Stock Market Winners & Losers: S&P, Nasdaq Slide as China Risk Rattles Tech | Mortgage Refinance Demand Jumps to 2-year High | Deadpool Franchise is Worth $1B
Stocks retreated from record highs as tech shares faced pressure from concerns about US export restrictions on China and Trump's stance on Taiwan. Trump suggested Taiwan should pay for US protection, causing global chip stocks like ASML, Nvidia, and TSMC to drop sharply due to rising geopolitical tensions.
Mortgage rates fell to their lowest level since March, boosting refinancing demand by 15% last week, the highest since August 2022. Despite this, refinance demand remains over 70% lower than early 2020. The average 30-year fixed-rate mortgage rate decreased to 6.87% from 7.00%, influenced by cooling inflation and potential Fed rate cuts. Mortgage applications for home purchases were 14% lower than a year ago, with buyers facing a limited and expensive market, though more supply is gradually becoming available and sellers are reducing prices.
Ryan Reynolds revealed he forfeited his salary for "Deadpool" to pay his co-writers, a gamble that paid off as the franchise is now worth over $1 billion. The upcoming sequel "Deadpool & Wolverine" is expected to be similarly successful. "Deadpool" paved the way for other R-rated comic book movies like "Logan" and "Joker."
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