Mortgage rates fall to lowest level since 2016 — this could be the ‘last affordable’ spring home-buying season for a while, Realtor group warns - MarketWatch

Mortgage rates have dropped to the lowest levels since before the 2016 presidential election.

The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 6, a decrease of six basis points from the previous week, Freddie Mac FMCC, +1.29%   reported Thursday. This was the third consecutive week in which mortgage rates dropped.

The last time the 30-year fixed-rate mortgage was at or below this level was in October 2016, when it averaged 3.42%.

The 15-year fixed-rate mortgage also fell three basis points to 2.97%, according to Freddie Mac. This was the first time since 2016 the average rate for the 15-year fixed home loan fell below 3%. The 5/1 adjustable-rate mortgage, however, increased eight basis points to an average of 3.32%.

Read more: The coronavirus outbreak is making it harder for some Chinese investors to buy U.S. real estate

The decline in fixed mortgage rates reflected the movement in the 10-year Treasury yield TMUBMUSD10Y, -0.79%  — mortgage rates roughly track the direction of long-term bond yields. While equities markets rebounded this week as fears regarding the spread of the coronavirus abated, the 10-year Treasury was more resistant to upward movement. Toward the latter half of the week, the 10-year yield improved following the release of positive economic data.

“As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity,” Sam Khater, Freddie Mac chief economist, said in the report. “The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”

Could this be the last affordable spring home-buying market?

That rising demand is expected to speed the start of the spring home-buying season, which is generally the most popular time of year to purchase a home for most of the country.

But a new report based on research from Realtor.com and the National Association of Realtors indicates that buyers who manage to score a deal this year will be lucky, as experts predict that affordability will only worsen in the years to come.

“The number of metros across the country seeing improvements to home affordability continues to increase,” Sabrina Speianu, senior economist research analyst at Realtor.com and the report’s author, wrote. “However, this spring homebuying season may be the last to see gains to affordability in quite a while.”

In the fourth quarter of 2019, housing affordability improved across all income levels nationwide, though the biggest gains in affordability were experienced among those in high income brackets. Out of the 100 largest metropolitan areas nationwide, 87 saw affordability improvements in the fourth quarter.

Also see: The rent is too damn high — even for middle-income Americans

The rise in affordability was driven largely by low mortgage rates, but other factors also played a role, including growing household incomes, decelerating or falling home listing prices and inventory increases in some markets. Des Moines, Iowa saw the largest improvement in affordability nationwide, while Tulsa, Okla., experienced the biggest downturn.

Barring future global economic events or changes in Federal Reserve policy, interest rates are expected to stabilize in 2020, the report said. “With stabilizing interest rates, only income growth or increased construction of affordable homes can provide continued increases to home affordability,” Speianu wrote. “However, income growth has historically failed to keep up with home price growth and home builders have yet to reach normal levels of building activity despite recent optimism.”

Read more: Will 2020 be a good year to buy a home? Here’s what the experts say

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2020-02-06 17:30:00Z
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Stock market news live: Indexes hit records on China's tariffs plan; Boeing jumps on prospects for 737 MAX certification - Yahoo Finance

U.S. stocks shook off fears of the coronavirus for another day chasing European and Asian equities higher during Thursday’s session.

—

12:25 p.m. ET: SpaceX considering spinning off and listing Starlink business for IPO

Elon Musk’s Space Exploration Technologies Corporation is planning on spinning off its Starlink business and listing it as a public company, Bloomberg reported Thursday, citing remarks from SpaceX president Gwynne Shotwell at an investor event in Miami.

SpaceX’s Starlink unit has deployed more than 240 satellites to beam internet access from space, and will start delivering internet services this summer, Shotwell said, according to Bloomberg.

—

11:56 a.m. ET: Yum’s Pizza Hut woes may not be all bad

YUM Brands (YUM), which posted quarterly earnings that showed a drag from Pizza Hut’s soft traffic, is down sharply on the day. Last year, Pizza Hut announced plans to shut down hundreds of its dine-in locations by the end of 2020, in order to double down on delivery.

