7 Mins Ago
October home prices post biggest gain of 2023
Home prices rose 4.8% nationally in October compared with October 2022, according to the S&P CoreLogic Case-Shiller home price index. That’s a jump from the 4% annual increase in September and marks the strongest annual gain seen in 2023.
The strength in home prices came despite a sharp rise in mortgage interest rates in October. The average rate on the 30-year fixed loan crossed 8% on Oct. 19, according to Mortgage News Daily.
— Diana Olick, Yun Li
19 Mins Ago
Former Fed official Kaplan sees rate cuts coming
Former Dallas Federal Reserve President Robert Kaplan said Tuesday he expects the central bank to start lowering rates soon as it seeks to seeks to avoid a recession as inflation recedes.
Kaplan said during a CNBC “Squawk Box” interview that officials will want to avoid keeping policy too strict and will need to adjust their benchmark borrowing late lower if the rate of inflation continues to decline.
A Commerce Department report Friday showed that personal consumption expenditures prices in November fell for the first time since April 2020.
“One of the reasons we got into this inflationary problem is the Fed stayed way to accommodative for too long, even as the economy was improving, and I don’t think it wants to make the same mistake on the flip side, where it stays too restrictive,” Kaplan said. ” As the economy and inflation softened. It doesn’t want to make the opposite mistake either.”
— Jeff Cox
An Hour Ago
Stocks making the biggest moves premarket: Intel, Synopsys and more
Check out the companies making headlines before the bell:
- Intel — The semiconductor stock climbed 2.2% on news that Israel’s government agreed to grant Intel $3.2 billion for a new $25 billion chip plant the company plans to build in southern Israel. That makes the investment the largest ever by a company in Israel, Reuters reported.
- Manchester United — Shares of the soccer club rose 4.3% after British billionaire Jim Ratcliffe finalized a deal to buy a quarter of Manchester United. Ratcliff will pay $33 per share. Shares closed at $19.84 on Friday.
- Gracell Biotechnologies — The stock popped nearly 60% after pharmaceutical giant AstraZeneca said it will buy the China-based cell therapy company for up to $1.2 billion. AstraZeneca’s shares were down by less than 0.1%.
For the full list, read here.
— Pia Singh
An Hour Ago
Bristol Myers Squibb will buy RayzeBio
Bristol Myers Squibb said Tuesday it will acquire radiopharmaceutical therapeutics company RayzeBio for $62.50 per share. The deal values RayzeBio at $4.1 billion and is expected to close in the first half of 2024.
Bristol shares were up marginally, while RayzeBio doubled in the premarket.
“This transaction enhances our increasingly diversified oncology portfolio by bringing a differentiated platform and pipeline, and further strengthens our growth opportunities in the back half of the decade and beyond,” said Christopher Boerner, Bristol Myers Squibb chief executive.
— Fred Imbert
3 Hours Ago
Stock futures tick higher to start the week
Stock futures were slightly higher Tuesday morning, as traders tried to maintain their momentum seen in recent weeks.
Dow Jones Industrial Average futures were up 43 points, or 0.1%. S&P 500 futures gained 0.1%, and Nasdaq-100 futures climbed 0.2%.
— Fred Imbert
