(KRON) – On today’s Winners & Losers, KRON4 financial expert Rob Black talks how stocks are doing, surging home prices, and “Top Gun: Maverick” setting a Memorial Day weekend record.
Loser: Stocks still in technical ‘danger zone’
Stocks were falling as oil prices gained after Europe placed more restrictions on Russian oil. Year-to-date the NASDAQ is down 22.4% and the S&P is down 12.76%. Oil is up 58.76%, and prices rose to a two-month high over the weekend, while the average cost of a gallon of gas in the US hit a record of $4.62.
The European Union will impose a partial oil embargo on Russia. European leaders agreed a compromise plan to block more than two-thirds of Russian oil imports, after Hungary opposed a total ban.
Record high gas prices and inflation overtake COVID-19 as top travel concerns this summer.
Bitcoin’s price is holding above $31,000.
A researcher says her avatar was sexually assaulted in the metaverse. The encounter took place in Meta’s social-networking platform Horizon World, making her the latest victim of sexual abuse on Meta’s platforms.
A Twitter investor sued Elon Musk, accusing him of market manipulation.
Loser: Home prices surge over 20% in March
Rising mortgage rates did not slow down rising home prices in March. Nationally, home prices were 20.6% higher than they were in March 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is higher than the 20% gain in February.
Tampa, Phoenix and Miami continued to see the highest annual gains, with increases of 34.8%, 32.4% and 32%, respectively.
The cities seeing the smallest price gains, albeit still in double digits from a year ago, were Minneapolis (+12.4%), Washington (+12.9%) and Chicago (+13%).
The expectation is that prices will begin to ease, since home sales have been falling now for several months. More supply is also coming on the market, as sellers worry they will miss out on the last days of the hot market.
Winner: ‘Top Gun’ sets Memorial Day opening record
Moviegoers felt the need for speed over Memorial Day weekend. The long-delayed sequel “Top Gun: Maverick” grossed a massive $156 million over the four-day holiday weekend: the best debut for any Memorial Day release ever.
The previous record was held by “Pirates of the Caribbean: At World’s End,” which opened to $153 million in 2007.
Also this is the biggest opening for a movie starring Tom Cruise.
The film’s success was a great sign for movie theaters as the crucial summer movie season kicks off. Over half of audience who went to see Maverick this weekend was over 35. The older audience is a hopeful sign for non-superhero films slated for this summer including Jordan Peele’s “Nope” and Baz Luhrmann’s “Elvis.”