Happy Friday! Mortgage refinancing surged well ahead of the Fed’s official rate cut, catching many by surprise. What drove the early move, and what does it signal? Read on to find out and discover if smart money is quietly setting up for a real estate rebound.

Also, according to Goldman Sachs, the Fed’s latest move is just the beginning act in what could be a series of accelerated rate cuts. Dive into their five key takeaways from the latest FOMC meeting and discover why they are doubling down on a faster pace of easing, and what it could mean for your portfolio in the months ahead.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

This Mortgage Boom Didn't Even Wait For The Fed To Say 'Cut'

Mortgage markets are heating up, and this time, they didn’t wait for the Fed to make the first move. In a surprising turn, homeowners rushed to refinance as rates dipped sharply, driving the biggest weekly surge in mortgage applications since early 2020. Refinancing activity alone jumped nearly 60%, fueled by the drop in 30-year fixed rates to their lowest level in almost a year.

All of this started unfolding before the Fed announced it was cutting rates. In fact, the bond market had already priced in the Fed’s softer stance, pushing mortgage rates lower well ahead of policy confirmation.

With borrowing costs easing and housing demand potentially set for a revival, is the smart money quietly setting up for a real estate rebound? Read on to find out.

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Yesterday: U.S. indexes closed at record highs Thursday, as investors rallied around the Federal Reserve’s first interest rate cut of the year and a more dovish policy outlook. The S&P 500, Dow and Nasdaq all set new all-time highs once again, while the Russell 2000 surged 2.5% to set a record as well — topping the previous high in 2021. The gains followed a choppy reaction on Wednesday as markets absorbed the Fed’s decision and updated economic projections. Meanwhile, initial jobless claims fell to 231,000, reversing the prior week’s spike, and continuing claims edged down to 1.92 million, signaling continued strength in the labor market.

On Our Radar: Analysts will be watching the Baker Hughes oil rig report as well as a speech from San Francisco Fed President Mary Daly. On the earnings front, all eyes will be on Firefly Aerospace (FLY), which will report earnings after the market close on Monday.

All the major indexes hit record highs, however, it was Intel (INTC) that stole the spotlight as shares surged as much as 30% after Nvidia (NVDA) pledged a $5 billion investment to co-develop PC and data center chips. But that wasn’t the only company making big moves. Here’s a look at some of the biggest winners and losers on Thursday.

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

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On This Day In 2023…

Instacart (CART) made its long-awaited debut on the Nasdaq, with shares rising 12% in their first day of trading. The IPO was priced at $30 per share, giving the grocery delivery company a $10 billion valuation on a fully diluted basis — far below its $39 billion peak valuation during the pandemic boom of 2021. Shares initially surged 40% to open at $42, but closed the day at $33.70. As of today, the company has a market cap of $12 billion.

QUOTE OF THE DAY

“Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat.“

 — Charlie Munger

The Fed's Just Warming Up — Goldman Sachs Sees More Rate Cuts Coming

The Federal Reserve may have delivered its first rate cut in nine months on Wednesday, but according to a note to clients, Goldman Sachs says there are plenty more on the way.

Read on to see Goldman’s five key takeaways from the recent FOMC meeting and why they believe it supports their belief of accelerated rate cuts going forward. Is your portfolio ready?

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