TikTok ban vote, earnings, mortgage data: What to Watch
The US House of Representatives are set to take a vote on whether or not to force TikTok parent company ByteDance to divest from the company or else disqualify the app from the US market. If the bill makes its way through Congress, President Biden has claimed he will sign it into law.
Lennar (LEN), Dollar Tree (DLTR), and Williams-Sonoma (WSM) are set to post their latest quarterly earnings, with Lennar posting their first-quarter earnings for 2024. Shares of Lennar are already up 12% year-to-date as other homebuilding companies in the sector are in the green.
New weekly mortgage application data will be released Wednesday morning. As mortgage rates hover around 7%, things may turn around as spring buying season is right around the corner.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Nicholas Jacobino
Video Transcript
JULIE HYMAN: Time now for what to watch on Wednesday, March 13th. Starting off on Capitol Hill. The House voting on a bill that would require Chinese company ByteDance to sell TikTok or face a ban in the United States.
Now, if that bill passes, it would go to a vote in the Senate. And if it passes there, it would go to the president to sign into law. President Biden saying that if the bill gets through Congress, he will indeed sign it.
JARED BLIKRE: And moving over to earnings, Lennar, Dollar Tree, and Williams-Sonoma all reporting earnings tomorrow. Lennar announcing results for the first quarter of 2024 after the closing bell.
Now, the homebuilding giant having a strong start to the year. It's up about 11% as homebuilders continue their upward trajectory.
And let's go to the Wi-Fi interactive real quickly where I have our homebuilders year-to-date looking. And I should mention homebuilders have been making just XHB. That's a sector itself have been making record highs. But you can really see, especially over the last year, some of these outsized returns.
JULIE HYMAN: Yeah, definitely. We've seen a lot of optimism about housing coming back. Speaking of housing, by the way, new weekly. Mortgage application data is coming out in the morning.
The latest readings showing a sharp increase following weeks of declines this coming as mortgage rates hover around 7% showing the spring buying season. Might be showing some signs of life.
