Stock Market Winners & Losers: Stocks Edge Higher Before Federal Reserve Rate Decision | Airports Will See Their Busiest Holiday Travel Season | Housing Market May Turn Corners Next Year
Winner: Stocks edge higher before Federal Reserve rate decision
• Stocks were little changed as Wall Street parsed through another round of inflation data in search for clues on when the Federal Reserve could start easing monetary policy.
• The consumer price index rose 3.1% in November year over year and 0.1% month over month.
• Excluding food and energy, inflation rose in line with economist expectations.
• Traders will now turn their attention to the Fed’s policy announcement, slated for Wednesday at 11a.m. PT.
• Ford will lower F-150 Lightning production by 50% next year, according to Automotive News
Other Stories
Shohei Sponsors Winning Shohei Ohtani's massive $700 million contract is having an impact on Japan's stock market. Share prices of several corporate sponsors are higher, including Mitsubishi, Seiko, and Financial Group Kose.
Buy Now/Pay Ohtani Later . . . $680 million of Shohei Ohtani’s $700 million contract will be deferred until after the deal ends (to free up cash for the Dodgers to keep spending on other players). That means be paid $2m/year for the next 10 seasons, then $68m/year from 2034 to 2043.
Winner: Airports will see their busiest holiday travel season
• 115 million Americans are expected to hit the roads, skies and seas over Christmas and New Year’s.
• That includes a record 7.5 million Americans projected to head to the airport this season, It surpasses the previous record of 7.3 million in 2019.
• This holiday travel season is expected to be the second busiest in the last two decades, the organization said. 2019 remains in the top slot.
• Nearly 104 million people will be driving to their destinations this year, the second-highest number since 2019.
• Silver lining: Gas prices have declined as oil prices continue their retreat from yearly highs, and prices at the pump may even drop below $3 a gallon on average before the year is done.
• Conflicting Reports: More than three-quarters of Americans were planning to alter their holiday travel plans to cut back on costs, by staying home or swapping flights for road trips.
Loser: Housing Market May Turn Corner Next Year
• Mortgage rates will fall to 6% by the end of 2024
• Rates have fallen from a peak of 8% to a four-month low of 7.03%
• The housing market may turn a corner next year, but don’t expect it to improve significantly.
• Rates are still considerably higher than the 4% mortgage rates that you’ve had” over the course of the 2010s.
• No one I have seen expects a sustained drop in home prices, due to the shortage in inventory.
• Analysts expect home sales to remain slow due to “poor affordability, tight credit conditions and a slowing economy.
• The housing market in 2023 made for the “least affordable” year on record since 2012

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