The numbers: Applications for mortgages surged as homeowners jumped on lower rates to refinance their home loans.
The 30-year mortgage rate fell for the second week to the lowest level in a year.
The drop in rates pushed the market composite index — a measure of mortgage-application volume — up last week, the Mortgage Bankers Association said Wednesday.
The market index rose 16.8% weekly to 251.3 for the week ending August 9. A year ago, it stood at 193. The index is now at its highest level since January 2023.
Your kids go back to school soon, but their phones might not. The...
Your kids go back to school soon, but their phones might not. The national effort to ban cell phones in schools got another boost yesterday when California Gov. Gavin Newsom wrote an open letter to school districts, urging them to restrict the use of smartphones in class. Newsom cited evidence that excessive phone use is linked to mental health problems. Other states like South Carolina have already passed limited phone bans, while New York City—the US’ largest school system—is reportedly mulling a ban starting next year.
Paramount laid off 15% of its workforce and shuttered its television studio to cut costs ahead of its planned merger with Skydance Media.
Google announced a new Pixel 9 phone series that will use the company’s Gemini AI assistant.
Russia was forced to pull some of its troops out of Ukraine in order to defend its borders from Ukraine’s ongoing counterattack, Ukrainian officials said yesterday.
Ford and Mazda issued a warning not to drive more than 457,000 vehicles with recalled Takata airbags.
Tropical Storm Ernesto is expected to become a hurricane today as it passes through the Caribbean before shifting north.
API Reports Significant Crude Oil Inventory Decline
Crude oil inventories in the United States fell by...
Crude oil inventories in the United States fell by 5.205 million barrels for the week ending August 9, according to the American Petroleum Institute (API), after analysts predicted a smaller 2 million barrel dip. For the week prior, the API reported a 180,000-barrel increase in crude inventories.
According to API data, crude oil inventories have increased by 400,000 barrels so far this year, but they are close to where they were at the start of the year.
Gasoline inventories also fell this week, by 3.689 million barrels, more than offsetting last week’s 3.31-million-barrel increase. Analysts had predicted a 1.1 million barrel draw. As of last week, gasoline inventories are 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories saw an increase this week of 612,000 barrels, on top of last week’s 1.22-million-barrel increase. Analysts had forecast a 1.8 million barrel draw. Distillates were about 6% below the five-year average for the week ending August 2, the latest EIA data shows.
Cushing inventories saw a draw of 2.277 million barrels, according to API data, countering the 1.07-million-barrel build in the previous week.
Oil tumbles on easing fears of wider Middle East war
Brent and U.S. crude oil futures fell on Tuesday as traders grew less...
Brent and U.S. crude oil futures fell on Tuesday as traders grew less nervous about the potential for a wider war in the Middle East, with Iran yet to act on threats to retaliate against Israel for the assassination of a Hamas official in Tehran.
Benchmark Brent crude futures settled down $1.61, or 1.96% at $80.69 a barrel. U.S. West Texas Intermediate crude finished down $1.71, or 2.14%, at $78.35 a barrel.
The markets had priced in an imminent attack by Iran against Israel within 24 to 48 hours," said Phil Flynn, senior analyst at Price Futures Group. "That hasn't happened. The market is taking that risk premium out of the price for crude."
The International Energy Agency kept its 2024 global oil demand growth forecast unchanged but trimmed its 2025 estimate, citing the impact of lackluster Chinese consumption on economic growth.
S&P 500, Nasdaq score biggest 4-day rally of 2024 as inflation data buoys market
U.S. stocks finished higher on Tuesday, with the S&P 500 and the Nasdaq Composite...
U.S. stocks finished higher on Tuesday, with the S&P 500 and the Nasdaq Composite scoring their biggest four-day rally of 2024 after softer-than-expected producer-price data reinforced bets that the Federal Reserve will commence cutting interest rates in September.
The Dow Jones Industrial Average rose 408.63 points, or 1%, to end at 39,765.64, according to FactSet data.The S&P 500 gained 90.04 points, or 1.7%, to finish at 5,434.43, and the Nasdaq Composite advanced 407 points, or 2.4%, ending at 17,187.61.
The S&P 500 and the Nasdaq have posted gains for four consecutive trading sessions. Both indexes notched their biggest four-day percentage climb of 2024.
Tuesday’s advance added to the market's comeback from the stock selloff earlier this month, with the three major indexes further erasing their heavy losses from the Aug. 5 rout.
