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By cbasile@housingwire.com Heather McClure, an industry vet, will assist Walker & Dunlop in growing its capital markets platform in the Texas area and will oversee arranging debt for all types of commercial real estate properties across the country. …read more
From:: Real Estate Wire
After wavering slightly the month before, Americans grew more confident in June. A new survey found consumers are more confident in current economic conditions, however, they are less sure about their short-term economic outlook. …read more
From:: Real Estate Wire
New York Community Bank is getting out of the mortgage business – sort of. The bank announced Thursday that it is selling its mortgage banking business, including its origination and servicing platforms, and the bank’s mortgage servicing rights portfolio, to Freedom Mortgage. But NYCB isn’t exiting the mortgage business entirely. …read more
From:: Real Estate Wire
The American Petroleum Institute reported Tuesday a climb of 851,000 barrels in U.S. crude supplies for the week ended June 23, according to sources. The market was generally expecting a decline in weekly crude inventories as Tropical Storm Cindy disrupted production in the Gulf of Mexico last week. The API data also showed a rise of 1.4 million barrels in gasoline supplies, while inventories of distillates were up 678,000 barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 3.25 million barrels in crude inventories. August crude was at $43.76 a barrel in electronic trading, down from the contract’s settlement of $44.24 on the New York Mercantile Exchange.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Shares of KB Home gained in Tuesday’s extended session after the home builder posted strong quarterly results. KB Home reported its second-quarter earnings rose to $31.8 million, or 33 cents a share, from $15.6 million, or 17 cents a share, a year earlier. Revenue grew 24% to $1 billion. Analysts surveyed by FactSet had forecast earnings of 26 cents a share on revenue of $930 million. The company also said its net order value increased 15% to $1.4 billion while backlog value jumped 19% to $2.2 billion and deliveries climbed 11% to 2,580 homes. Shares rose 1.3% after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
A popular gauge of volatility, or fear, on Wall Street Tuesday surged by the most since mid-May as the stock market ended firmly lower in afternoon trade. The CBOE Volatility Index was up more than 13% at 11.21, its largest daily jump since May 17, when it climbed more than 46%, according to FactSet data. The so-called VIX, otherwise known as the fear gauge, measures options bets on the S&P 500 index 30 days in the future and is used by traders to wager on sharp swings in the market. The indicator is often used as a measure of how investors are positioned for sudden market selloffs, because stocks tend to fall faster than they rise. Wall Street views passage of the health-care legislation as a proxy for President Donald Trump’s ability to get through a raft of other business-friendly laws, including tax cuts, deregulation and infrastructure spending. That trio has helped to push markets to recent repeated records, but doubts around the president’s ability to pass his agenda has often led to downdrafts in assets perceived as risky, like stocks. Tuesday’s action saw technology stocks, as measured by the Nasdaq Composite Index , closed down 1.6%, taking the brunt of the selling pressure. A tech-specific exchange-traded fund, the Technology Select Sector SPDR ETF , also was down sharply. The Dow Jones Industrial Average finished off 0.5%, while the S&P 500 closed down 0.8%. The Health Care Select Sector SPDR ETF wrapped up the session down 0.9%, while the biotech-oriented iShares Nasdaq Biotechnology ETF finished 2.76% lower, posting its worst daily decline since a 2.77% drop March 21.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Carnage in technology shares put the Nasdaq Composite on track for its first monthly decline in 2017, as a delay in a key health-care bill in the Senate casts doubt on President Donald Trump’s pro-growth agenda. GOP senators postponed a vote on the controversial bill to overhaul so-called Obamacare until after the July 4 recess. The Nasdaq Composite Index closed off 1.6%, marking its worst daily decline since June 9th, when tech suffered a 1.8% collapse. The S&P 500 ended off 0.8% at 2,419, while the Dow Jones Industrial Average finished 0.5% lower at 21,310. Selling in health-care related sectors, particularly in biotech, which would presumably be the most affected by the legislation, was the most pronounced. The exchange-traded iShares Nasdaq Biotechnology ETF ended 2.76%, representing its steepest one-day drop since a 2.77% drop March 21. Health-care related ETF, the Health Care Select Sector SPDR ETF , closed down 0.9%. Meanwhile, the tech-focused Technology Select Sector SPDR ETF wrapped up off 1.6%, its worst daily drop since June 9. Meanwhile, financial stocks were one of the few bright spots on the day, with a 0.5% rise for the bank-focused Financial Select Sector SPDR ETF , led by a 1.8% rise in Charles Schwab Corp. and Regions Financial Corp. .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Mixing it up from the standard monthly complaint report, the Consumer Financial Protection Bureau’s June snapshot presented a detailed breakdown of consumer complaints in all 50 states and the District of Columbia. Check out the following charts to see which financial areas received the most complaints. …read more
From:: Real Estate Wire
National Enquirer owner David Pecker has been mulling over a potential bid to buy out struggling magazine and media publisher Time Inc. , according to a feature in the July 3 edition of The New Yorker. The nugget is buried in an in-depth profile on Pecker’s friendship with, and his tabloid’s support of President Donald Trump. Back in April the Sport’s Illustrated, People and Time publisher was entertaining bids, but ultimately decided not to put itself up for sale. However, as the New Yorker story notes, even if Time were on the market, Pecker couldn’t buy the company outright himself. He would need a deep-pocketed partner. Time, like many of its peers, has struggled to contend with a declining print business, recently cutting 300 jobs in order to facilitate a shift to digital. Shares of Time have declined more than 23% in the year to date, while the S&P 500 index have gained more than 8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
The chief economist of Stewart Title is optimistic about the U.S. economy, the impact of rising interest rates and millennials.
Ted Jones delivered his thoughts at a luncheon sponsored by his employer and attended by Pueblo, Colorado Realtors.
As a result of likely tax reforms being pushed by the Trump administration and Congress, Jones sees a very good economy ahead.
From:: Financing