Market Beats | U.S. Mortgage Rates Top 6.5%; Tesla Lifts the S&P 500; Beyoncé Boosts Kamala’s Polling; Jobless Claims Fall for Second Week; Keurig Acquires Ghost Energy Drink

1. U.S. Mortgage Rates Climb to 6.54%

2. Tesla Powers S&P 500 Rally

3. Beyoncé Joins Kamala Harris Rally

4. Newmont Shares Sink 9% on Earnings Miss

5. U.S. Jobless Claims Decline for Second Week

6. Keurig to Acquire Ghost Energy in $1B+ Deal

7. Tapestry’s $8.5B Capri Takeover Halted by Judge

1. U.S. Mortgage Rates Climb to 6.54%

Freddie Mac reported that 30-year fixed mortgage rates rose for the fourth straight week, hitting 6.54% — the highest since mid-August.

At this rate, a $600,000 mortgage would result in a monthly payment of around $3,808, up from $3,628 in late September.

The increase is largely due to a recent selloff in U.S. Treasuries, driven by declining expectations of Federal Reserve rate cuts.

Despite elevated borrowing costs, September new home sales surged to the fastest pace in over a year.

______

2. Tesla Powers S&P 500 Rally

Tesla shares soared 20% following strong earnings, helping lift the S&P 500. The mega-cap tech index — tracking the “Magnificent Seven” — reached a three-month high.

Daniel Skelly from Morgan Stanley noted that despite election-year volatility and a flood of earnings reports, markets remain structurally resilient.

The 10-year Treasury yield dipped to 4.19%, while the S&P 500 reclaimed the 5,800 level.

______

3. Beyoncé Joins Kamala Harris Rally

This Friday, pop icon Beyoncé will appear at a Houston campaign rally in support of U.S. Vice President Kamala Harris.

Harris is expected to address reproductive rights and women’s issues. Beyoncé — widely seen as a symbol of Black female empowerment — could help draw younger and minority voters.

Harris has attracted other star supporters recently, including Taylor Swift, Billie Eilish, and Oprah.

Beyoncé publicly endorsed Harris during the 2020 election on Instagram.

______

4. Newmont Shares Sink 9% on Earnings Miss

Gold mining giant Newmont tumbled as much as 9.1% — its biggest drop since July 2022 — after missing expectations in its Q3 earnings.

Despite gold prices rising over 30% YTD and hitting record highs, Newmont struggled with soaring production costs — up 55% at some mines — largely due to labor and energy expenses.

The cost pressures were partly tied to its $15 billion acquisition of Newcrest Mining last year.

______

5. U.S. Jobless Claims Decline for Second Week

Initial jobless claims fell by 15,000 to 227,000 in the week ending October 19, according to the U.S. Department of Labor.

Santander’s chief U.S. economist Stephen Stanley noted that recovery from Hurricane Helene’s impact has been faster than expected.

However, continuing claims rose to 1.9 million — the highest level in nearly three years — underscoring growing difficulty in finding new employment.

______

6. Keurig to Acquire Ghost Energy in $1B+ Deal

Keurig Dr Pepper announced it will acquire a 60% stake in Ghost Energy for $990 million, with plans to acquire the remaining 40% by 2028 based on 2027 financial performance.

The deal includes Ghost’s energy drinks and sports nutrition lines under Ghost Lifestyle.

Keurig previously made headlines with its nearly $19 billion acquisition of Dr Pepper Snapple Group in 2018.

Ghost’s net revenue has more than quadrupled over the past three years.

______

7. Tapestry’s $8.5B Capri Takeover Halted by Judge

A U.S. District Judge blocked Tapestry’s proposed $8.5 billion acquisition of Capri Holdings — parent of Versace, Jimmy Choo, and Michael Kors.

The FTC will conduct an internal review, which may take months and could ultimately dismantle the deal.

The judge stated that Tapestry (owner of Coach and Kate Spade) and Capri are direct competitors, and the deal would reduce competition in the luxury fashion market.

Capri’s stock plunged as much as 56% after hours.

______

This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.