Morning Business Report: Housing market slows as Walmart launches joint membership and Boeing wins FAA approval

Pending home sales drop 7.3% as mortgage rates rise, Walmart introduces a joint Sam's Club membership, and Boeing receives FAA approval for the 737 MAX 10.

(LILAMAX)- Rising mortgage rates are putting additional pressure on the U.S. housing market, with pending home sales falling sharply in September.

According to the National Association of Realtors, pending home sales, which measure signed contracts on existing homes, dropped 7.3% from August and declined 11.3% compared with September of last year. Home construction also weakened during the month, with both single-family housing starts and building permits falling more than analysts had expected.

Meanwhile, Walmart is introducing a new joint membership program with Sam’s Club.

The retailer announced that customers can purchase a combined Walmart+ and Sam’s Club Plus membership for $120 annually. Both retailers will continue offering their memberships separately. The move comes as Walmart focuses on convenience and value to attract shoppers facing higher gasoline and grocery prices.

On Wall Street, the Dow Jones Industrial Average climbed 500 points Tuesday, helped by strong corporate earnings.

3M, the company behind Scotch tape and Post-it Notes, reported strong sales that helped lift the blue-chip index.

In aviation news, Boeing has received approval from the Federal Aviation Administration for its 737 MAX 10 aircraft following years of delays. The aircraft was originally expected to begin flying in 2020 but faced setbacks related to safety concerns and engineering changes. United Airlines, Delta Air Lines and American Airlines are among the carriers that have ordered the aircraft.

A new survey also suggests vacations may be leaving Americans more exhausted than refreshed. Research commissioned by IHG Hotels & Resorts and conducted by Talker Research found that half of Americans always or often return from leisure trips feeling completely drained. The study suggests that planning activities and managing other travelers’ expectations can make vacations feel like work. According to the survey, 67% of Americans consider themselves everyday “hosts,” meaning they frequently organize plans and make sure others are enjoying themselves.

For those travelers, taking time away from work does not always mean getting a break from responsibilities.