Here are the most important news items that investors need to start their trading day:
1. Tech leads
2. Pain for homebuyers
Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023.
Nathan Howard | Bloomberg | Getty Images
Mortgage rates soared Monday to hit their highest mark in nearly 23 years. The average rate on the popular 30-year fixed mortgage reached 7.48%, a level last seen in November 2000, according to Mortgage News Daily. The surge comes as investors are worried about high interest rates and the potential for continuing inflation. Buyers are seeing a drastic difference from this time last year when the average for a 30-year fixed was about 5.5%. The increase is also exacerbating a housing supply issue, as many current homeowners hesitate to sell their homes and walk away from their mortgages with rates around or below 3%.
3. Armed and ready
SoftBank plans to list Arm in the U.S.
CFOTO | Future Publishing | Getty Images
4. Google’s new guard
Google Headquarters is seen in Mountain View, California, United States on May 15, 2023.
Tayfun Coskun | Anadolu Agency | Getty Images
A slew of longtime top Google executives have left their roles in the past few months. Tech Zone Daily’s Jennifer Elias reports the leadership changes come as the company faces competitive, regulatory and investor pressures. Some notable employees, like YouTube CEO Susan Wojcicki and Alphabet Chief Financial Officer Ruth Porat, said they were looking for new challenges, while others left to create artificial intelligence projects. Meanwhile, cost-cutting measures at the tech giant, including its first-ever mass layoffs in January, have taken some employees by surprise. It all points to a new chapter for a company that many tech employees consider a top place to work.
5. More money
Commuters arrive into the Oculus station and mall in Manhattan, New York, Nov. 17, 2022.
Spencer Platt | Getty Images
— Tech Zone Daily’s Pia Singh, Sarah Min, Hakyung Kim, Diana Olick, Kif Leswing, Arjun Kharpal, Ryan Browne, Jennifer Elias and Jeff Cox contributed to this report.
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