Welcome to Markets Desk, here's what's moving the needle this afternoon.
Mortgage demand is flashing a warning sign for the housing market. Homebuyers pulled back sharply last week as rates surged to their highest levels since early this year, sending purchase applications down nineteen percent from a year ago. That kind of abrupt rate move squeezes affordability fast, and the data suggests buyers are stepping back rather than stretching further.
Shifting to semiconductors, the debate over ASML versus Taiwan Semiconductor is sharpening heading into two thousand twenty six. ASML holds an absolute monopoly on the extreme ultraviolet lithography machines that make advanced chip manufacturing possible — no fab on earth can build leading-edge silicon without them. TSMC, meanwhile, is the world's dominant foundry, turning those machines into finished chips for Apple, Nvidia, and virtually everyone else. Two different business models, both central to the AI infrastructure buildout.
And on the pharma side, Bristol Myers Squibb reaffirmed its commitment to shareholders, declaring a quarterly dividend of sixty-three cents per share. It's a modest signal in a sector that's seen significant pricing and pipeline pressure, but consistent capital return programs tend to anchor long-term institutional holders, and Bristol is clearly leaning into that stability narrative.
That's the tape. Markets Desk, signing off the floor.
