McDonald’s (MCD) will quickly near its U.S. corporate places of work this week as it designs to lay off an undisclosed selection of workers as section of a bigger restructuring effort, for each the Wall Avenue Journal.
In an inner memo, McDonald’s advised staff members that they should really function from residence Monday to Wednesday when it nearly informs impacted staff. The enterprise also told workers to cancel all in-human being conferences with suppliers and outside the house events at the headquarters.
Yahoo Finance attained out to McDonald’s but did not acquire a comment.
McDonald’s shares are mainly flat just after hitting a document intraday substantial of $281.65.
This greater revamp happening at McDonald’s hones in on restaurant progress, operation efficiency, usefulness and innovation.
Back again in January, McDonald’s introduced Accelerating the Arches 2., an update to its progress technique. With that, the corporation additional a 2nd D to its M-C-D tactic (maximizing advertising, committing to the chain’s core solutions of burgers, chicken and espresso and supply, push-via and electronic). The fourth D stands for restaurant progress.
CEO Chris Kempcinski hinted at the revamp and the affect on its workforce in a memo in early January. In that memo to world wide staff members, he outlined a new effort known as Accelerating the Business (AtO).
“As section of this work, we will assess roles and staffing stages in pieces of the corporation and there will be tough conversations and conclusions ahead….We anticipate to finalize and start off to converse important choices by April 3,” he explained.
CHICAGO – MARCH 08: McDonald’s Headquarters in the Fulton Industry community in Chicago, Illinois on March 8, 2020. (Picture By Raymond Boyd/Getty Pictures)
The memo afterwards stated that as the organization stood it was “divided” with silos and its solution was “outdated and self-restricting…seeking to fix the exact same problems a number of moments”
As component of the cafe progress pillar, the corporation introduced designs to open 1,900 new locations this yr. A lot more than 400 of the new Golden Arches will be in the U.S. or in its internationally operated marketplaces, which includes Germany, Canada, France, Australia, Canada, and the U.K. The remaining 1,500 will be in developmental licensee and affiliate markets, like 900 in China.
In addition, McDonald’s tapped Chipotle (CMG) govt Tabassum Zalotrawala to be its new main advancement officer and oversee this development. Zalotrawala was credited with overseeing Chipotle’s restaurant development and driving its push-through strategy.
Layoffs have taken a toll across several sectors. Final 7 days, Amazon declared extra job cuts, in addition to Disney and Walmart, amongst some others.
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Mattress Bathtub & Over and above is closing 150 much more merchants — just a week following the struggling retailer announced the closure of 87 areas.
The company’s brick-and-mortar footprint has previously shrunk dramatically, a regulatory submitting confirmed late Monday, and the new closings mean it will have shuttered 400 outlets in the previous yr — just about fifty percent the 950 or so suppliers it had open in February 2022.
That consists of previous week’s announcement that it was also closing all 49 remaining Harmon Experience Benefit outlets, which marketed cosmetics moreover 5 buybuy Baby places. A checklist of the new retail outlet closures wasn’t quickly offered.
A turnaround does not glimpse imminent: The embattled home goods chain forecasts initial quarter revenue to be down by 30{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} with “sequential, quarterly profits enhancement thereafter” the submitting said.
The business said Tuesday it lifted some $1 billion by way of an giving of chosen inventory and warrants in a final-ditch energy to stave off individual bankruptcy. On Monday, the business mentioned it appointed Holly Etlin, a bankruptcy specialist, as interim main economical officer.
Mattress Tub & Past explained Tuesday it will eventually have 360 outlets and 120 buybuyBaby suppliers. That usually means that the business will have introduced ideas to close practically 500 of the shops it experienced just a yr in the past, and the new organization will be about half of the measurement of the old a person
The chain has stated in modern weeks that it had defaulted on a mortgage and may possibly not be in a position to remain in business, boosting issues about its long run. Mattress Bath & Past held talks in modern times with an expenditure firm to underwrite a major part of the proposed providing, according to Reuters.
Bed Bath and Outside of has been portion of the meme inventory phenomenon, with shares skyrocketing as significantly as 400{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} previous yr when activist trader and GameStop chairman Ryan Cohen took a stake and sought alterations.
