Transcript:
CONWAY GITTENS: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Wall Street is looking for momentum after both the S&P and the Nasdaq hit new records in a holiday-shortened week. But the AI-driven tech rally is starting to fizzle as investors assess whether the rally has more room to run.
Investors are looking ahead to revised GDP figures, jobless claims, and the Fed’s preferred inflation gauge due out next week.
And in other news, mortgage rates fell to their lowest level in nearly three months, a much-needed relief for prospective home-buyers.
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The average for a 30-year fixed-rate mortgage came in at 6.87% for the week ending June 20, down from 6.95% the week before, according to Freddie Mac. That marks the third straight weekly decline. Rates are down from 7.22% in May.
While rates are coming down, they're still at a two-decade high and significantly above 2022 levels when the Fed began its interest rate hiking cycle. Investors are forecasting an interest rate cut as soon as September.
As of the end of 2023, over half of homes with a mortgage had a rate that was 4% or lower, and 87% had a rate at 6% or lower, according to Realtor.com.
That’ll do it for your daily briefing. From the New York Stock Exchange, I'm Conway Gittens with TheStreet.
Related: Housing market seeks Fed rate-cut relief as sales slump
