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Happy Wednesday Zingernation! For a while it felt like all the market could do was go up every single day. Now, volatility is dominating stocks, and traders are seeking shelter like I was when I got caught in a thunderstorm on the golf course over the weekend. But, there may be some bright spots after all: lower mortgage rates might make new homes more affordable, and there are some good deals on high-yielding dividend stocks.

—Aaron Bry & Nic Chahine

Plus, why you need to pay attention to Elon Musk’s latest invention.

MARKET SNAPSHOT

Yesterday: Was a nice bounce back after Monday’s bloodbath, but stocks sold off in the afternoon and closed well off their highs.

On Our Radar: Some big earnings reports coming in this morning from Disney, Lyft and more. Japan’s stock market continued its recovery overnight, potentially setting us up for another green day.

TOP STORY

Mortgage Rates Fall To 15-Month Lows, Boost Homebuyer Demand

Basically: Expectations that the Federal Reserve will soon begin cutting interest rates have driven mortgage rates to their lowest levels in over a year Wednesday, positively impacting both new mortgage applications and refinancing of existing loans.

So: The average contract interest rate for 30-year fixed-rate mortgages — with conforming loan balances of $766,550 or less — fell significantly by 27 basis points to 6.55% for the week ending Aug. 2, marking the lowest rate since early May 2023. Here are the best stocks and ETFs to look at as housing demand increases.

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This New Idea is Set to Shock the World

PayPal was not a popular idea at first.

In the late 1990s, when most people were still mailing checks, Elon Musk’s idea of making payments over the internet was unimaginable.

Now, though, PayPal is a promising contender in the ever-competitive AI boom.

It seems that everything Musk has done throughout his career sounded insane at first…

Which is why it’s important that you pay attention to his latest, strange invention.

It’s an AI device that could be the most powerful technology ever created.

This new idea is set to shock the world once again – and this time, you don’t want to be a nonbeliever.

Click here to learn all the details.

FIVE ZINGERS

Put It In Park: Disney’s stock hit the brakes this morning after the company reported some disappointing guidance related to its parks division.

No Drop In This $SHOP: Shopify’s stock soared higher this morning after the e-commerce giant reported stronger-than-expected earnings.

Red Flag Or Opportunity?: AirBnb’s earnings report disappointed after the company said consumer demand slowed. But is it a buying opportunity?

Put The ‘UP’ In Upstart: Upstart’s stock started the day up, after the AI-powered lending platform reported a strong quarter and guided higher.

Don’t Trip: TripAdvisor’s stock took a big hit this morning, trading lower after the company’s disappointing earnings report.

ONE FOR THE ROAD

Wall Street's Most Accurate Analysts Give Their Take On 3 Consumer Stocks Delivering High-Dividend Yields

Basically: During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.

Basically: Benzinga readers can review the latest analyst takes on their favorite stocks by visiting our Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy. Here are three high-dividend yield names that analysts are bullish on.

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Get a headstart on the markets every Sunday with expert analysis and three stocks to buy!

The ‘Insider Report’ gives you exactly which market catalysts and major news events might be driving markets each week. Get immediate access with a Benzinga Edge membership!
Click here for more info.

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