Shares of the retailer, which closed up 92{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} at $5.86 in a rollercoaster session Monday, were being down 40{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in in pre-industry trading Tuesday.
Founded in 1971, Bed Bath & Further than grew to become a staple for affordable property decor, kitchenware and higher education dorm area household furniture. It’s also identified for its ubiquitous 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} off blue discount codes, and cavernous outlets with goods stacked significant to the ceilings.
But the company struggled to make the transition to on the net buying and fend off more substantial chains these as Walmart and Concentrate on
(TGT). Quite a few buyers switched to those competitors as the novelty of Mattress Bathtub & Beyond’s coupons pale.
The business was also hit really hard throughout the pandemic, closing merchants briefly throughout 2020 whilst rivals remained open. The company shed 17{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its sales in 2020 and 14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in 2021.
– CNN’s Nathaniel Meyersohn and Reuters contributed to this report
Ale Asylum brewery and tasting room at 2002 Pankratz St. has closed after 16 years.
JOHN HART, STATE JOURNAL ARCHIVES
Madison’s largest craft brewing company has closed.
Ale Asylum, the maker of Hopalicious, Ambergeddon and a long list of other beers, made the announcement Friday via Facebook, Instagram and the homepage of its website. The company, founded in 2006 and now located near the Dane County Regional Airport, had been up for sale for nearly a year and had appeared to have secured a buyer as late as last month.
However, those plans have fallen through, idling a 45,000-square-foot brewing plant, putting 15 people out of work, and ending a business that helped define the city’s craft beer scene.
“We began with a dream and a bag of hops in May of 2006. Since then, we’ve grown into a big family of brewers, cooks, bartenders, service staff, marketing, sales, and more,” the company statement said. “The past couple years have been difficult for all businesses but with your support we were able to weather the storm. However, under circumstances we cannot control we have made the decision to close our doors.”
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The brewery had closed its kitchen last fall but kept the the taproom and brewery open in what co-founder Otto Dilba termed “continuation mode.” The taproom expanded its hours in late spring, and Dilba said the kitchen was set to reopen after the sale. Dilba said the new owner had plans to expand the brewery’s portfolio beyond the traditional but often hop-forward beers that it traded on in its first 16 years.
Thursday was the company’s last full day of business, but Dilba said late Friday that he is hoping to sell the brewery’s brands to other brewers in an attempt to keep the recipes alive. It’s likely equipment and other assets of the brewery will be sold at auction. He also said the prospective buyer was not another brewing company.
Otto Dilba, co-founder of Ale Asylum, talks about the area’s craft beer scene in 2015.
THE CAPITAL TIMES ARCHIVES
“The situation just didn’t turn out the way everyone had hoped with the buyer,” Dilba said during a phone interview. “We had worked for the past several months to get things to where we wanted them to be, but they just didn’t pan out.”
But in June, Dilba seemed encouraged that a sale was imminent.
He told the Wisconsin State Journal’s Beer Baron, Chris Drosner, that several prospective buyers had emerged last fall and that one of those buyers, who wanted to continue the brand after the sale, was in the final stages of purchasing the brewery.
“We have the buyer, it’s just taken longer than we thought,” Dilba told Drosner in the June 19 column. “We’re still as excited to move this thing forward as we were back then.”
A Madison pioneer
The loss of Ale Asylum will be felt by many who enjoyed its beers and by other brewers in the region who credit the company with helping grow the local craft beer scene and provide encouragement to other entrepreneurial brewers.
Ale Asylum’s tasting room was a popular spot for craft beer lovers on Madison’s North Side.
JOHN HART, STATE JOURNAL ARCHIVES
“So many of us wouldn’t be here today if there weren’t forerunners like Ale Asylum that had really jumped in and made craft beer grow in this market,” said Jessica Jones, who co-founded Giant Jones in 2018 with her husband at 913 E. Main St. “All of us are always going to be in their debt and a part of their legacy. The market’s really complex, especially on this side of COVID. We’re really in this totally unique moment where everything is surprising and nothing is surprising.”
