Stocks were mixed yesterday, with the Dow slumping but the Nasdaq eking out a small gain. They’re trading around the flatline this morning. Gold and silver are up slightly along with Treasuries and the dollar, while crude oil is down more than a percentage point.
On the news front...
Today is the “Big Day”! No, not because of the presidential debate (though I’ll get to that in a minute). Because “Big Tech” giant Nvidia (NVDA) releases fiscal second-quarter earnings after the bell.
The stock almost single-handedly propped up the entire stock market the other day, so markets will be intensely focused on numbers released by the chipmaker (and popular “AI Play”). Analysts expect the company to earn $4.73 billion in profit on $11.9 billion in sales.
Looking to buy a house? Get ready to spend through the nose! The average rate on a 30-year fixed mortgage just hit 7.31% according to the Mortgage Bankers Association. That was up 15 basis points in the past week and the highest since 2000. Not surprisingly, the MBA’s index tracking applications for mortgages to purchase homes sank even further – to the lowest since 1995.
MBA Purchase Index
Finally, in the political arena, the first Republican presidential debate will be held tonight in Milwaukee. A total of eight candidates – minus front-runner Donald Trump – will take the stage to present their case to America. Trump is reportedly releasing a video interview he sat for with former Fox News host Tucker Carlson tonight to compete with the 9 pm Eastern event.
