Dear Reader,
I hope this message finds you well. Today, I want to share some exciting news about the housing market and electric scooter stocks.
Let's start with the housing market. Good news for potential homebuyers: mortgage rates have fallen to 6.83% from 7.07% last week, according to the Mortgage Bankers Association. This decline in rates has sparked renewed interest in home buying, as reported by the National Association of Home Builders. It's a great time to consider purchasing a new home and taking advantage of these lower rates.
On the other hand, electric scooter stocks have had a rough day. Bird Global, a company that rents out e-scooters and e-bikes, saw its shares plunge 81% after filing for bankruptcy protection. Micromobility.com also fell 51% after being asked to delist its shares by Nasdaq. However, privately-held Lime is showing that it's possible to run a profitable micromobility business.
Overall, stocks took a breather today, with the S&P 500 and Nasdaq Composite ending the day down 1.5%. The Dow Jones Industrial Average declined by 1.3%. Meanwhile, Brent crude prices rose to $79.70 a barrel due to shipping disruptions in the Red Sea caused by Houthi rebel-led attacks.
In other news, Goldman Sachs Research expects a modest increase in UK economic growth in 2024, driven in part by an increase in disposable income. However, the UK economy is expected to be outperformed by the EU and US.
Lastly, global trade is facing threats from missile attacks linked to the Israel-Hamas war in the Red Sea, near the Suez Canal. This may force many vessels to take the longer route around Africa, boosting oil prices and impacting shipping costs.
That's all for today's market update. Stay tuned for more news and updates. Have a great day!
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