"In This Economy?" author Kyla Scanlon joins the show to explain why home insurance is turning the American dream of owning a home into a nightmare.We're joined by Jerry to get you up to speed on the action from today's trade.
This is the day chart for your NASDAQ Apple, the only laggard in the mag seven for the day, which is interesting here, you can see gains across your screen from the other mag seven names and that in video, the big one of the week up 1.5% in the close here.Then you got materials and industrials, all four of those up.From the 85 lows from August.
You know, you know, if you listen to what, you know what the rest of the committee, what the voting members were, were talking about.And, and so I think he's got a little bit of work ahead of himself to, to uh to get the public community there. The market can see that everybody, everybody sees that and the fed, you know, so if, if that's the case, you know, the fed, the fed fed funds around neutral, which is around 3% we two, you know, over 2% points higher than that right now, you know, the faster we get there the better.Um, as a sign of weakness, if the fed were to start with 50 I think we probably, I think they'll probably go 50 50 25 to, to close the year out.
And so, you know, we'll have to sort of wait and see, but I do think it would take an outlier number to really move Powell off of 50 at this point.But given that, how are you positioning portfolio wise around that? Um And, you know, outside of that, you know, we do like home builders right here uh because they are the, the most direct beneficiary of rate cuts and, and lower interest rates, which we think is on the horizon.Uh So, you know, as far as the best, you know, the, the best, worst uh cyclical out there.We want to stay away from anything that really needs sharp growth upturns to win.
Um So, you know, that's interesting to us, you know, emerging outside of China uh can be interesting to us, you know, they're going to be winners out of China's implosion.It's really tough to get out of those, especially if the government decides that they don't want to spend, which it looks like they don't.
So uh I've I've noticed in several of the confidence and sentiment surveys, uh we're seeing improved readings from moving from July to August 1 thing in the Michigan, the latest Michigan report when you get deep into the details, uh the people who enter that service.That is the lowest level since the year 2000.I think that tells you the inflation shock is finally wearing off.
So something is going on with the way that changes in the presidential election are affecting consumer attitudes. That was the second half of July, then the first half of August 2nd half of August, all those were positive. So we'll have to see what comes of that quickly as you look across the, you know, the universe of commodities, what should investors be concentrating on?This is a big cup that we have on this uh coffee chart.Really appreciate that mortgage rates have fallen again due to expectations of a fed rate cut, the rate on a 30 year fixed falling in the last week to the lowest reading since May of 2023.
And I'm curious how big the stakes are here if, if home insurance does continue to not account for that kind of need, what broader economic impact might that have?Like you're seeing these homeowners who purchased homes in California, Florida, Louisiana, all of the other states that are impacted.And so of course, if you're a cash buyer, like you can buy the house, you can self insure, that's probably not recommended.
Uh your average mortgage rate, of course, for example, but the monthly payment still comes up relatively high. But the month of September, we know tends to be the worst for stocks and taking a look at the monthly jobs report for August.
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