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Snap reported $250 million in adjusted EBITDA for the second quarter. In the same quarter it booked $263 million in stock-based pay for its employees, a cost that is left out of the adjusted figure.
The S&P 500 set a record close last week while the 30-year mortgage rate climbed to 7.40%. Bond investors see a Fed that isn’t done, and housing sits on their side of the trade.
September CPI on Wednesday is the main event for rates. The big banks open earnings season, and existing-home sales land on Tuesday.
The airline lowered its 2026 profit forecast and warned fares will rise if fuel stays expensive. Hurricane Isaias added to the strain on energy markets.
The 30-year fixed rate rose for a seventh straight week as Treasury yields climbed. Mortgage applications have fallen five weeks in a row.
The Nasdaq fell 1.25% after the Financial Times reported OpenAI’s annualized revenue well below figures shared with investors.
Minutes from the September meeting show officials worried that high energy prices could spread into broader inflation.
Newly pending home sales fell sharply in September, and more than a quarter of listings carried a price cut.
As the 10-year yield climbed past 5%, builder shares and property stocks fell harder than the market. The reason runs through incentives.
Hiring slowed sharply and earlier months were revised down. The unemployment rate rose to 4.2%.
Long-term borrowing costs climbed past their 2007 peak. Mortgage rates followed.
One in five listings had a price reduction, and inventory is now within 10% of pre-pandemic levels.
Core PCE rose 3.0% from a year earlier, and second-quarter growth was revised up to 2.2%.
Case-Shiller shows a 1.9% annual gain in July, the 14th straight month of declines after inflation.
The 30-year fixed rate rose for a fifth straight week after the Fed’s September hike.
Sales of new homes jumped 6.4% in August as the median price fell 5.8% from a year earlier.
Orders fell 12% and margins narrowed as higher mortgage rates squeezed buyers.
Rents are falling while mortgage costs climb. On a median home, the monthly gap has widened by about $200 in a year.
Orders fell 9% and the builder trimmed its delivery target. Management said many visitors can’t qualify for a mortgage.
Pending sales edged up in August, but Redfin’s more recent data show the weakest pace in nearly three years.
A unanimous vote lifted the target range to 3.75%–4.00%. Officials signaled one more increase this year.
A drone attack shut a major Saudi pipeline. A day later, the 10-year Treasury yield closed at 5% for the first time since 2007.
Energy drove consumer prices higher in August, and core inflation beat forecasts. Markets now expect a Fed hike next week.
Existing-home sales fell to the slowest pace since June 2025, while inventory reached its highest level in more than a decade.
Payrolls rose by 162,000, nearly three times the forecast, in a week when oil climbed almost 10%.
Fewer sellers are pulling listings, and the median list price is down 1.3% from a year ago, Realtor.com says.
Kevin Warsh used his first Jackson Hole speech as Fed chair to open the door to higher rates. Markets took the hint.
