5 things to know before the stock market opens Tuesday

Mortgage rates soar to the highest level in nearly 23 years, causing pain for homebuyers and exacerbating the housing supply issue, while chip designer Arm files for a Nasdaq listing and Google faces leadership changes as it navigates competitive, regulatory, and investor pressures. Additionally, American workers are demanding higher salaries, indicating a hot labor market and potential inflation.

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Relevant topic timeline:

8/21/2023

Mortgage rates hit their highest point since 2000

Mortgage rates have surged, reaching the highest level since 2000, due to concerns about high interest rates and inflation lasting longer than anticipated, causing difficulties for potential homebuyers and exacerbating the supply shortage in the housing market.

8/20/2023

As mortgage rates soar over 7%, an unaffordable housing market is becoming even more expensive

High mortgage rates, reaching their highest level in 21 years, are driving up costs for home buyers and creating a sluggish housing market, with little relief expected in the near term.

8/22/2023

Housing market affordability is worse now than at the height of the housing bubble in 2006

The surge in mortgage rates has caused housing affordability to reach the lowest level since 2000, leading to a slow fall in the housing market and a potential dip in home prices, although the current market differs from the conditions that preceded the 2008 crash, with low housing inventory and a lack of risky mortgage products, making mortgage rates the key lever to improve affordability.

8/24/2023

Mortgage rates surge to 22-year high

Mortgage rates in the US climbed to a 22-year high, surpassing 7%, which is posing significant challenges for first-time homebuyers and exacerbating the wealth gap between homeowners and renters.

9/13/2023

Inflation Soars, Mortgages Drop, New iPhones Underwhelm in Choppy Markets

Equities edge down as inflation increases more than expected, mortgage applications reach lowest level since 1996, Apple's iPhone updates disappoint investors, UBS initiates coverage on Ford with a buy rating, China denies ban on government workers using foreign-branded devices, JPMorgan downgrades Oracle, antitrust lawsuits against Google begin, and Arm Holdings' IPO is expected to be the largest listing of the year.

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Posted 8/22/2023, 11:26:34 AM