Mortgage pain is damaging a hot housing market. And an e-sports / gaming company goes public. Wall Street ended higher across the board as tech stocks jumped on recent upbeat earnings reports.
The Dow gained 47 to lose at 31,874.
The S&P was up .6%, or 23 points.
The Nasdaq was the day’s big winner, jumping 1.6% or 184 points.
The hot housing market might be cooling off. Mortgage demand fell 6% last week, hitting a 22-year low. Meanwhile median home *prices just hit a new record of $416,000 last month, and sales declined for a 5th straight month. Higher interest rates are pushing many buyers out.
Netflix stock rose 5% today after it’s “less bad news is good news” report yesterday. It *only lost 970,000 subscribers instead of the forecasted 2 million. Netflix stock is still down 67% this year.
If you play video games, you know about FaZe clan. The online media company just went public using a SPAC merger. FaZe is a digital entertainment and e-sports brand with 93 content creators and some celebrities. Shares sank 30% as trading began.
From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.
#BEONDTV #AfterTheBell #USStocks #BusinessReport