Good morning investors! Wall Street closed higher yesterday after a interest rate hike announcement from Fed this week.
Today we cover:
Housing market rebounds
24/7 stock trading is next?
Diesel is impacting the economy
📊 Economy and News
U.S. Housing Rebounds, but Rates Keep Pressure High
U.S. housing data improved in August, but the broader trend remains weak. Pending home sales rose 0.3%, beating expectations, while single-family housing starts jumped 7.6%.
However, building permits fell 1.8%, pending sales were down 4.7% year over year, and overall housing starts declined 2.6%. With 30-year mortgage rates near 6.76% and the Fed recently raising rates, high borrowing costs continue to weigh on buyers and builders.
Global hits:
Czech central bank holds rates at 3.75% amid inflation risks.
Putin says Russia’s 2027 budget deficit seen at around 2% of GDP.
Germany calls for EU tariffs on Chinese hybrid cars as US delays tariff announcement until after Xi-Trump summit.
U.S. weekly jobless claims unexpectedly fell by 10,000 to 196,000, beating economists’ forecast of 208,000. Continuing claims also dropped to 1.73 million, suggesting some stability in the labor market.
Reminder: US 30-year mortgage rate hits highest since January 2025.
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📈 Stocks
S&P 500 7,637.76 (+1.14%)
DJIA 51,778.04 (+0.61%)
NASDAQ 26,418.30 (+1.69%)
BRENT CRUDE 104.34 (-1.83%)
* Prices as of Seo 18th, 12:20 AM UTC
SEC Opens Door to Tokenized Stocks: Is 24/7 Trading Next?
The SEC has created a temporary regulatory pathway allowing certain platforms to offer tokenized U.S. stocks, bringing markets closer to potential 24/7 blockchain-based trading.
Under the five-year exemption, token holders must receive the same key rights as traditional shareholders, including dividends and voting rights. Companies can also object to having their shares tokenized.
The move could make stocks more accessible and improve trading and settlement, but regulators are also addressing risks such as volatility and thinner liquidity.
Interesting: GM touts new V-8 engines in revived ‘truck wars’ with Ford, Ram amid lackluster EV sales.
💵 Personal Finance
Record Diesel Prices Could Hit the Entire U.S. Economy
U.S. diesel prices hit a record $6.31 per gallon, putting growing pressure on trucking, railroads, agriculture, construction and retailers.
Because diesel powers much of the nation’s transportation and supply chain, prolonged high prices could eventually push up grocery prices, delivery fees, travel costs and home heating bills. Home heating oil costs could rise as much as 31% this winter if current prices persist.
The surge is being driven by supply disruptions, limited refining capacity and geopolitical tensions. With U.S. refineries already operating near capacity, further disruptions could keep prices elevated.
Experts say things can take a while to get back to normal, even if the US-Iran war concludes this year.
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