Dilba and fellow co-owner Dean Coffey met while working at what was then Angelic Brewing Co. in Downtown Madison. Coffey was the brewmaster, and Dilba wanted to put his marketing skills to use. In 2005, they created the Ale Asylum brand and eventually ran out of room at their brewing facility at the corner of Stoughton Road and Kinsman Boulevard, which is now home to Karben4 Brewery. In 2012, Dilba and Coffey, plus a group of investors, opened a sparkling $8 million brewery and tasting room at 2002 Pankratz St.
Ale Asylum patrons visit the tasting room last summer.
JOHN HART, STATE JOURNAL ARCHIVES
At that time, the duo had visions of producing 100,000 barrels of beer a year, but as the craft brewing industry continued to explode, brewers faced challenges trying to squeeze their brands onto limited shelf space, in coolers and into bars and restaurants with limited tap handles. Loyalty also has become an issue throughout the industry as craft beer drinkers are typically not wedded to a single beer or even a single brand.
More recently, COVID-19 has rocked the industry with supply chain problems that hiked the price of equipment and aluminum cans. Meanwhile other major breweries in the area such as Octopi Brewing Co. in Waunakee and Wisconsin Brewing Co. in Verona have capitalized on using their facilities for contract brewing, making beer and other beverage products for other companies while their own brands only account for a small fraction of production.
Over the years, Dilba said, the monthly lease rate on such a large space “became insurmountable.” In 2020, Ale Asylum produced 14,500 barrels of beer. Prior to the pandemic the company employed more than 45 people.
“We’re all very sad,” Dilba said of the closing. “It’s certainly not the outcome that we all wanted, but we have a lot of good memories to look back on.”
Madison’s Ale Asylum
A bottle of Hopalicious
Madison began falling in love with hops in 2006.
People had just started calling it “craft beer” instead of “microbrew,” and the hop — a bitter, pungent little flower cone that’s been a key ingredient of beer for centuries — was starting to become the star of the show.
That July, a new business called Ale Asylum opened in a former print shop in a nondescript industrial strip mall near Madison Area Technical College, becoming the first brewery of the craft era to make and bottle beer in the city limits.
It launched with 11 beers, all of which would be familiar to Madison beer fans today and four of which hit six-packs in those stubby “heritage” bottles.
One, Hopalicious, absolutely took off.
An American pale ale — not an IPA! — loaded with piney, citrusy Cascades (a variety of hops), it was hoppy enough in aroma and name to hook itself to the hottest class of craft beers while being balanced enough to appeal to Madison’s masses.
Within five years Ale Asylum was making so much Hopalicious that it had more or less maxed out its brewery and began planning for its current facility, which opened in fall 2012 off Packers Avenue near the Dane County Regional Airport.
Alan Sponem, Ale Asylum
Chief engineer Alan Sponem checks Ale Asylum’s labeler as the first-ever bottles of Unshadowed hefeweizen move down the bottling line on April 8.
Chris Drosner
ALE ASYLUM
An upstairs lounge area at Ale Asylum in Madison.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
The bar area at Ale Asylum in Madison.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
The patio area at Ale Asylum in Madison.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
Windows in a seating area offer a view into the brewery at Ale Asylum in Madison.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
Of Ale Asylum’s duck poppers, Hathaway Dilba, partner and director of promotions, said: “If we took these off a future menu, we would literally get hate mail.”
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
A seating area at Ale Asylum in Madison.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
Lemon Pepper Shrimp Tacos with chips and salsa are a favorite at Ale Asylum.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
The bar area at Ale Asylum in Madison.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
Ale Asylum is located at 2002 Pankratz St. in Madison.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM
The beer taps at Ale Asylum include crowd favorites like Hopalicious.
PHOTO BY MICHELLE STOCKER
ALE ASYLUM 8.jpg
Ale Asylum recently unveiled their Feliz Gravitas variety pack, which contains a beer for hop heads, gravity heads and malt heads. All come at a higher ABV so you’ll be wearing a nice beer coat to combat the winter weather.
MIKE DEVRIES, THE CAPITAL TIMES FILE PHOTO
Ale Asylum 12 oz. Curl
Madison’s Ale Asylum released its first pilsner, 12 oz. Curl, this spring.
