Today's Current 30 Year Fixed Mortgage Rate – Stocks and crude oil fell on Wednesday after missing November earnings after data showed employment and inflation rates were lower than expected in November.

The Nasdaq posted early gains and ended the day up 0.6%, while the S&P 500 fell 0.4% and the Dow Jones Industrial Average lost 0.2%.

Today's Current 30 Year Fixed Mortgage Rate

Today's Current 30 Year Fixed Mortgage Rate

Oil prices fell amid concerns about a slowdown in the US and global economies. The yield on the 10-year note fell to just under 4.15%, the lowest level since early September.

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According to data from independent HR provider and payroll service ADP, wage growth slowed significantly in November. The company’s monthly jobs report showed the private sector added 103,000 jobs last month, less than the number of jobs in October and 25,000 less than expected. Wages for those who stayed on the job saw a 5.6% increase, the smallest increase since September 2021.

Stocks finished mixed yesterday, with the Nasdaq rising from tech highs to slightly higher, while the S&P 500 and Dow fell after a flurry of business updates from healthcare companies and banks.

Shares of Walgreens Boots Alliance ( WBA ) rose 4.3%, continuing to recover after closing last week at a 25-year low.

Boeing ( BA ) shares rose 1.2% after reports it delivered 46 737 single-aisle planes last month, meaning it is on track to meet its full-year delivery target.

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Shares of Disney ( DIS ) rose 0.8% after SAG-AFTRA members agreed to a union contract negotiated during a 118-day strike earlier this year.

McDonald’s ( MCD ) pared losses to close the day down 0.1% after announcing on Investor Day that it plans to open 9,000 new restaurants by 2027.

Shares of American Express ( AXP ) fell 1.9% a day after CEO Steve Squeri, in response to a question about whether Amex could replace Goldman Sachs as Apple’s credit card partner, said, however, that Amex’s “credit card status” it is an obstacle to cooperation. with several companies. and broad customer bases. Shares of Apple ( AAPL ) fell 0.6%.

Today's Current 30 Year Fixed Mortgage Rate

Campbell Soup (CPB) led the S&P 500, which gained 7.1% after its quarterly earnings report, as Wall Street beat estimates and inflation offset a drop in sales volume.

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Shares of Delta Air Lines ( DAL ) rose 3.5% after the company maintained its outlook and full-year forecast for travel demand during the holiday season. Comparables United Airlines (UAL) – up 3.4% – and Southwest Airlines (LUV) – 3% raised the positive outlook.

Travel stocks rose after a report from the International Air Transport Association (IATA) predicted airline profits will hit a record high next year as the travel sector continues to strengthen. Carnival Corp. owned 5.9%. ( CCL ), competitors Norwegian Cruise Line Holdings ( NCLH ) and Royal Caribbean ( RCL ) rose 3.4%.

CVS Health ( CVS ) rose 3.5%, adding to yesterday’s gains on 2024 revenue guidance and new business plans.

Citigroup ( C ) rose 2.5% after maintaining its 2024 outlook despite lower trading revenue. Chief Financial Officer Mark Mason also said the bank’s restructuring could be completed in the first quarter of next year.

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Brown-Forman ( BF.B ) led the index down 10.4% after whiskey maker Jack Daniels cut its full-year sales and profit forecasts.

Constellation Energy Corp (CEG) stock fell 4.8% as natural gas prices fell. Energy stocks underperformed Wednesday, with Marathon Petroleum ( MPC ), Halliburton ( HAL ) and Marathon Oil ( MRO ) all down more than 3%.

Cigarette maker Altria ( MO ) fell 2.8% after rival British American Tobacco said it would cut the value of its U.S. brands by nearly $32 billion as a result of economic problems and weak will.

Today's Current 30 Year Fixed Mortgage Rate

Lucid Group ( LCID ) shares rose more than 5%, recovering from yesterday’s losses after it cut prices for the electric car maker’s low-cost model.

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Shares of Old Dominion Freight Line ( ODFL ) fell 5.5% after the company reported that profits fell year over year in November as the US economy slowed due to thousands of shipments.

Advanced Micro Devices ( AMD ) shares rose 1.3% after unveiling its Instinct MI300X “accelerator chip,” a graphics processor it claims will run AI-based programs faster than rival company and market leader Nvidia.

Shares of Nvidia ( NVDA ) fell 2.3% after tech giants Microsoft ( MSFT ) and Meta ( META ) said they would both use AMD’s new chip.

Shares of Asana Inc. (ASAN) fell 16% on Wednesday after the labor management software maker warned that the company was facing tough economic times as consumers cut back on their spending.

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The company’s updated position is influenced by ongoing macroeconomic developments, executives said Tuesday after the close of trading during the company’s earnings conference call. But they said Asana sees signs of stability in the new business.

