“`html
On October 3, 2023, U.S. stock indexes rose, with the S&P 500 Index up 0.38%, Dow Jones up 0.20%, and Nasdaq 100 up 0.55%. Key factors included strength in semiconductor and AI infrastructure stocks, optimism around AI growth, and lower bond yields, with the 10-year T-note yield at 4.10%.
Mortgage applications fell 4.7% during the same week, with purchase mortgage sub-index down 1.2% and refinancing down 7.7%. The average 30-year fixed mortgage rate decreased to 6.43%. Notably, the ongoing U.S. government shutdown could lead to an estimated 640,000 federal worker furloughs, affecting the job market and economic indicators.
Gold prices soared above $4,000 an ounce, marking a record high, as investors seek refuge in safe-haven assets amidst political uncertainty in the U.S. and abroad. The markets are currently pricing in a 95% probability of a 25 basis point rate cut at the upcoming Federal Open Market Committee meeting on October 28-29.
“`
