Unusual Whales

75% of mortgage holders in the US have a rate below 5%, per Bloomberg

Mortgage rates generally follow the movements of Treasury yields, which have been decreasing in anticipation of the Federal Reserve cutting interest rates as early as September. Minutes from the Fed's July meeting revealed that several officials believed there was a case for lowering rates, with Chair Jerome Powell

75% of mortgage holders in the US have a rate below 5%

This is because 91.8% of U.S. homeowners with mortgages are paying interest rates below 6%, having secured low-cost financing before rates surged in mid-2022. The percentage of homeowners with a mortgage rate under 6% is just shy of the record 92.9% set in mid-2022. With the average

Las Vegas Strip casinos won $709.3 million from gamblers in July

The gaming regulatory board said July gaming win slowed to $1.306 billion, with the Las Vegas Strip most responsible for the downward movement. Gaming win on the Strip plunged 15% to result in the first statewide GGR year-over-year monthly decline in four months. The approximately $1.3 billion haul

Household spending per person in Canada is falling at a pace only previously seen during recessions

Household spending per person in Canada is dropping at a rate typically seen only during recessions. After adjusting for inflation, spending fell by 1.3% in the second quarter compared to the previous year. Since the 1960s, faster declines have only occurred four times—during the recessions of 1982, 1991,

Mortgage refinance demand is 94% higher than a year ago, as interest rates fall again

Mortgage demand is now largely focused on refinancing, as interest rates have declined for the fifth consecutive week. Total mortgage application volume increased by just 1.6% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average interest rate for 30-year

Donald Trump to introduce a government efficiency commission recommended by Elon Musk

Republican presidential candidate Donald Trump announced on Thursday that if he wins the November 5 election, he plans to create a government efficiency commission led by billionaire Elon Musk. According to sources familiar with Trump’s discussions, this idea has been in the works for weeks, but Thursday's

Donald Trump is set to propose 15% corporate tax rate for companies that make products in the USA

Former President Donald Trump is set to present his economic vision on Thursday to a group of economists, making the case that lifting regulations and boosting fossil fuel production can help reduce prices in a possible second term. Speaking to the Economic Club of New York, this follows his appearance

Vladimir Putin said Russia will support US Vice President Kamala Harris in November’s presidential election because she’s been endorsed by President Joe Biden

Vladimir Putin has expressed that Russia supports Vice President Kamala Harris in the upcoming U.S. presidential election over former President Donald Trump. Speaking at the Eastern Economic Forum in Vladivostok on Thursday, Putin mentioned that Russia's initial "favorite" was President Joe Biden before he withdrew

The SEC is ending its legal push to revive the Hedge Fund Fee Disclosure Rule, thus ending its fight for more transparency into hedge funds and private equity firms

Private equity fee disclosures have faced a setback in SEC Chair Gary Gensler’s efforts to push for greater transparency. The SEC chose not to meet a Tuesday deadline to request the Supreme Court to reinstate new disclosure rules for the private funds industry, according to a source familiar with

Republican Donald Trump’s economic proposals would allegedly increase federal deficits by almost five times more over the next decade than those of Democratic nominee Vice President Kamala Harris

Former President Donald Trump's economic proposals would increase federal deficits by $5.8 trillion over the next decade, nearly five times more than Vice President Kamala Harris's plans, which would add $1.2 trillion, according to two new studies from the nonpartisan Penn Wharton Budget Model.

Peloton’s, PTON, former billionaire CEO says he’s lost all his money and had to sell his possessions after PTON's stock collapse

Peloton was one of the hottest stocks during the pandemic, but as COVID-19 concerns faded, so did the company's fortune. Its former billionaire CEO, John Foley, said his wealth was wiped out as a result. “At one point, I had a lot of money on paper,” Foley, who

It took Wells Fargo, $WFC, 4 days to notice that an employee had died in their cubicle

Around 7 a.m. on a Friday, Denise Prudhomme checked in for her job at Wells Fargo, located in a corporate office in Tempe, Arizona. Four days later, she was found dead at her cubicle. Prudhomme, 60, was pronounced dead by Tempe police on Tuesday, August 20, at 4:55

The average American drops $330,000 on rent before becoming a homeowner

The typical American can expect to spend approximately $333,065 over their lifetime on renting, which includes bills and additional expenses. This averages out to $25,620 per year for renters between the ages of 22 and 35. In Hawaii, the lifetime cost of renting is the highest among all