STATE JOURNAL
Ale Asylum 040821 01-04202021132143
Ale Asylum is a brewery with a full food menu, located at 2002 Pankratz St, Madison, on Thursday, Apr. 8, 2021.
RUTHIE HAUGE
Ale Asylum Babadook-10252017091111
Ale Asylum Bedlam
Ale Asylum Bedlam
STEVE APPS — State Journal
Ale Asylum Demento
Demento from Madison’s Ale Asylum is a 4.7 percent ABV American pale ale.
CHRIS DROSNER — State Journal
Ale Asylum Feliz Gravitas
The Feliz Gravitas six-pack contains two each of three holiday-friendly beers, including the new Off Switch Double IPA.
PHOTO COURTESY OF HATHAWAY DILBA
Ale Asylum High Coup
High Coup is the latest IPA from Ale Asylum and one of at least eight IPAs the Madison brewery will release this year.
State Journal
Ale Asylum Oktillion
Oktillion is the first lager Ale Asylum has bottled since it was founded in 2006.
CHRIS DROSNER, STATE JOURNAL
Ale Asylum solar panels
Marc Nienhaus, an electrician with Faith Technologies, installs solar panels on the rooftop at Ale Asylum in Madison in 2014.
CAPITAL TIMES ARCHIVES
ALE ASYLUM SOLAR PANELS 5.JPG
Marc Nienhaus, an electrician with Faith Technologies, wires solar panels on the rooftop at Ale Asylum in 2014.
FILE PHOTO
Ale Asylum Unshadowed
The label for Unshadowed was designed by Ale Asylum co-founder Otto Dilba over some two weeks earlier this year. He described the design as “delicate but ominous.”
CHRIS DROSNER — State Journal
Ale Asylum Velveteen Habit
Ale Asylum Velveteen Habit
STEVE APPS — State Journal
FVCK COVID
This was not the best new beer Madison’s Ale Asylum released this year, but it was unquestionably the most successful, and it’s obvious why without even cracking open the can. This beer’s label perfectly captured the zeitgeist at the time of its release in early April, and it never really stopped resonating. The pilsner was followed by a hazy pale ale version, and both were taken national by the new Wisconsin-based distributor Brew Pipeline. Locally, the brewery has offered the FVCK COVID duo and many of its other beers for $6 a six-pack for most of the year. By the way, my favorite new Ale Asylum beer also had a “ugh, 2020” theme: MRDR HRNT, the first in a new “Apocalypse Bingo” series. It’s a pale ale heavily dosed with Mosaic, Denali and Trident hops that create an intense, nearly hard seltzer-like lemongrass-lime character.
ALE ASYLUM
Great Taste of the Midwest 2011:08:13
8/13/2011: Vines of hops decorate the booth of Madison’s Ale Asylum Brewery as visitors to the Great Taste of the Midwest craft beer festival enjoy samples of the vendor’s offerings Saturday. Thousands of craft beer enthusiasts converged on the grounds of Olin-Turville Park in Madison, Wisconsin for the 25th annual gathering of the event.
JOHN HART
H-Phone Brewmaster Dean (L) & Sales Director Ross (R).JPG
Brewmaster Dean Coffey, left, and head of sales Ross Hubbard prepare to deliver Ale Asylum’s new Stray Forth hard seltzers to Madison area stores.
HATHAWAY TERRY-POGUE
Hopalicious Continuum: Mosaic
Hopalicious Continuum: Mosaic is the first in a new Ale Asylum series that will showcase different varieties of hops.
CHRIS DROSNER, FOR THE STATE JOURNAL
Keep ‘er Movin’
Keep ’er Movin’, Ale Asylum
Ya know, I didn’t think a whole lot of dis brewski at first, er even really much ‘bout it to tell ya da truth. Sure, I like dat Charlie Berens guy who da Ale Asylum team’t up wit fer dis one, but ya know me, I’m one-a dem fancy craft beer guys, so I ain’t really inta da light lagers ’n’ stuff like dis one. But ya know, guy, I picked up a sixer anyway, and just kept drinkin’ tru it, and wouldn’t ya know, after two-tree of ’em, it really started grew on me! And cripes, inn’t dat just da whole point a dees kinda beers — ya just drink ’em, ya know?
