Wall Street Marks New Record Highs On Strong Start To Earnings Season, Investors Downplay Inflation Surge, Tesla Disappoints: This Week In The Market
- by Benzinga.com
- Oct 11, 2024
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Piero Cingari, Benzinga Staff Writer
October 11, 2024 4:15 PM
| 2 min read Economic data disappoints
September inflation reports for both consumers and producers come in higher than expected, while jobless claims posted the sharpest rise in over a year.
Despite the inflation uptick, interest rate expectations remained largely unchanged, with most traders and economists maintaining their outlook for a November rate cut. The unemployment spike was attributed to temporary factors, including Michigan auto layoffs and Hurricane Helene.
No Stimulus Measures In China
Chinese stocks saw their worst weekly performance of the year. The absence of expected stimulus measures from Chinese authorities weighed heavily on investor sentiment, despite a strong rally in recent weeks.
Mortgage Rates Surge
Mortgage rates saw a sharp reversal last week, jumping to 6.36% and leading to a 5.1% drop in homebuyer applications. The housing market awaits further rate cuts, but rising Treasury yields —driven by a resilient labor market — pose significant challenges to mortgage rate relief in the near term.
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