KRON 4’s Rob Black spoke with James Fletcher on Monday morning about Cyber Monday expecting great sales, the rising mortgage rates, and Tesla on brink of collapsing.
Cyber Monday kicks off today and is projected to be the biggest online shopping day in United States history. It’s expected to generate $7.8 billion in sales, which is nearly 18 percent up from 2017. Retailers are offering huge deals to keep Cyber Monday separate from Black Friday.
Mortgage rates are rising and crushing the refinancing market. According to Government-Sponsored Mortgage Corporation Freddie Mac, over 80-percent of those who refinanced in the third quarter cashed out $14.6 billion in equity on their homes.
Tesla CEO Elon Musk says that the company almost crashed earlier in the year as they worked through the production ramp for Model 3.Musk said that the company was hitting ‘single-digit weeks’ and was ‘bleeding money like crazy.’
A KRON 4 viewer, Vito, asked the question, “will the markets experience a ‘Santa Clause’ rally this year?” To get the answer, watch the whole story above.
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