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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Mortgage applications rose 2.8% last week as potential homebuyers responded to falling rates and a higher inventory of homes for sale. The average 30-year fixed-rate mortgage rate dropped to 6.69%, the lowest in over a month, spurring a 6% jump in home purchase applications—the highest since January. However, refinancing demand fell 1% and remains 7% lower year-over-year, as most homeowners already locked in lower rates. Analysts note lower rates and improved inventory are attracting buyers, even as refinancing lags. Markets now await key economic data and remarks from Fed Chair Jerome Powell for further signals on rate trends.

2. Foot Locker is stumbling into the holiday season with a weaker-than-expected Q3 performance, citing soft consumer demand and aggressive promotions. The sneaker retailer reported $1.96 billion in revenue (below the $2.01 billion expected) and adjusted EPS of 33 cents (vs. 41 cents anticipated), swinging to a net loss of $33 million. CEO Mary Dillon acknowledged challenges beyond peak sales periods like Back-to-School and Thanksgiving, prompting a cut to full-year sales and earnings guidance. Comparable sales rose 2.4%, a positive sign of a slow recovery under Dillon's turnaround strategy, but still fell short of Wall Street’s 3.2% expectation. Foot Locker shares dropped 7% premarket on the news.

3. General Motors is bracing for over $5 billion in charges as it restructures its joint venture with SAIC Motor in China, citing "plant closures and portfolio optimization" as part of the overhaul. The costs, largely non-cash writedowns, will impact net income but not adjusted earnings—a metric closely watched by investors. GM's market share in China has halved since 2015, amid rising competition from domestic automakers and shifting consumer preferences, pushing its equity income from Chinese operations down 78.5% since its peak. Despite three consecutive quarterly losses this year, GM remains optimistic about profitability improvements in 2025.

4. Headlines

   1. The Bank of England has indicated that it could implement four interest rate drops over 2025.

   2. Eli Lilly is reporting that its weight loss drug led to better weight loss results than Wegovy in a head-to-head trial.

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