Markets are reeling from a stronger than expected ADP report. Meta debuts its new app Threads to rival Twitter. Mortgage rates jump to their highest levels since November 2022. Yahoo Finance Live’s Seana Smith and Akiko Fujita break down the top stories of the day.
Video Transcript
– What is closing time here at Yahoo Finance. Here’s a look at some of the top stories of the day.
Markets reeling from a stronger than expected ADP report. ADP saying the private sector added 497,000 jobs last month. That more than doubling the estimate that news sparking a sell off in stocks and bonds on the expectation that the Fed will keep raising rates.
– Meta’s Twitter rival threads launching with strong demand that Meta CEO Mark Zuckerberg saying that more than 30 million people signed up in the first day. And Twitter already firing back accusing Meta of using its trade secrets. In a letter from one of Twitter’s attorneys, the company is alleging that Meta hired former Twitter employees and had them working on threads. A Meta executive denying those claims.
– Finally, mortgage rates jumping in the last week according to Freddie Mac, the rate on a 30-year fixed rate mortgage is now 6.81%. That is the highest level since November.
Read More: ADP report, Meta launches Threads, mortgage rates jump: Top stories