Good morning. US stock futures moved lower in Monday morning trading as investors considered the effects of geopolitical tensions in the Middle East.
🏠 BofA: This isn’t the 2008 housing market…
The economists said that with rates likely to stay higher for longer, investors should expect a bumpy ride ahead for the housing market.
Contrasting the 2008 period to now, the bank said home loans were much easier to get in the lead up to the ‘08 crash versus now where borrowers face much higher standards.
The bank’s economist noted that housing inventory, high prices and labor shortages would remain headwinds for the housing market for some time.
💡 So what: Homeownership remains the bedrock of the “American Dream.” With mortgage rates and home prices at all time highs, the opportunity for homeownership seems to be drifting further away from the Millennial and Gen-Z generations.
Monday - Dallas Fed President Logan Speaks
Tuesday - NFIB Optimism Index
Wednesday - Fed’s September FOMC Meeting Minutes
Friday - No Major Economic News
🛢️ Arab states tow line on oil output cuts
WHAT: You can call it “team spirit” in the oil market! Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates promised to keep rocking those “collective and individual voluntary adjustments” to their oil production as the countries met on the sidelines of the UN MENA climate week event in Saudi Arabia.
WHY: OPEC+ agreed in June to extend voluntary oil cuts first introduced in April until the end of 2024.
🚀 Amazon enters internet space race
WHAT: Amazon just shot its first test satellites into space, playing the cosmic version of “anything you can do, I can do better” with rival SpaceX. The company’s Atlas V rockets blasted off with a pair of test satellites, kicking off a program that Amazon hopes will increase global internet coverage.
WHY: Elon Musk’s SpaceX has a huge head start over Amazon and its founder Jeff Bezos who has his own rocket company, Blue Origin.
💵 Down to our last $3 trillion…
WHY: China’s gold reserves also fell in value, dipping to $131.79 billion at the end of September from $135.22 billion at the end of August.
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