Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today
Tech earnings are influencing Wall Street’s mood. Profits at Google parent Alphabet were better than expected but sales were a mixed bag. Total revenue at $84.7 billion was a tad ahead of forecasts, led by a 29 percent surge in cloud revenues. YouTube ad sales, however, did not match analysts forecasts. In addition, Overall spending at Alphabet was a bit high for investors’ tastes.
Watch More Videos:
- Most valuable American brands
- Nike almost said 'no' to one of its most iconic designs
- 'Shark Tank's' richest sharks & most successful products after 15 years on air
In other news: mortgage rates are down, but not by enough to lure buyers to sign on the dotted line. The average rate on a traditional 30-year home loan fell to 6.82 percent for the week ended July 19th - from 6.87 percent the week before. According to the Mortgage Bankers Association, that’s the cheapest mortgage since February.
That drop in rates, however, is not leading to a rush in new mortgages. Prospective homebuyers believe rates will further ease and are holding out for a better deal. Applications for new mortgages dropped 4 percent last week and plunged 15 percent compared to the same time a year ago.
Joel Kan, Vice President and Deputy Chief Economist, for the MBA said “Ongoing affordability challenges persist with rates at their current levels and with home-price appreciation still strong in many markets.”
Fresh housing data for June backs that up. New homes sales fell to their lowest since 2023, with the median sales price at $417,300. Meanwhile, sales of existing homes plunged to their lowest of the year; that median sales price rose to a record high of $426,900.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I”m Conway Gittens with TheStreet.
Related: How much mortgage debt do Americans have on average?
