Wall Street Today | Mortgage Rates Top 6% for the First Time Since the 2008 Financial Crisis
MACRO
Fed's 75-or-100 Choice Keeps Traders Guessing as Decision Nears
Federal Reserve officials could find reasons for raising rates by a full percentage point next week if they decide to look hard enough, though the base case still looks like 75 basis points. Investors ascribe around 24% odds it could happen, according to pricing in interest-rate futures, and some Fed watchers view the probability as higher.
Railroads and Labor Unions Reach Tentative Deal to Avert Strike
Railroads and workers' unions reached a tentative labor agreement early Thursday. The new contracts provide 24% pay increases over five years from 2020 through 2024 and include immediate payouts averaging $11,000 upon ratification, in addition to an extra paid day off for workers.
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SECTORS
Mortgage Rates Top 6% for the First Time Since the 2008 Financial Crisis
Mortgage rates topped 6% this week, their highest level since 2008 when the U.S. was deep in recession, which gave a jolt to home buyers who last year were paying less than half that.
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Gold Slides as Hotter US Inflation Keeps Hawkish Fed on Track
Gold fell the most in almost a month after US inflation data came in hotter than expected, maintaining pressure on the Federal Reserve to keep aggressively raising rates. The consumer price index rose 0.1% in August from the month before. Gold dropped as much as 1.6% following the report, the most since Aug. 15.
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COMPANY
FedEx Stock Tanks 16% After Company Withdraws Outlook, Says Year is About to Get Worse
$FedEx(FDX.US$ shares fell 16% in the extended session Thursday after the logistics company pulled its outlook for the year, called for significantly lower quarterly profit and lower revenue, and said that fiscal 2023 is about to become worse.
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Adobe to Buy Collaboration-Software Company Figma for About $20 Billion
$Adobe(ADBE.US$ agreed to buy collaboration-software company Figma for around $20 billion, using the biggest deal in its history to acquire a small-but-fast-growing rival that the tech giant hopes can give it access to a broader group of customers.
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Texas Instruments Plans $15 Billion in Share Buybacks, Boosts Dividend
$Texas Instruments(TXN.US$ authorized $15 billion in share repurchases and boosted its quarterly dividend by 8% to $1.24 a share, rewarding investors after a difficult year for chip stocks.
Disney's Chapek Hints at All-in-One Streaming App Once Hulu Secured
Speaking at an investor conference, the company's chief executive touts the potential to make Disney+ a broader platform tied to its theme parks once Hulu ownership is secured. $Disney(DIS.US$
Source: Bloomberg, Dow Jones, CNBC
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