US benchmark equity indexes ended mixed Wednesday as markets parsed the latest economic data. New-home sales experienced a slow down, registering a 716,000 annual rate in August, a decrease from an upwardly revised 751,000 rate in July. However, this figure represented a notable increase of 9.8% from the level observed in August 2023, exceeding expectations that had predicted a pace of 700,000 based on a survey compiled by Bloomberg. The Mortgage Bankers Association provided further insights, reporting an 11% surge in mortgage applications for the week ending September 20, building on a substantial 14.2% gain recorded in the previous week.
This recent activity lifted total applications to their highest level since July 2022. The increase in both refinancing activity and new home applications can be attributed to an eighth consecutive decline in mortgage rates, fostering a more attractive borrowing environment for potential homeowners. Turning our attention to commodity markets, November West Texas Intermediate crude oil settled down $1.87, ultimately closing at $69.69 per barrel.
Meanwhile, the November Brent crude, which serves as the global benchmark, was last observed down $1.66, finishing at $73.51 per barrel. These fluctuations in oil prices continue to impact various sectors, prompting investors to monitor developments closely. In the tech sphere, Meta Platforms saw an uptick of 0.9% following the unveiling of the Meta Quest 3S, a more affordable headset integrated into its Meta Quest lineup of mixed reality products.
This announcement reflects the company’s ongoing commitment to expanding its offerings in the rapidly evolving field of augmented and virtual reality. However, not all stocks fared positively on Wednesday. Shares of General Motors fell by 4.9%, while Ford Motor Company experienced a decline of 4.1%.
These drops followed downgrades from Morgan Stanley, highlighting the sometimes volatile nature of automotive stocks in reaction to broader market conditions and analyst evaluations..