However, Placer.ai, a data analytics firm, says it may not be all bad news:

As we took a closer look at one of the Michigan locations that recently closed, we see significant cannibalization between it and another nearby Pizza Hut location. Meaning, many of the locations were likely acting as a direct competitor – taking business away from one another.  

Eliminating the lower performing Pizza Hut, in this case, was actually a form of strategic optimization.  Closing locations has resulted in a dip in foot traffic in the second half of 2019, but it could also be laying a better foundation for ongoing growth and success. 

In fact, Walmart saw a similar effect about a year ago, when it shut down some of its locations.

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11:30 a.m. ET: Boeing jumps as FAA makes constructive 737 MAX comments

Via Bloomberg, Boeing’s (BA) engineers have discovered a new software problem on the grounded 737 Max that must be patched before the plane can return to service, according to Federal Aviation Administration chief Steve Dickson. However, he added that the plane could make a certification flight within the next few weeks, and the new software issue shouldn’t result in an extensive delay.

Recall that Boeing capped an ugly 2019 with a massive yearly loss — its first in over 2 decades. Investors greeted that news by bidding up the stock. In late morning trade, the shares are up over 2%.

A Boeing 737 Max airplane being built for Norwegian Air International turns as it taxis for take off for a test flight, Wednesday, Dec. 11, 2019, at Renton Municipal Airport in Renton, Wash. The chairman of the House Transportation Committee said Wednesday that an FAA analysis of the 737 Max performed after a fatal crash in 2018 predicted "as many as 15 future fatal crashes within the life of the fleet" during opening remarks at the committee's fifth hearing on the Boeing 737 Max. (AP Photo/Ted S. Warren)

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11:01 a.m. ET: Casper Sleep opens at $14.50 per share after pricing IPO at $12 apiece

Shares of mattress company Casper Sleep (CSPR) opened for trading on the New York Stock Exchange at $14.50 per share. This was 21% above its initial public offering price of $12 per share set Wednesday evening.

Casper’s IPO price of $12 per share had been at the low end of its expected range. Wednesday’s pricing of 8.35 million shares raised just over $100 million for the company.

At the highs of Thursday’s session just after shares began trading, Casper’s stock surged to as much as $15.39 per share, giving it a market capitalization of $611 million. That valuation has sunk considerably from its last private valuation, which at $1.1 billion had designated Casper a “unicorn” with a market value north of a billion dollars.

In its prospectus, Casper revealed a net loss of $67 million on revenue of $312 million from January through September 2018.

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9:34 a.m. ET: S&P 500, Dow hit record highs after China says it will roll back some tariffs

U.S. stocks held onto gains into market open, with each of the three major indices advancing just after the opening bell. Both the S&P 500 and Dow rose to record highs.

Here were the main moves in markets, as of 9:34 a.m. ET:

• S&P 500 (^GSPC): +0.23% or +7.65 points to 3,342.34

• Dow (^DJI): +0.26% or +74.98 points to 29,365.83

• Nasdaq (^IXIC): +0.15% or +16.02 points to 9,524.70

• Crude oil (CL=F): -0.3% or -0.15 to 50.60 a barrel

• Gold (GC=F) +0.29% or +4.50 to 1,567.30 per ounce

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7:52 a.m. ET: Twitter’s stock jumps 8% in early trading after topping 4Q sales, user growth expectations

Twitter (TWTR) posted fourth-quarter revenue and user growth that exceeded consensus expectations, driven by a jump in ad sales from the company’s home market. Fourth-quarter earnings and guidance for the current quarter, however, were short of consensus estimates.

Here were the main metrics from the report, compared to consensus estimates compiled by Bloomberg:

• Revenue: $1.01 billion vs. $994.5 million expected

• Adjusted earnings per share: 17 cents vs. 28 cents expected

• Average monetizable daily active users: 152 million vs. 148.1 million expected

Twitter’s average monetizable daily active users (mDAU) jumped 21% in the fourth quarter, more than doubling the 9.6% gain in mDAU the company posted in the same quarter last year. For the last three months of 2019, U.S. mDAU grew 15% to 31 million, while international mDAU grew 22% to 99 million.

