Business & Markets — October 2, 2026

Mortgage rates near three-year high. The 30-year fixed mortgage rate climbed above 7% to its highest level in nearly three years. New applications declined, and the housing market slowed further.

Axios · Read more →

New Mexico seeks up to $40 billion from Meta. After a jury found Meta misled consumers about data privacy, the state asked a judge to impose penalties of $35-40 billion, among the largest ever sought from a tech company.

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Amazon seeks to offload Nvidia chips. Amazon is seeking to move $8 billion of Nvidia processors off its balance sheet to investors. It is also raising chip-rental prices -- a sign of the financing crunch behind the AI buildout.

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Nike shares fall 10%. Nike shares fell 10% on a weak revenue outlook and layoff plans. Yet Caitlin Clark's signature shoe became the largest launch in company history.

The selloff marked a second consecutive day of declines, according to CNBC, following an earnings report that showed revenue contracting as the company confirmed staff reductions were underway. The record-setting debut of the Clark sneaker offered a contrasting bright spot in the results, even as the broader sales forecast weighed on the stock.

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