U.S. mortgage rates hit 7.5% last week, the highest level since November 2000, while new homebuyer applications hit a 16-year low. Mortgage Market Report states that the contract rate for a 30-year fixed mortgage rose by 12 basis points in the week ending September 29th, the largest weekly increase since mid-August.
On Tuesday, the top automakers in the globe reported higher third-quarter sales of new automobiles in the United States due to high demand for their newest models and greater output. Sales in the United States rose 21% to 674,336 units, thanks in large part to the high demand for pickup trucks, affordable crossover SUVs, and electric vehicles produced by General Motors.
Private enterprises in the United States added an estimated 89,000 jobs in September, according to payroll processor ADP. This is substantially lower than expected and may be an indication of a rapid retreat in the labour market.
Industry leaders were relieved yesterday as jury selection began in the trial of Sam Bankman-Fried, who is accused of causing the FTX catastrophe. Prosecutors claim that SBF defrauded customers of his exchange out of billions of dollars through schemes including both fraud and money laundering.
On Wednesday, an OPEC+ ministerial panel met, but the group’s oil output strategy was not changed in response to statements from Saudi Arabia and Russia that they would maintain voluntary supply cuts to strengthen the market.
Apple Inc. was downgraded by KeyBanc Capital Markets Inc. because the firm believes the stock is expensive in light of the anticipated slowdown in iPhone sales growth.
In an effort to rival Amazon’s e-book offerings, Spotify has formed partnerships with major publishing houses to make audiobooks available to its users at no cost. Paying Spotify users in the UK and Australia may now listen to 15 hours of audiobooks each month at no additional cost, the company announced on Tuesday night.
The Taco Lover’s pass is back at Taco Bell! On Tuesday, the iconic taco restaurant announced the return of its taco subscription service, wherein customers pay a flat monthly fee in exchange for one taco each day. Customers may get a taco delivered to their door every day for the next 30 days for only $10. Any of the restaurant’s taco options are open to subscribers.
This year, persons aged 50 and up will be included in the final stage trial of Moderna’s combo vaccination targeting Covid and the flu, following good results in an early to mid-stage study.
TikTok, a popular social networking app, has temporarily suspended its online retail activity in Indonesia in order to comply with new restrictions in the largest economy in South East Asia. The government of the country argues these regulations will help protect brick-and-mortar and online retailers in the country.
On Wednesday, Uber said that it will enable return package transportation via mail carriers for its Uber and Uber Eats apps. App users may now utilize the “return a package” function to ship up to five goods at once for a flat fee of $5, or $3 for Uber One members. Previously, the apps could only be used for ride-hailing and meal delivery. It is the responsibility of the drivers to deliver packages to the nearest UPS, FedEx, or USPS sorting facility.
Netflix plans to hike the price of its ad-free subscription tier after the actors’ strike ends, adding to prior price-hiking initiatives like the elimination of the $10 basic plan and a crackdown on password-mooching.
DoorDash is testing out an incentive program for its meal delivery service. After building its name as a restaurant delivery service, the firm has branched out into the grocery and convenience store categories in an effort to boost user engagement and restaurant profitability.
Krispy Kreme said on Tuesday that it was contemplating selling its Insomnia Cookies division in order to return its attention to its original product: doughnuts.
Seven Starbucks locations in the San Francisco region will permanently close on October 22, the company said on CNN on Tuesday.
As part of its expansion aspirations in the Asia-Pacific region, cryptocurrency company Ripple announced on Wednesday that it had obtained a major payments institution license in Singapore.
LinkedIn’s AI solutions for learning, hiring, and marketing, all powered by OpenAI, have been made available to the public. A spokeswoman for the social network told me that it produced $15 billion in sales last year, and that it has been steadily incorporating a number of AI-based features across its product range.
Stocks to watch:
SNDL(SNDL), Tesla (TSLA), Groupon (GRPN), Chase Bank (JPM), Microsoft (MSFT), GOOGL, eBay, Apple (AAPL), Pay Pal (PYPL), UBS, Walmart (WMT), Amazon (AMZN), Facebook (META), FED EX (FDX), UPS (UPS), Carnival Corporation (CCL)