READ MORE

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7:51 a.m. ET: Yum Brands posts mixed 4Q results

Yum Brands (YUM), the parent company of fast food restaurants including Taco Bell, posted fourth-quarter earnings that missed expectations and disappointing sales at its Pizza Hut chain. Shares were down more than 2% to $104.49 each during the pre-market session.

Here were the main metrics from the report:

• Revenue: $1.69 billion vs. $1.65 billion expected

• Adj. earnings per share: $1.00 vs. $1.13 expected

• Worldwide same-store sales: +2.0% vs. +2.1% expected

• KFC same-store sales: +3% vs. +2.9% expected

• Taco Bell same-store sales: +4% vs. +3.1% expected

• Pizza Hut same-store sales: -2% vs. 0% expected

READ MORE

—

7:45 a.m. ET: Stock futures point to fourth straight session of gains after China announces reciprocal tariff reduction

Contracts on each of the S&P 500, Dow and Nasdaq were on track for a fourth consecutive day of gains, wiping away last week’s declines driven by fears over the coronavirus outbreak.

A statement from China’s Ministry of Finance asserting that the country would halve tariffs on about $75 billion worth of U.S. imports on Feb. 14 also helped boost sentiment. On the same date, the U.S. is also due to lower tariffs on Chinese imports, as part of the previously agreed-upon phase one trade deal between the two countries.

China’s tariff reduction will lower the rate on some tariffs to 5% from 10% previously, and others from 2.5% from 5%.

Here were the main moves during the pre-market session, as of 7:45 a.m. ET:

• S&P futures (ES=F): 3,347.00, up 12 points or 0.36%

• Dow futures (YM=F): 29,356.00, up 115 points or 0.39%

• Nasdaq futures (NQ=F): 9,424.50, up 43 points or 0.46%

• Crude oil (CL=F): $51.19 per barrel, up $0.44 or 0.87%

• Gold (GC=F): $1,568.30 per ounce, up $5.50 or 0.35%

NEW YORK, NY - FEBRUARY 04: Traders work on the floor of the New York Stock Exchange (NYSE) on on February 4, 2020 in New York City. The markets rebounded after a fall last week on coronavirus fears. (Photo by Eduardo Munoz Alvarez/Getty Images)

—

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2020-02-06 17:05:00Z
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FAA's Dickson says regulators seem set to agree on 737 MAX design fix - Yahoo Finance

Steve Dickson, Administrator of the FAA, speaks at the UK Aviation Club in London

By Alistair Smout

LONDON (Reuters) - U.S. Federal Aviation Administrator Steve Dickson said on Thursday international air safety regulators were likely to agree on the design fixes needed to return the Boeing <BA.N> 737 MAX aircraft to service.

Dickson, the U.S. regulator who has responsibility for approving a return to service by the grounded 737 MAX, said he wouldn't put a timeframe on its return but that it would become easier to predict after its certification flight, which he said could come in the next few weeks.

The 737 MAX was grounded in March 2019 after two fatal crashes that killed 346 people.

He said that international regulators including EASA might differ in terms of the operational return to service of the plane, but agreed on what needed to be fixed.

"On the design approval, from everything that I have seen I think we'll have very solid alignment," he told an airline industry event in London.

Boeing has said its best estimate is that the aircraft will not be back in the air until mid-2020, after endorsing simulator training for pilots before flights resume, and that regulators will determine the timing.

Last month, Dickson told senior U.S. airline officials that the FAA could approve the return of the aircraft before mid-year, earlier than the planemaker has suggested, according to people briefed on the call.

But in a visit to London he cautioned against putting a definitive timeline on the return of the MAX.

WIRING

"There is no timeframe, I don't think it's helpful to get out there with timeframes or timelines," he told reporters at a briefing.

"For Boeing's part, what I have been encouraging is to not make public announcements."

