wednesday. Monmouth University’s poll of likely voters found 47% backing Clinton and 38% supporting Trump. The poll was taken Sept. 17 to 20 and has a margin of error of plus or minus 4.9%.
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From:: Stock Market News
Shares of Netflix Inc. fell more than 5% midday on Wednesday. A report from data research and analytic firm M Science suggests the streaming giant’s third quarter subscriber growth has been negatively affected by churn, or subscribers canceling their subscriptions, due to price increases and the ungrandfathering of accounts, according to Seeking Alpha. M Sciences expects Netflix to miss third-quarter U.S. subscriber growth estimates when it reports results Oct. 17. The FactSet consensus on subscriber additions is 310,000. Shares of Netflix are down more than 18% in the year to date, underperforming the S&P 500 Index , which is up nearly 5% in the year.
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From:: Stock Market News
After adjusting for the prior week’s holiday, the volume of new applications from prospective home-loan borrowers declined from one week earlier.
On a seasonally adjusted basis, applications for mortgages during the week ended Sept. 16 retreated by more than 7 percent from the previous week.
That activity was determined according to the Market Composite Index, which is a measure of all retail application volume for U.S. residential loans.
From:: Financing
Skechers USA Inc. shares are down 8.6% in Wednesday trading after a Morgan Stanley downgrade to equal-weight from overweight. The bank cut the footwear company’s price target to $25 from $41. Analyst Jay Sole believes consumers are shifting their preferred athletic footwear style to “pure fashion items,” which is making Skechers adjust its merchandise and causing a delay in orders. The result is “slower-than-expected sales growth and SG&A deleverage,” the Morgan Stanley note said. Skechers is also investing in its global infrastructure at a cost that’s higher than Morgan Stanley previously thought. And Sole believes lower-priced inventory and new fashions from brands like Adidas AG are taking share. Taken together, these factors could push a stock to an under-weight rating, Sole says. “However, Skechers has orchestrated many turnarounds and adapted to many shifts in the past and we see no reason it can’t happen again,” he wrote. Skechers shares are down 54.8% for the past year while the S&P 500 Index is up 9.2% for the same period.
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From:: Stock Market News