Dow Jones Industrial Average (^DJI)
| Previous Close | 43,077.70 |
| Open | 43,119.80 |
| Volume |
| Day's Range | 43,119.80 - 43,289.80 |
| 52 Week Range | 32,327.20 - 43,289.80 |
| Avg. Volume | 368,304,531 |
- Yahoo Finance Video
JCPenney's turnaround, housing affordability: Asking for a Trend
On today's episode of Asking for a Trend, Host Josh Lipton breaks down key stories from JCPenney's turnaround plan ahead of the holiday shopping season to the housing affordability crisis. As the holiday shopping season quickly approaches, JCPenney CEO Marc Rosen discusses the company's turnaround plan as it announced over a year ago a $1 billion self-funded reinvestment in the business. Rosen explains that JCPenney has zeroed in on its marketing, kicking off its brand platform Make It Count and reintroducing its rewards program. He notes that the rewards program has put roughly $500,000,000 "back into the pockets of consumers." He is confident that with the program in place, JCPenney could see about twice as many customers receiving rewards than in 2023, which will ultimately drive more sales during the 2024 holiday shopping season. Google's (GOOG, GOOGL) NotebookLM can transform document text into engaging podcasts all thanks to its most advanced AI model, Gemini 1.5. Yahoo Finance special reporter Akiko Fujita discusses the product and demonstrates how it works, referencing back to an interview with Google Labs Vice President Josh Woodward on the product's development. The average rate on a 30-year fixed mortgage rose for the third week in a row to 6.44%. As housing affordability remains a key issue for Americans, Market Domination Host Julie Hyman analyzes a Bloomberg Economics chart showing the percentage of monthly income homebuyers are putting toward mortgage payments. This post was written by Melanie Riehl
- Yahoo Finance Video
Jobless claims, homebuilder confidence, retail outlook: Wealth!
On today's episode of Wealth!, Host Brad Smith breaks down some of the latest data, from initial jobless claims to the outlook for small businesses. US stocks (^DJI, ^IXIC, ^GSPC) continue to climb as the bull market maintains its momentum. Aptus Capital Advisors portfolio manager David Wagner jobserves that the market is reaching new highs "from different whys." While the "Magnificent Seven" tech giants have driven most market gains over the past 18 months, he notes this trend is now broadening to other sectors and stocks. Wagner points to "undervalued" areas, such as US small caps and international stocks, which began outperforming in the third quarter. However, some volatility may lie ahead as the market enters its third year of a bull run. Initial jobless claims for the week ending on October 12 came in below estimates, falling to 241,000 against expectations of 259,000. Yahoo Finance anchor Madison Mills joins Brad Smith to break down the fresh labor print, taking into account the data distortion from recent hurricanes in southern states. According to the latest data from the National Association of Home Builders (NAHB), confidence among home builders rose to a four-month high in October. Jim Tobin, NAHB CEO, explains that home builder confidence is up because of falling interest rates. He tells Yahoo Finance that the Federal Reserve's rate-cutting cycle "is really giving our members, and our survey members in particular, a feeling that we're on the backside of the bad news and that we are looking forward to a lower interest rate environment, certainly for mortgage rates in the future, and that the market is going to come back strong." Mortgage rates rose for the third consecutive week, according to the latest data out from Freddie Mac, pushing the 30-year fixed rate mortgage to 6.44%. Yahoo Finance senior housing reporter Claire Boston breaks the latest mortgage rates and explains the implications this has for potential homebuyers struggling to find affordable options in the US housing market. Meanwhile, retail sales topped economist expectations for September, according to the US Census Bureau, rising 0.4% month-over-month. Sucharita Kodali, Forrester Research retail analyst, explains that non-store retailers like Amazon (AMZN) are seeing the most gains. She notes that apparel has "recovered from its pandemic depths," while home-related retailers are struggling as interest rates remain relatively high. StockX CEO Scott Cutler discusses trends in the resale space and what they say about consumer behavior heading into the holiday shopping season. “The state of the resale market right now is super dynamic. This year, we've probably seen the biggest shifts in market share that we've ever seen, at least in StockX's history. And you see this also reflected in the public markets. On the one side, you've got the challenges associated with Nike, which has really been driven by restocks, oversupply [and] a lack of innovation. But if you look at the price performance in the resale markets as well as market share gains, where is it happening? Adidas (ADDYY), Asics (ASCCY), Deckers (DECK), which is Hoka and Uggs, and Crocs (CROX)," he tells Yahoo Finance. Americans continue to grapple with food price inflation, as evidenced by recent Bureau of Labor Statistics data. The food-at-home index rose 0.4% in September, with the meats, poultry, fish, and eggs categories experiencing a notable 0.8% price increase. Egg prices, in particular, have seen a dramatic 39.6% surge year over year. As Thanksgiving approaches, major food retailers are responding to consumers' financial concerns by introducing new holiday meal deals. Brad Smith delves into the details of these offerings, highlighting some of the top promotions from major retailers like Walmart (WMT) and Aldi. These companies are striving to deliver what they're calling an "inflation-free holiday meal," helping customers enjoy their Thanksgiving celebrations without breaking the bank. Approximately 66% of small business owners report that their enterprises are thriving despite facing economic headwinds. Head of Business Banking for the Northeast Region at JPMorgan Chase Robert Rodriguez characterizes small business owners as "a resilient bunch," acknowledging their ability to adapt and persevere. While inflationary pressures remain a concern, he identifies several key challenges facing small businesses today: labor shortages, supply chain disruptions, and the lingering effects of the COVID-19 pandemic. Despite these obstacles, Rodriguez notes that owners maintain an optimistic outlook for their prospects heading into 2025. This post was written by Melanie Riehl
Yahoo FinanceStock market today: Dow hits fresh record, Nvidia and chip stocks jump
A monthly report on retail sales could provide clues to whether the Fed will go for "no cut" at its next meeting.