The FAA and Boeing said in January they were reviewing a wiring issue that could potentially cause a short circuit on the grounded 737 MAX.

Officials said the review was looking at whether two bundles of wiring are too close together, which could lead to a short circuit and potentially result in a crash if pilots did not respond appropriately.

"They have not given us a proposal on the wiring yet," Dickson said.

"I wouldn't say I'm worried. I want them to take whatever time they need to give us a fulsome and a data-driven proposal."

He also said that the software audit had been completed, but there were "possible adjustments" to an annunciator light - a warning signal - and power to the displays.

"I don't think that will be a significant delay," he said.

(Reporting by Alistair Smout, Writing by Paul Sandle and Alistair Smout; editing by Stephen Addison, William Maclean)

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2020-02-06 15:34:00Z
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Dow Jones Today, Stocks Struggle, Despite China Tariff Cut: Twitter Soars, Paycom Dives On Earnings - Investor's Business Daily

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1. Dow Jones Today, Stocks Struggle, Despite China Tariff Cut: Twitter Soars, Paycom Dives On Earnings  Investor's Business Daily
2. Dow joins S&P 500, Nasdaq at records as China says it will slash tariffs on $75 billion in U.S. goods  MarketWatch
3. Dow erases 100-point gain, falls from record high  CNBC
4. Dow Jones Futures: After Uneven Stock Market Rally, Qualcomm, Twilio, Paycom, Peloton Are Big Earnings Movers  Investor's Business Daily
5. Stocks extend week's gains after strong employment report  msnNOW
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2020-02-06 14:44:00Z
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Dow Jones Futures: After Uneven Stock Market Rally, Qualcomm, Twilio, Paycom, Peloton Are Big Earnings Movers - Investor's Business Daily

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1. Dow Jones Futures: After Uneven Stock Market Rally, Qualcomm, Twilio, Paycom, Peloton Are Big Earnings Movers  Investor's Business Daily
2. Stocks extend week's gains after strong employment report  msnNOW
3. U.S. Shares Open Higher After China Tariff Relief  The Wall Street Journal
4. Dow Jones Today, Stocks Struggle, Despite China Tariff Cut: Twitter Soars, Paycom Dives On Earnings  Investor's Business Daily
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2020-02-06 13:07:00Z
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U.S. Futures Climb With Stocks on China Tariff Cut: Markets Wrap - Yahoo Finance

U.S. Futures Climb With Stocks on China Tariff Cut: Markets Wrap

(Bloomberg) -- U.S. equity futures rose with stocks on Thursday as China’s plans for tariff cuts on American imports added to optimism the global economy will weather the hit from the coronavirus. Treasuries fluctuated.

Contracts on the main American equity benchmarks all pointed to a fourth day of gains after China said it will lower levies on $75 billion of U.S. goods next week, likely satisfying part of the interim trade deal. Twitter Inc. rose about 3% in pre-market trading after topping analysts’ projections for fourth-quarter revenue.

Strong results also helped power the Stoxx Europe 600 Index to a record high. ArcelorMittal SA jumped the most since 2016 after expressing optimism on the outlook for steel demand this year, and Societe Generale SA rose after pledging to boost shareholder returns. Asian benchmarks advanced, with Japan’s rising more than 2% as Toyota Motor Corp. reported a higher-than-expected quarterly profit.

The latest trade developments have further boosted investor optimism after several reports on possible vaccines for the virus on Wednesday, though the World Health Organization later said there are no proven therapeutics. While some warn of complacency as a gauge of global stocks inches toward a record, others flag support from policy makers, and recent indicators showing the trajectory of growth was solid before the virus struck.

“Companies are going to continue to struggle in the short term” with disruptions and forgone business due to the virus, said Joe Zidle, chief investment strategist at Blackstone Group Inc. But China’s moves in recent days to reopen markets and inject stimulus “gave global investors a degree of confidence that the Chinese policy makers had at least taken the worst-case scenario off the table,” he said.

Elsewhere, a gauge of European credit risk hit its lowest since 2007, while the euro held steady even as data showed German factory orders fell at their fastest pace in more than a decade.

