Stocks near session highs as tech fuels post-rate cut rally
Stocks rose Thursday morning as the tech-heavy Nasdaq Composite (^IXIC) led the market gains following the Federal Reserve's rate cut announcement in the prior session.
The Nasdaq gained as much as 2.7% as technology stocks, which typically benefit from a lower interest rate environment, rose.
The Dow (^DJI) climbed more than 1% to hit an all-time intraday high while the S&P 500 (^GSPC) also touched a record in early trading.
Thu, September 19, 2024 at 3:00 PM GMT+1
Existing home sales fall in August amid lower mortgage rates
Sales of existing homes fell in August as house hunters remained on the sidelines despite mortgage rates hitting their lowest level in over a year.
Existing home sales dropped 2.5% from July to a seasonally adjusted annual rate of 3.86 million, the National Association of Realtors said Thursday, the lowest level since October. Economists polled by Bloomberg expected existing home sales to hit a pace of 3.9 million in August.
On a yearly basis, sales of previously owned homes retreated 4.2% in August. The median home price increased 3.1% from last August to $416,700, the 14th consecutive month of annual price increases.
The combination of scarce inventory, escalating prices and elevated mortgage rates continue to weigh on sales activity — for now.
“Home sales were disappointing again in August, but the recent development of lower mortgage rates coupled with increasing inventory is a powerful combination that will provide the environment for sales to move higher in future months,” NAR Chief Economist Lawrence Yun said in a press release.
However, economists at Fannie Mae don’t expect sales activity to turn around this year despite lower mortgage rates.
We “expect 2024 existing home sales to fall to the slowest annual pace since 1995," they said.
Thu, September 19, 2024 at 2:54 PM GMT+1
Growth-chasing Campbell's is in for a fight against private labels and big-name rivals
Yahoo Finance's Brooke DiPalma reports:
With products from stuffing-flavored chips to ghost pepper chicken noodle soup, companies are ramping up the competition in the grocery isles.
While retailers like Walmart (WMT) and Target (TGT) are plowing ahead with private labels, Campbell's (CPB) is doubling down on innovation, marketing, and increased distribution to sell its famous brands like Goldfish.
"It all comes down to ... creating the right value, which [is] not dependent solely on a price point," CEO Mark Clouse told Yahoo Finance at Campbell's investors day last week. "It is about, how do we add value in ways that are more differentiated and sustainable?"
Read more here.
Thu, September 19, 2024 at 2:31 PM GMT+1
Dow, S&P 500 jump to intraday record highs as stocks soar on jumbo rate cut
The Dow (^DJI) and the S&P 500 (^GSPC) touched record highs on Thursday as investors digested the the Federal Reserve's announcement during the prior session — a 50 basis point rate cut.
The S&P 500 climbed roughly 1.7%, while the Dow rose more than 1%, both reaching record highs. The tech-heavy Nasdaq Composite (^IXIC) led the gains, up more than 2.3%.
The major averages seesawed during the prior session following the Fed's decision to cut rates.
Gold (CG=F) hovered near all-time highs. The precious metal and other commodities climbed as the dollar declinined