Daily Stock Market News

Live stock market news: Stocks stable after Bank of England action, Janet Yellen exit?

Developing Story

Promising Alzheimer’s treatment

An estimated 6.5 million Americans age 65 and older are living with Alzheimer’s and a new drug may be the first of its kind to slow the disease’s progression.

Pending home sales dropped 2.0% in August as mortgage rates head towards 7%

Mortgage rates are headed towards 7% of more. National Association of Realtors (NAR) Chief Economist Lawrence Yun said he expects the economy will remain sluggish throughout the remainder of this year, with mortgage rates rising to close to 7% in the coming months.

Yun’s view is in line with Bank of America, whose strategists said the average interest rate on the most popular U.S. home loan could soon climb above 7%, hitting the highest level since the early 2000s.Pending home sales sagged for the third straight month in August, according to the NAR.

Its Pending Home Sales Index
fell 2.0% to 88.4 in August. Year-over-year, pending transactions dwindled by 24.2%. An index of 100 is equal to the level of contract activity in 2001.

As mortgage rates rise, impact quick

Rapidly rising mortgage rates are taking a toll on demand for mortgage and refinancing.

Apple drops plan to boost iPhone production as demand falters: report

Apple Inc is dropping plans to increase production of its new iPhones this year after an anticipated surge in demand failed to materialize, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The company told suppliers to curtail efforts to increase assembly of its flagship iPhone 14 product family by as many as 6 million units in the second half of this year, Bloomberg reported.

Instead, the Cupertino, California-headquartered company will aim to produce 90 million handsets for the period, nearly the same number as a year ago and in line with Apple’s original forecast this summer, the report said.

Apple did not immediately respond to a Reuters request for comment.

Breaking News

U.S. stocks stable as 10-year Treasury yield hits 4%

U.S. stocks opened mixed but remained stable as the 10-year Treasury yield topped 4% before pulling back. Also helping sentiment, the Bank of England moved to halt the slide in the British pound. In commodities, oil inched higher to the $78 per barrel level. 

Symbol Price Change %Change
I:DJI $29,177.57 42.58 0.15
SP500 $3,651.32 4.03 0.11
I:COMP $10,810.30 -19.21 -0.18

Lions Gate making progress in separating STARZ from studio businesses

Lions Gate Entertainment Corp.



Symbol Price Change %Change
LGF.A $8.35 0.20 2.45
LGF.B $7.92 0.17 2.26

Lions Gate Entertainment says it “remains on a path” to separating its STARZ unit from its studio businesses “despite a volatile market environment,” according to a regulatory filing.

“As negotiations progress, we have increased our focus on the possibility of spinning our studio business, creating a number of financial and strategic benefits. In that regard, we are continuing productive negotiations with prospective strategic and financial partners on both sides of our business,” Lions Gate said.

The entertainment company also said its STARZ’S premium international streaming service, STARZPLAY, will rebrand as LIONSGATE+ in 35 countries, coinciding with a new brand look with graphics package, rolling out globally on Thursday.

STARZ established itself as one of the first U.S. linear channels to enter the global market upon launching its global SVOD service, now LIONSGATE+, in 2018.

Bank of England buying bonds to quell market turmoil

The Bank of England is temporarily buying back long-dated UK government bonds to restore orderly market conditions in the UK.

“The purchases will be carried out on whatever scale is necessary to effect this outcome,” England’s central bank said.

These purchases will be strictly time limited. They are intended to tackle a specific problem in the long-dated government bond market. Auctions will take place from today until 14 October. The purchases will be unwound in a smooth and orderly fashion once risks to market functioning are judged to have subsided.

The yield on 30-year U.K. government bond yields rose Wednesday above 5% for the first time since 2002, but fell more than 50 basis points following the announcement, Reuters reported.

Read More: Live stock market news: Stocks stable after Bank of England action, Janet Yellen exit?

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