Morning Download 

Personal finance + economics + markets

Together with behindthemarkets

Good morning investors! Stocks didn’t impress much yesterday and now all eyes are on Bitcoin as it prepares for another bull run.

Fun fact: The identity of Bitcoin's creator, known by the pseudonym Satoshi Nakamoto, remains unknown to this day.

Today we cover:

• Mortgage rates are falling in the US. 🔪 

• Everyone’s shorting Tesla. 🚘

• All you need to know about the Affordable Care Act health insurance marketplace. 💊 

Follow us on Twitter for more.

📊 Economy and News 

Mortgage rates are going down

Mortgage rates plunged this week in the biggest one-week drop since last November. This marks the second consecutive week of rate reductions following seven consecutive weeks of increases.

The 30-year fixed-rate mortgage fell to an average of 7.50%, down from 7.76% the week before.

What’s next: There's hope that lower rates will attract more buyers. In fact, we saw a surge of 2.5% in all applications for loans last week after the dip. Moreover, applications for a mortgage to purchase a home went up by 3%.

There’s hope that home prices will fall next year. They have been on a wide run for months.

Global hits:

• Virgin Galactic stock surges 30% after announcing plan for cost savings.

• SoftBank posts $6.2 billion quarterly loss as WeWork collapse, tech slump drag bottom line.

• Astra founders offer to take the company private at a value of about $30 million causing the stock to jump by 82%.

📈 Stocks

S&P 500 4,347.35 (-0.81%)
DJIA 33,891.94 (-0.65%)
NASDAQ 15,187.90 (-0.82%)
BRENT CRUDE 79.66 (+0.40%)
* Prices as of Nov 10th, 12:20 AM UTC

Tesla is one of the world's biggest short bets

Short interest in Tesla stands at $18.36 billion, making it the world’s most valuable short.

Approximately 3.03% of the float, or around 83.34 million shares, are currently shorted. 

This isn’t the first time that the company has been in the news for this reason as it has been the most shorted stock earlier as well.

Why it matters: Tesla has been facing a lot of challenges and closed in red yesterday (-6.3%). The company reported a third-quarter double miss due to sluggish sales and ongoing margin erosion.

However, there is optimism among most analysts and Tesla enthusiasts regarding the Cybertruck. 

These results show that Tesla is likely to go down. However, the stock is known to surprise investors, which could spell trouble for short sellers.

Also check: Apple suffers a setback in its fight against a $14 billion EU tax bill.

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🔐 Crypto

Bitcoin $36,559 (+2.64%)
Ethereum $2,083.87 (+10.40%)
Total market cap $1.39T (2.64%)
* Prices as of Nov 10th, 12:20 AM UTC

Here’s what’s happening in the world of crypto:

• Solana breaks $20b market cap as ETF buzz fuels Bitcoin over $37k.

• BlackRock prepares to file spot Ether ETF.

• Court confirms Celsius bankruptcy exit plan, $2B in crypto to go to creditors.

• SEC’s first window to approve all 12 spot Bitcoin ETFs to begin today.

💵 Personal Finance

Enrollment begins for Affordable Care Act health insurance marketplace

November marks the beginning of open enrollment for over 40 million Americans who have individual health insurance under the Affordable Care Act, aka “Obamacare,” and newcomers who want to sign up for benefits.

The 2023 ACA open enrollment season achieved a record with 16.3 million people choosing marketplace plans; however, even a higher number is expected this year due to a significant number of adults and children being removed from Medicaid, leading to a surge in interest.

Although some individuals will remain eligible for Medicaid, a substantial influx of new ACA marketplace enrollees is anticipated, as they no longer meet the program's qualifications.

Dates to remember

Open enrollment on HealthCare.gov will run from Nov. 1 through Jan. 16, 2024.

• Enroll by Dec. 15 for your coverage to start Jan. 1.

• If you enroll after Dec. 15, your coverage will start Feb. 1

Reminder: Most states follow the same timeline, although in California, it runs through Jan. 31, and in Idaho, it runs from Oct. 15 through Dec. 15.

Check healthinsurance.org for the deadline in your state.

Obamacare 2024 subsidies

Two types of Obamacare subsidies may be available to you:

• A premium tax credit that lowers the amount you pay each month for your health insurance plan.

• Cost-sharing reductions reduce the amount you must pay for out-of-pocket costs such as deductibles, copayments, and coinsurance. You will also have a lower “out-of-pocket maximum,” the total you must pay in a year. If you qualify for this reduction, you must enroll in a plan in the silver category to receive this benefit.

Subsidies depend on household income. Check http://HealthCare.gov to find out if you qualify for either subsidy. Moreover, try an online calculator to calculate expected subsidies.

Which option to choose?

There are four categories to choose from:

• Platinum

• Gold

• Silver

• Bronze

All plans come with the same essential features including outpatient care, free preventive services, hospital care, pregnancy care, mental health services, and prescription drug benefits. There, however, are additional perks based on your plan. These include dental coverage, weight loss programs, etc.

Your choice of level will affect your costs for healthcare services. For example, Bronze plans have the lowest premiums but usually higher out-of-pocket costs, such as deductibles, copayments and co-insurance. If you select a plan with a higher premium, those out-of-pocket costs may be lower.

Look at your situation when choosing a plan. Think about what level of care your household will need. Here are a few things to consider:

• The overall health of your household

• Conditions your are likely to deal with

• If your primary care physician is included

• If your current medications are included

Also, it might be a nice idea to be aware of what to consider when choosing health insurance. Check this video for tips:

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👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.