Author: Press Room
The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily. That is the lowest rate since April 2023. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023.The drop followed a weaker-than-expected monthly employment report, which sent bond yields falling fast. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury.”Between [Federal Reserve Chairman Jerome] Powell’s equivocal openness to “multiple cuts” in 2024 on Wednesday and this morning’s sharply weaker jobs report (something Powell didn’t even know about on Wednesday), the more aggressive rate…
Google has pulled its controversial Olympics ad after critics blasted it for portraying what they called a bleak application of artificial intelligence. The ad showed a father using Google’s Gemini AI chatbot to help his daughter write a fan letter to US Olympic track star Sydney McLaughlin-Levrone. But many online questioned why Google would want to replace a child’s creativity with words written by a computer. Google initially defended the ad, which ran during breaks from the Olympics, saying it showed how Gemini could provide a “starting point” for a piece of writing. But on Friday, the company reversed course.…
Before the merger, our readers knew we were covering WestRock with a buy rating target and that Smurfit Kappa was one of our top picks. The combined entity just reported its first quarter together. That said, due to the timing of the completion of the combination between the two companies, the combined company of Smurfit WestRock (NYSE:SW, OTCPK:SMFKY) (OTCPK:SMFTF) will start reporting combined financials from Q3 2024. This is now a global leader in sustainable packaging (Fig 1). Smurfit WestRock Combined Entity Source: Smurfit WestRock Q2 results presentation – Fig 1 Latest Earnings It is essential to report the latest…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Intel on Thursday revealed drastic plans to slash its employee headcount and capital spending in an attempt to put its business back on a stable financial footing, as it suffered the latest setback in its slow-moving turnaround plans.The emergency cost-saving moves include a 15 per cent cut to its workforce, or about 15,000 jobs, with most of the positions set to go this year. To shore up its weakening finances, Intel also scrapped its dividend and announced a surprise reversal in its…
In May, former President Donald Trump declared that he was the only person who could obtain the release of Wall Street Journal reporter Evan Gershkovich from a Russian prison. After President Joe Biden proved the claim wrong on Thursday by securing the release of Gershkovich and others in a multi-country prisoner exchange, Trump posted a series of skeptical questions on social media. Among other things, Trump wrote: “Are we releasing murderers, killers, or thugs? Just curious because we never make good deals, at anything, but especially hostage swaps. Our ‘negotiators’ are always an embarrassment to us! I got back many hostages, and…
Just about any Medicare beneficiary who takes prescription medications has heard about the donut hole. It has had quite an interesting history. When Part D prescription drug coverage began in 2006, those who landed in the donut hole had to pay 100% of the cost for every drug. That’s likely the reason that the official name of this Part D drug payment stage is the Coverage Gap. Insurance companies didn’t pay anything in this stage. Some beneficiaries could not afford this, so they quit taking their medications. Beginning in 2012, once in the donut hole, there were discounts for drugs.…
Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. The interest rate on a 30-year fixed-rate mortgage is 6.625% as of July 19, which is unchanged from yesterday. Additionally, the interest rate on a 15-year fixed-rate mortgage is 5.875%, which is 0.115 percentage points lower than yesterday. With mortgage rates changing daily, it’s a good idea to check today’s rate…
Intel shares slid as much as 13% in extended trading on Thursday after the chipmaker said it would lay off over 15% of its employees as part of a $10 billion cost-reduction plan and reported lighter results than analysts had envisioned. Intel also said it would not pay its dividend in the fiscal fourth quarter of 2024.Here’s how the company did, compared to LSEG analyst expectations:Earnings per share: 2 cents adjusted vs. 10 cents expectedRevenue: $12.83 billion vs. $12.94 billion expectedIntel’s revenue declined 1% year over year in the fiscal second quarter, which ended on June 29, according to a…
American colleges and universities are major training grounds for future Olympians. This year, there are 592 members of Team USA. Three out of four of those athletes played at the collegiate level, according to the U.S. Olympic Committee.Stanford leads the pack with 37 athletes. The school’s most recognizable alum is swimmer Katie Ledecky, who, as of Wednesday, has won 12 Olympics medals in her career, including eight golds — tying Jenny Thompson’s record for the most by any female swimmer in Olympic history.The 27-year-old is still expected to compete in two more events in Paris, which could give her the chance to…
The narrative on Wall Street is shifting. Traders have long placed their bets on the Federal Reserve cutting rates in September, and Fed Chair Jerome Powell basically confirmed as much Wednesday. That rate cut, expected in six weeks, was priced in to stocks, which have been rising over the past few months in hopes of a cut. Rate cuts tend to juice stocks, because they lower borrowing costs for businesses and can help boost profits. But now, fear is starting to take hold, as concerns mount that the Fed may not be acting quickly enough to keep America’s job market in good shape. Powell warned Wednesday that cracks are…
