Morning Business Report: Mortgage rates dip as housing market cools; stocks, drugmakers fall amid tariff pressures
There’s a bit of relief for potential homebuyers this week.
(LILAMAX)- There’s a bit of relief for potential homebuyers this week. Freddie Mac reports the average rate on a 30-year mortgage slipped to 6.27%, down from 6.3% last week. Analysts say a slowing job market, the government shutdown, and economic uncertainty have helped push rates slightly lower.
Shares of Eli Lilly & Co. and Novo Nordisk dropped in late trading after President Donald Trump suggested the price of the diabetes and weight-loss drug Ozempic could fall to just $150 a month — far below its current U.S. list price of around $1,000. While no timeline was given, Trump said prices could “come down pretty fast” and hinted that alternatives already exist.
On Wall Street, stocks closed lower across the board, led by bank shares. Investors are increasingly concerned about rising bad loans, especially at regional banks.
In retail, Ikea is raising prices on furniture following a new round of tariffs. The increases range from $50 to $100 on larger items such as sofas and bedroom sets. Walmart, Target, and Home Depot also say they’ve raised or plan to raise prices on select goods.
And as Halloween approaches, a new Empower Financial survey finds more than half of Americans say higher chocolate prices are forcing them to cut back on candy spending. One-third call Halloween one of the costliest holidays of the year, with the average American planning to spend $296 on candy, costumes, and decorations. Younger generations plan to spend nearly twice that — but 51% still say Halloween remains one of their favorite holidays.
