Wall Street's flood of IPO's, 30-year mortgage rate pulls back to 6.35%

Market Performance - The Dow Jones Industrial Average closed down 273 points, a decrease of 06% [2] - NASDAQ closed up 05%, showing an opposite trend to the Dow [2] - The S&P 500 narrowly missed a record, down five basis points [2] - The S&P 500 is up 16% for the week, NASDAQ is up over 2%, and the Dow is up almost 1% [3] - Communication services led sector performance, up 085%, followed by utilities and consumer discretionary, each up about 05% [4] - Tesla was up 736%, while Amazon was down about 08% [5] - China's market has shown significant gains this week, with Alibaba up 14%, Baidu up over 12%, and JDcom up 7% [7] Federal Reserve and Interest Rates - Market expects a 25 basis point rate cut from the Fed [8][9] - The Fed may focus more on employment, potentially deemphasizing inflation [9][10] - The market has priced in about 150 basis points of easing, but the Fed might not be as aggressive [12] - The unemployment rate is at 43%, and inflation is around 27% to 29% [13] IPO Market - The week has been the busiest since 2021 for companies raising over 100 million in their IPOs [26] - Seven big deals this week raised about 44 billion, making 2025 the best year for IPO volume since 2021 [27] - Expect three to five large traditional IPO issuances per week through the end of November or early December [29] Housing Market - The 30-year fixed mortgage rate hit 635% [31] - Mortgage rates have fallen due to weaker economic data and expectations of Fed rate cuts [33] - Home price growth is slower than inflation [35] - Lower mortgage rates are helping with affordability, but broader economic factors also influence buyer decisions [34][37]