US Futures Lower as Mortgage Rates Climb to 16-Year High

Last Updated: Wednesday, October 5, 2022 8:14 AM | MT Newswires

US stock futures are lower in Wednesday's premarket session as US mortgage rates continued to rise, hitting a 16-year high of 6.75% as mortgage applications fell to their slowest pace since 1997, according to data from the Mortgage Bankers Association for the week ending Sept. 30.

The Dow Jones Industrial Average futures are down 0.90%, while S&P 500 futures and Nasdaq futures are off 0.84% each.

Oil prices are slightly lower, with front-month global benchmarks Brent crude and West Texas Intermediate crude down 0.08% and 0.12% respectively.

Shares Vicinity Motor (VEV) shares jumped 52% in premarket trading Wednesday, after it said Tuesday that it is ready to begin deliveries of class 3 electric trucks manufactured in its Canadian plant. Agrify (AGFY) shares surged 25% after rising 4.2% Tuesday. And Pineapple Energy (PEGY) shares soared rose 44%, adding to strong gains the previous session.

Design Therapeutics (DSGN) shares fell 5% after rising 5.2% Tuesday. Avenue Therapeutics (ATXI) shares fell 14% after it said it is offering 1.9 million units in a regulatory filing Tuesday. And shares of Bit Brother (BTB) dropped 16%, after soaring 185% on Tuesday.

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