The negative market reaction from investors on Wednesday came after the company posted better-than-expected results and strong guidance.

Energy was the worst-performing sector on Wednesday, falling almost 1.5% in the afternoon as oil and gas prices fell on demand concerns.

Today's Current 30 Year Fixed Mortgage Rate

Natural gas futures fell 5% on Wednesday and shares of gas utility Constellation Energy Corp. fell (CEG). Marathon Petroleum Corp ( MPC ) refinery fell more than 3% while US crude fell 4% and gasoline prices fell to their lowest levels since January. Shares of oilfield services provider Halliburton ( HAL ) fell 3%.

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US shares in British American Tobacco (BTI) fell more than 8% on Wednesday to their lowest level since 2010, after the cigarette maker said it would cut the value of its US brands by 25 billion pounds (31.5 billion dollars).

The maker of Camel, Lucky Strike and other brands excelled in the US. “Macroeconomic pressures and continued growth in new product shipments continue to weigh on the size of the flame industry in the second half of the year.”

As a result, BAT said it plans to accelerate the company’s transition away from selling traditional cigarettes and encourage consumers to switch to other tobacco products.

The company said that because of all these changes, it expects revenue and earnings growth in the low one-year range in 2024, with revenue growth of 3-5% and six-month earnings growth in 2026.

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Crude oil futures fell to their lowest level since July on Wednesday. West Texas Intermediate contracts fell 4% to $69.50. Brent crude, the European benchmark, fell 3.6% to below $75.

Oil prices have fallen over the past two months despite the good efforts of OPEC+, which announced production cuts late last month. Concerns about demand in the face of a slowing US and global economy and doubts about whether OPEC members will stick to production cuts.

Cheaper fuel is causing American drivers to turn off the pump. Gasoline prices — $3.23 a gallon — were the lowest since January, according to data released Monday by the Energy Information Administration. They then fell to $3.22 a gallon on Wednesday, according to AAA.

Today's Current 30 Year Fixed Mortgage Rate

Campbell Soup Co. (CPB): Shares rose 7% after the company reported better-than-expected earnings, despite a 2% year-over-year decline as consumers shunned convenience foods and single-serve meals in favor of more economical options.

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Travel stocks: Shares of Delta Air Lines ( DAL ) rose 4% after the company maintained its full-year guidance, a relief to investors worried about declining consumer travel spending. Delta’s business update has resulted in an increase in travel deals. United Airlines ( UAL ) rose nearly 5%, while cruise operator Carnival Corp. adult (CCL) and Norwegian Cruise Line Holdings (NCLH) 6% and 5% respectively.

Citigroup (C): Shares rose 4% after Chief Financial Officer Mark Mason said on a conference call that the bank was on track to meet its full-year profit forecasts despite a drop in trading revenue.

ExxonMobil (XOM): Shares of the oil giant fell more than 1% even as it says it will cut production costs by $6 billion by 2027 and increase share buybacks to $20 billion a year — compared to this year’s forecast of 17.5 billion dollars – until 2025. Exxon’s $60 billion acquisition of Pioneer Natural Resources (PXD) will be investigated by antitrust officials, according to reports yesterday.

Shares of Brown-Forman ( BF.B ) fell 10% on Wednesday morning after the Jack Daniels whiskey maker reported lower-than-expected sales for the first half of fiscal 2024 and lowered its outlook for the full year.

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US sales fell 4% As higher prices failed to offset lower sales, particularly for whiskey brands, total sales fell 2% year over year. The sales decline was offset by a 41% increase in sales in the company’s ready-to-drink product group and a 17% increase in sales in emerging markets.

The company also reported that operating income increased due to improved pricing/consolidation and supply chain restructuring. However, higher interest expenses reduced diluted earnings per share by 1% to $0.98.

Brown-Forman lowered its full-year outlook as “global macroeconomic conditions continue to evolve, creating a challenging operating environment that defies our expectations.” The company now expects net sales growth of 3% to 5%, up from the previous range of 5% to 7%. Operating income growth was expected to be reduced to 4-6% from the previous 6-8%.

Today's Current 30 Year Fixed Mortgage Rate

On Wednesday morning, CEOs of some of the nation’s largest banks gathered before the Senate Banking Committee to convince the House of Representatives that the financial sector is resilient after the financial crisis.

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Regulators will also review rules proposed by the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Treasury Department that would increase capital requirements for the largest US banks. The changes are called the “End of Basel III”, the final phase of implementation

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John Pablo

📅 Born: May 15, 1985 📍 Location: New York City 🖋️ Writer | Financial Enthusiast Welcome to my corner of the web! I'm John Pablo—a finance enthusiast and writer passionate about making money matters simple and accessible.

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