Dey were a big trend from dem craft brewers dis year. But Keep ’er Movin’ was just, ya know, better den da ones from Founders er Sierra Nevada — maybe cuz it was made wit’ none of da corn dat kinda defines da style, ya know, er maybe just cuz it takes a cheesehead brewery to brew da right light beer fer cheeseheads.
Ale Asylum sez Keep ’er Movin’ has been movin’ pretty quick, and it’s figgerin’ out whether it’ll keep movin’ in 2019. I say yah.
CHRIS DROSNER, FOR THE STATE JOURNAL
MRDR HRNT
Ale Asylum’s new Apocalypse Bingo: MRDR HRNT pale ale uses a relatively new brewing technique called dip-hopping.
CHRIS DROSNER, FOR THE STATE JOURNAL
OTTO DILBA 1-12162014164036
Otto Dilba of Ale Asylum
PHOTO BY MIKE DeVRIES
Safari on Safari.jpg
A new hard seltzer line from Ale Asylum called Stray Forth is now arriving in Madison area shops and bars.
COURTESY OF STRAY FORTH
Stray Forth
Ale Asylum recently introduced a new line of flavored hard seltzers under the name Stray Forth.
COURTESY OF STRAY FORTH
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U.S. stocks drifted slightly lower after rallying earlier this week, as investors eyed developments on discussions between Russia and Ukraine and mulled mixed data on the U.S. economy.
The S&P 500 declined. The blue-chip index had risen for a fourth consecutive day and closed at its highest level since January on Tuesday, unwinding some losses for the year-to-date. As of Wednesday morning, the CBOE Volatility Index, or VIX, held below 20, or near its lowest level in more than two months.
U.S. crude oil prices rose for the first time in three sessions Wednesday after dipping earlier this week amid signs of progress in Russia-Ukraine talks. Russia said it was easing military action in Ukraine’s capital Kyiv and northern city Chernihiv and was prepared to set a meeting between Russian President Vladimir Putin and Ukraine’s President Volodymyr Zelenskyy following a draft peace agreement. However, as of Wednesday, some media reports suggested strikes were still taking place near both major cities in Ukraine.
Meanwhile, investors nervously eyed a flattening U.S. Treasury yield curve, with longer-duration bond yields falling much more sharply than those on the short end as traders bet on higher rates from the Federal Reserve in the near-term and mulled a murky macroeconomic outlook over the longer-term. The benchmark 10-year yield edged higher Wednesday morning and topped 2.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
The spread, or difference, between the 2-year and 10-year Treasury note yields — a closely watched part of the yield curve which has typically inverted ahead of recessions — narrowed to its lowest level since 2019 earlier this week. (It inverted for a few seconds on Tuesday.)
“It is still a pretty accurate indicator [of a recession] if we go back and look at history, but I have to give you a few caveats,” Kristina Hooper, Invesco chief global market strategist, told Yahoo Finance Live on Tuesday. “First of all, it needs to invert for some time, typically three months, to be a very accurate indicator. Second, it’s a longer-term indicator. So usually after the yield curve inverts, it takes about 18 months on average for a recession to occur. And it is a terrible, terrible sell signal, because typically stocks have room to run and do run significantly higher after a yield curve inverts.”
The latest batch of U.S. economic data offered a mixed picture on the state of the economy amid still-elevated inflation, ongoing geopolitical uncertainty and tightening monetary policy out of the Federal Reserve. Job openings held little changed at about 11.3 million in March, far outpacing new hires at 6.7 million to reflect persistently rampant labor supply shortages. And while the Conference Board’s latest monthly index showed a slight uptick in consumer confidence in March, the index remained below last year’s average. Plus, consumers’ one-year inflation expectations soared to an all-time high of 7.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
“We expect a clear downshift in inflation expectations in the second half of the year, but they could easily rise further in the near-term,” Ian Shepherdson, chief U.S. economist for Pantheon Macroeconomics, wrote in a note Tuesday.
“The survey sends mixed signals on the state of the economy but, always, remember that sentiment is not the same as spending, which is what matters,” he added.
