TLDR

MARKET RECAP → Stocks surged on Wednesday, marking a second consecutive day of gains for the Dow Jones (DIA) and S&P 500 (VOO), as investors shrugged off earlier trade concerns that had pressured the market.

HOMEBUYER MORTGAGE DEMAND DROPS FURTHER → Mortgage applications fell 4% last week, with demand flat compared to a year ago, despite a slight dip in rates.

TOYOTA MOTOR POSTS NEARLY 28% DROP IN THIRD-QUARTER OPERATING PROFIT→ Toyota’s profit tumbled 28%, missing forecasts, while revenue edged higher. The automaker announced plans for a new Lexus EV and battery plant in China, aiming to catch up in the EV race. Despite weaker sales, Toyota raised its full-year earnings forecast and kept dividends steady. 🚗

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

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TODAY’S TOP NEWS

Homebuyer Mortgage Demand Drops Further

📉 Buyer hesitation grew as mortgage applications fell 4% last week despite more homes hitting the market. Demand remained flat year over year, while home sales lingered near a 30-year low.

🏡 Rates dipped slightly to 6.97%, but home prices stayed stubbornly high. More sellers offered price cuts, yet competition kept most listing prices firm. Refinancing activity ticked up 12% due to lower rates, but overall demand remained weak.

⏳ Housing supply increased 25%, but homes sat on the market longer. The average time to sell reached 54 days—the longest since early 2020—while inventory remained well below pre-pandemic levels.

TODAY’S TOP NEWS

Toyota’s Profit Slump and EV Pivot

📉 Profit Drop, Revenue Up: Toyota’s operating profit fell nearly 28% year-over-year to 1.22 trillion yen, missing estimates of 1.39 trillion yen. However, revenue increased to 12.39 trillion yen, exceeding expectations. Net income surged to 2.19 trillion yen from 1.37 trillion yen a year ago.

🌏 China EV Expansion: In a bid to catch up in the EV race, Toyota announced a new wholly-owned company in Shanghai to develop and produce Lexus battery electric vehicles (BEVs) and batteries. Production is set to begin in 2027.

🚙 Sales Dip, Dividend Holds: Toyota’s vehicle sales declined to 2.44 million units from 2.55 million a year prior. Despite this, the company maintained its full-year dividend forecast at 90 yen and raised its operating income forecast by 400 billion yen to 4.7 trillion yen. Shares rose 1% in Tokyo.

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