Trump Media stock's new low, the Fed's rate cut, and the Dow's new record: Markets news roundup
Plus, the 5 states where rents are rising the most — and the 5 states where they’re rising least
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Trump Media & Technology Group stock hit a new post-merger low of $14.56 per share just hours before the company’s lock-up agreement is set to end.
Shares of Trump Media, the company behind Former President Donald Trump’s right-wing social media platform Truth Social, sunk more than 6% Thursday. After hitting the low, shares rebounded slightly to $14.67 apiece.
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Trump Media & Technology Group stock slumped after former President Donald Trump was the target of another apparent assassination attempt.
Shares of Trump Media, the company behind Trump’s right-wing social media platform Truth Social, fell nearly 4% Monday, with shares trading at $17.31. This latest dip brought the company’s market capitalization to $3.46 billion.
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The Federal Open Market Committee voted Wednesday to lower interest rates by 50 basis points, bringing the federal funds rate down from two-decade highs after more than a year of watching and waiting.
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David Dietze, Senior Investment Strategist at Peapack Private Wealth Management, spoke with Quartz for the latest installment of our “Smart Investing” video series.
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One thing most Americans can probably agree on is that the rent is too high.
According to new data from the US Census Bureau, more than 21 million renting households spent 30% or more of their income on rent in 2023.
“Housing costs rose between 2022 and 2023 for both homeowners and renters. The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation),” Molly Ross, a survey statistician with the U.S. Census Bureau said in a press release.
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Mortgage rates have been declining for weeks on expectations that the Federal Reserve would finally cut interest rates. But even though the central bank did so Wednesday, the housing market could take considerably longer to get back to normal.
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The Dow Jones Industrial Average (SPGI) jumped 522 points Thursday and closed at a new record high, as the Federal Reserve’s decision to slash interest rates by 50 basis points gave fuel to markets.
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After weeks of incremental increases, mortgage applications spiked last week as mortgage rates continue to drop ahead of the Federal Reserve’s anticipated interest rate cut.
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David Dietze of Peapack Private Wealth Management predicts that Intel’s work with AWS and participation in the CHIPS Act will be the beginning of a turnaround
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David Dietze of Peapack Private Wealth Management predicts the outcome of a historic FOMC meeting for investors