—
9:30 a.m. ET: Stocks open lower
Here’s where markets were trading just after the opening bell Wednesday morning:
S&P 500 (^GSPC): -8.17 (-0.18{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,623.43
Dow (^DJI): -40.27 (-0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 35,259.91
Nasdaq (^IXIC): -46.91 (-0.32{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,569.93
Crude (CL=F): +$3.53 (+3.39{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $107.77 a barrel
Gold (GC=F): +$10.00 (+0.52{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,928.00 per ounce
10-year Treasury (^TNX): +2.8 bps to yield 2.428{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
8:31 a.m. ET: 4Q GDP revised down to 6.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} annualized rate, personal consumption down to 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
The U.S. economy expanded at a slightly slower rate than previously reported in the final months of 2021, based on the final revision on fourth-quarter gross domestic product (GDP) from the Bureau of Economic Analysis (BEA).
U.S. GDP rose at a 6.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} quarter-over-quarter, annualized rate in the final three months of 2021, the BEA said Wednesday. Previously, GDP growth was reported at 7.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
The downward revision to headline GDP came as the BEA cut its measure of personal consumption to show a 2.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} rate in the fourth-quarter, down notably from the 3.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} rate previously posted. Consumer spending comprises about two-thirds of U.S. economic activity. Still, the revision lower was partially offset by an upward revision to private inventory investment, which also contributes positively to GDP.
—
8:16 a.m. ET: Private payrolls rose by 455,000 in March, slightly exceeding estimates: ADP
U.S. private sector employers brought back slightly more jobs than expected in March as the economy faced ongoing labor shortages and widespread vacancies.
Private sector payrolls rose by 455,000 in this past month, ADP said in its latest report Wednesday. Consensus economists were looking for 450,000 jobs to return, according to Bloomberg data. In February, employers brought back 486,000 payrolls, based on ADP’s upwardly revised monthly print.
ADP’s report comes two days before the Labor Department’s “official” monthly jobs report for March, which is also expected to show about half a million payrolls returned for the last month. Though ADP’s report has tended to be an imperfect indicator of the ultimate payrolls figure in the government jobs report, it has often suggested at least directionally at the underlying trends in job growth.
—
7:30 a.m. ET: Stock futures decline after S&P 500 posts four straight days of gains
Here’s where markets were trading Wednesday morning:
S&P 500 futures (ES=F): -10.5 points (-0.23{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,615.00
Dow futures (YM=F): -77 points (-0.22{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 35,113.00
Nasdaq futures (NQ=F): -50.25 points (-0.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,187.50
Crude (CL=F): +$2.79 (+2.68{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $107.03 a barrel
Gold (GC=F): +$10.60 (+0.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,928.60 per ounce
10-year Treasury (^TNX): +1.3 bps to yield 2.413{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
—
7:20 a.m. ET: Mortgage applications fall for third straight week as mortgage rates rise by most in 11 years
U.S. mortgage applications fell for a third consecutive week last week, with refinances especially coming under pressures as mortgage rates jumped by the most in over a decade.
The Mortgage Bankers Association’s (MBA) weekly index showed a 6.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} decrease in application volume for the week ended March 25. This followed a drop of 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the prior period, and coincided with a rise in the 30-year fixed-rate mortgage to 4.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, from 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} previously. That marked the biggest weekly increase since 2011 to bring rates to their highest level since the end of 2018.
Refinances fell by 15{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the prior week and slumped 60{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over the same period last year. On an unadjusted basis, purchases were still higher by 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} week-on-week, but down by 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same week last year.
“Mortgage rates jumped to their highest level in more than three years last week, as investors continue to price in the impact of a more restrictive monetary policy from the Federal Reserve. Not surprisingly, refinance application volume declined further, as fewer borrowers have an incentive to apply at rates that are significantly higher than a year ago,” Mike Fratantoni, MBA senior vice president and chief economist, said in a press statement.
—
6:12 p.m. ET Tuesday: Stock futures open slightly lower
Here’s where the major stock index futures opened Tuesday evening:
S&P 500 futures (ES=F): -4.75 points (-0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,620.75
Dow futures (YM=F): -24 points (-0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 35,166.00
Nasdaq futures (NQ=F): -15.5 points (-0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 15,222.25
NEW YORK, NEW YORK – MARCH 28: Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. (Photo by Spencer Platt/Getty Images)
