What we’re reading (10/27)
“U.S. Mortgage Rates Top 7%, Highest In More Than 20 Years” (Wall Street Journal). “The last time mortgage rates were this high, the dot-com bubble had recently burst. Rates were on the way down. They were in the middle of a four-decade stretch in which they mostly fell, underpinning the growth of the modern mortgage market and boosting the rate of homeownership.”
“Why Stock Multiples Say The Market Could Continue To Drop” (Morningstar). “If stocks have seen their lows for this bear market, ‘that would represent a new benchmark for the most expensive bear-market low,’ says Doug Ramsey, chief investment officer at the Leuthold Group in Minneapolis, an independent provider of financial research and analysis to institutional investors.”
“Mark Zuckerberg Says He’s ‘Pretty Confident’ Meta Is Heading In A ‘Good Direction’ As Stock Crashes 20% After Huge Earnings Miss” (Insider). “‘We've been through a couple of these cycles before already, and I'm pretty confident this is going in a good direction,’ Zuckerberg said in a call with analysts after the report was published.”
“Amazon Stock Sinks 13% On Weak Fourth-Quarter Guidance” (CNBC). “Like the rest of Big Tech, Amazon has had a rocky year so far as it confronts macroeconomic headwinds, soaring inflation and rising interest rates. Those challenges have coincided with a slowdown in Amazon’s core retail business, as consumers returned to shopping in stores.”
“Wall St Loses Over $200 Billion In Value After Report From Amazon” (Reuters). “Over $200 billion in U.S. stock market value went up in smoke in extended trade on Thursday, after a weak forecast from Amazon added to a string of downbeat quarterly reports from Big Tech companies.”
