Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
Stocks are lower this morning as market darling Nvidia is down pre-market. Bonds and MBS are flat.
Chip stocks are down this morning after a report that the Biden Administration is considering curbs on AI chip exports to China. The recent rally in the stock market has been incredibly narrow, focusing on a few AI-driven stocks.
Jerome Powell is speaking on a panel of central bankers in Europe this morning. I don’t expect anything market-moving, but just be aware.
Mortgage Applications increased 3% last week as purchases and refinances increased by the same amount. “Mortgage rate changes varied across loan types last week, with the 30-year fixed rate increasing slightly to 6.75 percent. The spread between the jumbo and conforming rates widened to 16 basis points, the third week in a row that the jumbo rate was higher than the conforming rate. To put this into perspective, from May 2022 to May 2023, the jumbo rate averaged around 30 basis points less than the conforming rate,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Purchase applications increased for the third consecutive week to the highest level of activity since early May but remained more than 20 percent lower than year ago levels. New home sales have been driving purchase activity in recent months as buyers look for options beyond the existing-home market. Existing-home sales continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages.”
Truist has upgraded Boise Cascade and Louisiana Pacific on a bullish bet for building materials. The homebuilding sector has been seeing activity lately as potential homebuyers are stuck with picked-over existing homes and are looking at new construction. Builders are using buydowns and upgrades to entice buyers. Separately, Wedbush upgraded Beazer Homes this morning.
The Fed will release the results of bank stress tests after the close today. The markets will focus particularly hard on the regional banks.
Filed under: Economy |
All Things in Moderation 
Interesting analysis:
“The Darkness Ahead: Where The Ukraine War Is Headed
John J. Mearsheimer
Jun 23, 2023”
https://mearsheimer.substack.com/p/the-darkness-ahead-where-the-ukraine
LikeLike
The NYT is truly beyond parody:
https://archive.fo/ndlrz
Hunter Biden, who has written about his tangles with crack cocaine and alcohol, reached a plea agreement on tax charges a few days ago that left some Republicans sputtering, but to me, the main takeaway is a lesson the country and the president could absorb to save lives.
While the federal investigation appears to be ongoing, for now I see no clear evidence of wrongdoing by President Biden himself — but the president does offer the country a fine model of the love and support that people with addictions need.
LikeLike
Glenn Greenwald agrees with you.
I think he’s correct that it’s all designed to deflect questions on the actual issue of corruption.
LikeLike
I think it’s because they did not say the Covid litany with enough zeal and fervor.
https://dailysceptic.org/2023/06/28/pfizer-vaccine-batches-in-the-eu-were-placebos-say-scientists/
LikeLike