Afternoon Note
Considering the earnings news from some heavy weights, the markets have performed well. Texas Instrument’s (TXN) miss is dragging down semiconductors and Caterpillar (CAT) is weighing down Industrials. News from Nike (NKE) that CEO John Donahoe is stepping down in January and will be replaced by Bill McDermott is taking the stock down over 2% and hurting Consumer Discretionary.
Mark Zuckerberg, CEO of Facebook (FB), is testifying about its Libra (cryptocurrency) project on Capitol Hill today. The stock is clawing back some of its losses from yesterday, and it is up over 1%. Apple (AAPL) is also performing well after another price upgrade, this time from Morgan Stanley, from $247 to $289.
|
S&P 500 Index |
+0.05% |
|
|
Communication Services (XLC) |
+0.49% |
|
|
Consumer Discretionary (XLY) |
|
-0.64% |
|
Consumer Staples (XLP) |
+0.34% |
|
|
Energy (XLE) |
+0.72% |
|
|
Financials (XLF) |
+0.04% |
|
|
Health Care (XLV) |
+0.72%% |
|
|
Industrials (XLI) |
-0.22% |
|
|
Materials (XLB) |
+0.92% |
|
|
Real Estate (XLRE) |
|
-0.52% |
|
Technology (XLK) |
-0.05% |
|
|
Utilities (XLU) |
+0.19% |
On the housing front, the MBA Mortgage Applications Index declined 11.9% for the week ending October 19, as an uptick in interest rate hurt refinancing and purchase applications.
"Interest rates continue to be volatile, with Brexit votes and ongoing trade negotiations swinging rates higher or lower on any given day. Last week, mortgage rates jumped 10 basis points and were above 4 percent for the first time since September," said Mike Fratantoni, MBA Senior Vice President and Chief Economist. "The increase in mortgage rates caused refinance applications to drop 17 percent, and by more than 20 percent for conventional loans. Borrowers with larger loans are the most sensitive to rate changes, and with rates climbing higher last week, the average size of a refinance loan application fell to its lowest level this year.”
Speaking of rates, U.S. Treasuries are up today, with the 2 year at 1.57% and the benchmark 10 year at 1.75%.
Meanwhile, the FHFA Housing Price Index, which measures the prices of single-family homes, rose 0.2% in August after an unrevised 0.4% increase in July. Year over year, housing prices were up 4.6%.
| Tweet |
| 10/2/2026 1:08 PM | A Friday Lift |
| 10/2/2026 9:41 AM | A GENTLE WAVE |
| 10/1/2026 1:15 PM | Volatile Start |
| 10/1/2026 9:28 AM | THE SILENT BEAR & RAGING BULL |
| 9/30/2026 1:35 PM | Waiting on Micron |
| 9/30/2026 9:42 AM | SALAD DAYS FOR SUPER INTELLIGENCE |
| 9/29/2026 1:38 PM | Weak Tone |
| 9/29/2026 9:35 AM | STRANGE DAYS INDEED |
| 9/28/2026 1:15 PM | A Soft Start to the Week |
| 9/28/2026 9:35 AM | BOND MARKET HISTORY LESSON HELPS |
| 9/25/2026 1:21 PM | Diplomatic Hopes Set the Mood |
| 9/25/2026 9:38 AM | THE LEAD HORSES ARE BACK |
| 9/24/2026 1:20 PM | Yields Set the Tone |
| 9/24/2026 9:35 AM | TOO HOT? |
| 9/23/2026 1:09 PM | Rate Hike Fears |
| 9/23/2026 9:29 AM | RECORDS, RIVALS, AND THE RACE FOR AI |
| 9/22/2026 1:17 PM | Digesting Monday’s Rally |
| 9/22/2026 9:36 AM | A Strong Start to the Week |
| 9/21/2026 1:14 PM | Monday Momentum |
| 9/21/2026 9:33 AM | Tech Poised to Surge |
| 9/18/2026 1:32 PM | Yields Overshadowing Chip Strength |
| 9/18/2026 10:09 AM | REMEMBER 3D PRINTING? |
| 9/17/2026 1:29 PM | Bounce Back Thursday |
| 9/17/2026 9:45 AM | TIME FOR WARSH TO LEARN BLACKJACK AND BOXING |
| 9/16/2026 1:19 PM | Setting the Stage |
| More commentary archives | |
|
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|