In another grim milestone for the housing market, 75% of homes are unaffordable for middle-income buyers, report says
Good morning, readers. I'm Max Adams, senior markets editor. Today we're bringing you the latest updates on housing, Russia's currency moves, and the outlook for tech stocks.
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1. The housing market isn't getting any more affordable. It's so expensive right now that over 75% of homes are too pricey for middle-income buyers, the National Association of Realtors said. Full details.
2. US stock futures rise early Tuesday, as Wall Street looks ahead to May's consumer price index, out later today. Here are the latest market moves.
3. Earnings on deck: Motorcar Parts of America, Helix Biopharma Corp., MamaMancini's Holdings, all reporting.
4. Goldman Sachs analyzed 1,246 hedge and mutual funds. All together they have a combined $4.8 trillion in holdings — and these are the 9 standout stocks they agree are worth buying.
5. Russia is ramping up sales of Chinese yuan from its wealth fund. The warring nation is starting to see oil and gas revenues decline. According to the Kremlin, last month energy sales fell short of expectations by 30.6 billion rubles.
6. Tech stocks are in the midst of a "1995 moment." Wedbush's Dan Ives expects the sector to rise as much as 12% in the second half of this year. Artificial intelligence developments, in his view, look poised to power the coming rally.
7. North Korean hackers have swindled $3 billion in crypto over the last five years. They've done that by masquerading as recruiters, IT workers, and government officials. Experts say these digital attacks have become increasingly sophisticated.
8. A housing economist explained which cities are going to see the highest home-price increases in the next year. While some areas look like they'll see falling prices, others could climb. This is the breakdown for 51 cities.
9. Meet a 34-year-old financially independent real-estate investor. He used a home equity loan to afford his first Airbnb — and he says anyone can use this exact strategy to buy property.
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10. Tesla shares are on pace for their longest winning streak ever. Elon Musk must be happy to see that his EV company's stock clocked its 12th straight gain on Monday. But it's no accident — Tesla just inked key deals with GM and Ford.
Curated by Max Adams in New York. Feedback or tips? Tweet (@maxradams) or email madams@insider.com
Edited by Hallam Bullock (@hallam_bullock) in London.
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