Here are some key events coming up:

German industrial production is due on Friday.The U.S. employment report for January is set for Friday release.Australia’s central bank chief speaks and takes questions at a parliamentary committee.

And these are the main moves in markets:

Stocks

Futures on the S&P 500 Index increased 0.4% as of 7:21 a.m. New York time.The Stoxx Europe 600 Index climbed 0.4%.The MSCI Asia Pacific Index gained 1.8%.The MSCI Emerging Market Index gained 1.4%.

Currencies

The Bloomberg Dollar Spot Index was little changed.The euro was little changed at $1.1002.The British pound sank 0.3% to $1.2964.The onshore yuan rose 0.1% to 6.969 per dollar.The Japanese yen declined 0.1% to 109.90 per dollar.

Bonds

The yield on 10-year Treasuries dipped less than one basis point to 1.65%.The yield on two-year Treasuries declined less than one basis point to 1.44%.Germany’s 10-year yield climbed less than one basis point to -0.36%.Britain’s 10-year yield fell one basis point to 0.604%.Japan’s 10-year yield gained two basis points to -0.017%.

Commodities

West Texas Intermediate crude gained 1.1% to $51.31 a barrel.Brent crude climbed 0.5% to $55.56 a barrel.Gold increased 0.5% to $1,564.47 an ounce.

--With assistance from Christopher Anstey, Joanna Ossinger and Adam Haigh.

To contact the reporter on this story: Yakob Peterseil in London at ypeterseil@bloomberg.net

To contact the editor responsible for this story: Sam Potter at spotter33@bloomberg.net

For more articles like this, please visit us at bloomberg.com

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©2020 Bloomberg L.P.

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2020-02-06 11:33:00Z
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Yum Brands' stock tumbles as weak sales at Pizza Hut lead to earnings miss - CNBC

Ye Aung Thu | AFP | Getty Images

Yum Brands on Thursday reported quarterly earnings that fell short of analysts' expectations as Pizza Hut's struggles continue.

Shares of the company slid more than 2% in premarket trading.

Here's what the company reported, compared with what Wall Street was expecting based on a survey of analysts by Refinitiv:

• Earnings per share: $1, adjusted, vs. $1.13 expected
• Revenue: $1.69 billion, vs. $1.66 billion expected
• Same-store sales: 2%, vs. 2.3% expected

Taco Bell's parent company reported fiscal fourth-quarter net income of $488 million, or $1.58 per share, up from $334 million, or $1.04 per share, a year earlier.

The company's minority stake in Grubhub trimmed earnings per share by 5 cents. Grubhub struggled in 2019 as fierce competition with DoorDash, Uber Eats and Postmates put pressure on its business.

Excluding refranchising gains and other items, Yum earned $1 per share, missing the $1.13 per share expected by analysts surveyed by Refinitiv.

Net sales rose 9% to $1.69 billion, topping expectations of $1.66 billion. The company reported same-store sales growth across KFC, Pizza Hut and Taco Bell of 2%. Yum announced in January that it would be adding a fourth brand to its portfolio: Habit Restaurants, which owns the Habit Burger Grill.

Pizza Hut was once again the laggard during the quarter. Same-store sales at the pizza chain fell 2%, a steeper drop than expected by analysts.

KFC's same-store sales increased by 3%, and Taco Bell's grew by 4% in the fourth quarter.

On Wednesday, Yum China, which was spun off in 2016, warned that the Wuhan coronavirus will likely "materially affect" its 2020 sales and profits. The Chinese licensee of KFC and Pizza Hut said it could report an operating loss in the first quarter. China is KFC's largest market by systemwide sales.

Yum China has temporarily closed about a third of its restaurants in the country, and those still open have seen sales drop dramatically. Same-store sales during the Lunar New Year holiday fell by 40% to 50% from a year ago. In response, Yum China has rolled out "contactless delivery" so customers do not have to engage with employees to pick up their food from a restaurant.

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2020-02-06 12:18:00Z
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