Nvidia denies DOJ subpoena

Nvidia on Wednesday denied reports that it had received a subpoena from the Department of Justice regarding antitrust concerns. "We have inquired with the U.S. Department of Justice and have not been subpoenaed," a representative from Nvidia told CNBC. "Nonetheless, we are happy to answer any

Kamala Harris is now using Coinbase, $COIN, to accept crypto campaign donations, though it seems more likely it is a PAC

Coinbase executive Alesia Haas may have made an error or been unclear when she stated that Vice President Kamala Harris is accepting crypto donations. At a Citigroup event on Wednesday, Haas was quoted as saying Harris "is accepting donations" and "using Coinbase Commerce to accept crypto for

U.S. judge temporarily blocks Biden legalization program for immigrant spouses of US citizens

A U.S. judge on Wednesday upheld a temporary block on a Biden administration program aimed at legalizing immigrant spouses of U.S. citizens. U.S. District Judge J. Campbell Barker of Texas extended the pause on the program until September 23 to allow time for further legal briefings and

Vice President Kamala Harris has proposed a 28% tax on long-term capital gains for any household with an annual income of $1 million or more

"We will tax capital gains in a way that benefits America’s innovators, founders, and small businesses," the Democratic presidential nominee declared at a rally in North Hampton, New Hampshire. The Wall Street Journal was the first to report on Harris' capital gains tax proposal. Currently, long-term

The SEC has charged six credit rating agencies with "significant recordkeeping failures"

The SEC has charged six credit rating agencies with "significant recordkeeping failures." The Securities and Exchange Commission (SEC) announced today that it has charged six nationally recognized statistical rating organizations (NRSROs) for significant failures in maintaining and preserving electronic communications. These firms admitted to the facts in the

Kamala Harris will propose expanding small business tax deduction to $50,000 from $5,000

Vice President Kamala Harris is set to propose a tax deduction of up to $50,000 for new small businesses on Wednesday, a significant increase from the current relief and part of her economic policy aimed at appealing to middle-class Americans as she campaigns for the presidency, which she announced

Nvidia, NVDA, has received a DOJ subpoena in an escalating antitrust investigation

Nvidia, $NVDA, has received a DOJ subpoena in an escalating antitrust investigation. Antitrust authorities are concerned that Nvidia is making it more difficult for customers to switch to other suppliers and may be penalizing buyers who do not exclusively use its artificial intelligence chips, according to sources who requested anonymity

Finland has unveiled plans for a full ban on property acquisitions by some foreign nationals

Finland has announced plans to implement a complete ban on property purchases by certain foreign nationals due to growing security concerns over acquisitions linked to Russia near critical infrastructure. On Monday, Defense Minister Antti Hakkanen introduced a proposal aimed at preventing Russians from purchasing property in Finland, a Nordic NATO

There is speculation is growing that Intel, $INTC, will be delisted from the Dow Jones Industrial Average as the microchip company’s stock continues to decline

Intel, one of the first two tech companies to join the Dow Jones Industrial Average during the dot-com boom of the late '90s alongside Microsoft, may lose its spot on the prestigious index due to a sharp decline in its stock price. Analysts and investors anticipate Intel's

Volkswagen is cancelling a no-layoffs pledge and won't rule out closing plants in Germany

Volkswagen has warned that due to challenges facing the auto industry, it may be forced to close plants in Germany and abandon a long-standing job protection agreement that has been in place since 1994, which would have prevented layoffs through 2029. "The European automotive industry is in a very

US production has fallen for the first time in seven months

Economic activity in the manufacturing sector continued its decline in August, marking the fifth consecutive month of contraction and the 21st time in the past 22 months, according to the latest Manufacturing ISM® Report On Business®. Timothy R. Fiore, Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey

The Bureau of Labor Statistics’ preliminary annual benchmark review of employment data suggests that there were 818,000 fewer jobs in March of this year than were initially reported

The Bureau of Labor Statistics' preliminary annual benchmark review indicates that there were 818,000 fewer jobs in March 2024 than initially reported. Each year, the BLS revises data from its monthly payroll survey, adjusting the March employment levels to align with figures from the Quarterly Census of Employment