Good morning, you're listening to Markets Desk.
Mortgage rates have crossed back above seven percent, and the rent-versus-buy calculus is shifting hard. Over the past decade, the S and P five hundred has dramatically outpaced housing returns, and with the Fed tightening again, analysts say that gap is likely to widen further as the housing market remains effectively frozen.
Turning to equities, American Express is drawing fresh attention from value-oriented investors. The stock sits roughly twenty-one percent below its all-time high, trading at a price-to-earnings multiple of eighteen point six. Some analysts argue that multiple has room to expand, with projections suggesting a one-thousand-dollar position could double within five years — a thesis that carries Buffett's implicit endorsement given his long-standing position.
And at Keeneland, the September Yearling Sale just shattered its own world record, with through-the-ring sales surpassing last year's historic numbers to become the largest auction of its kind ever held. The timing is notable, coming directly ahead of the Breeders Cup, signaling that appetite for elite bloodstock remains remarkably strong despite broader economic uncertainty.
That's the tape. Markets Desk, signing off the floor.
