Mortgage rates jumped this week, mortgage buyer Freddie Mac said Thursday.

Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage climbed to 6.52% from last week’s reading of 6.48%.

The average rate on a 30-year loan was 6.84% a year ago.

MORTGAGE RATES JUMP AS INFLATION FEARS, IRAN WAR WEIGH

“The 30-year fixed-rate mortgage averaged 6.52% this week,” Sam Khater, chief economist at Freddie Mac, said in a statement. 

“Stronger employment momentum has helped existing home sales reach a five-month high. Importantly, we’re seeing homebuyers look past the short-term rate fluctuations and actively enter the market, signaling renewed confidence in homeownership opportunities.”

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The average rate on a 15-year fixed mortgage rose to 5.84% from last week’s reading of 5.79%.

The U.S. added 172,000 jobs in May, beating forecasts, while unemployment held steady at 4.3%. The strong report may lower hopes for near-term interest rate cuts, according to Realtor.com economist Jiyai Xu.

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The Labor Department also reported that the Consumer Price Index rose 4.2% year over year in May, the highest since April 2023. 

Core inflation, excluding food and energy, rose 2.9%, according to Realtor.com.

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“What began as a question of when the Fed would cut rates has quietly shifted,” Xu said in a statement. “Ongoing global tensions and rising energy prices have prompted some to wonder whether a rate increase may be back on the table.”

NEW YORK — The San Antonio Spurs refused to waver in the face of a devastating collapse, with Victor Wembanyama and his young teammates vowing to learn from a historic 29-point meltdown in Game 4 of the 2026 NBA Finals against the New York Knicks.

The Spurs led by as many as 29 points but fell 107-106 on OG Anunoby’s tip-in with 1.2 seconds left, dropping to a 3-1 series deficit. The loss marked the largest comeback in NBA Finals history, surpassing the previous mark of 24 points set by Boston in 2008.

Despite the painful defeat at Madison Square Garden, the Spurs emphasized unity and determination heading into Game 5 on Saturday in San Antonio. “What’s going through my mind right now? I think it’s going to go one of two ways: a bad one and a good one,” Wembanyama said. “The bad one would be giving up. The good one would be getting stronger through this, getting more together. I know this is what we’re going to do.”

The Spurs built a commanding 81-52 lead in the third quarter behind hot three-point shooting and strong interior play. They led by 27 points at halftime, the largest halftime advantage by a visiting team in Finals history. However, San Antonio managed just 30 points in the second half on 8-for-39 shooting with 10 turnovers.

“We went away from everything we were doing,” rookie guard Dylan Harper said. “In the first half, a lot of tough shots went in. Really, that was because we were playing the right way. We got away from that in the second half because of the lead. We just can’t take our foot off the gas.”

Game 4 Collapse Details

The Spurs opened with a 12-2 run and extended the lead to 41-22 after the first quarter. They shot 11-for-16 from three-point range in the first half, setting a Finals record for most threes in a half. Wembanyama, De’Aaron Fox, Devin Vassell and Harper combined for 59 points by intermission.

New York mounted a comeback with a 13-0 run in the third quarter, cutting the deficit to 15 points entering the fourth. The Knicks outscored the Spurs 32-16 in the final period to complete the rally.

Jalen Brunson led the Knicks with 36 points, while Anunoby finished with 33 and delivered the game-winner. Wembanyama posted 24 points and 13 rebounds but shot 9-for-25 from the field. Dylan Harper scored 21 points for San Antonio, with Fox and Vassell each adding 18.

Coach Mitch Johnson expressed disappointment in the second-half execution. “We got on our heels — we missed some shots. It’s disappointing, to say the least.”

Wembanyama played 44 minutes in the loss, logging heavy minutes even with a large lead. “Yeah, I guess I did,” he said when asked if he wore down. Johnson explained the decision: “He had a few more minutes tonight because we were trying to put the game away. With Game 5 two days after this, what was at stake, we wanted to win the game and try to put it away.”

Spurs’ Youth and Growth

The young Spurs have exceeded expectations by reaching the Finals in just their third season with Wembanyama. The team has shown remarkable resilience throughout the postseason, overcoming elimination threats before. “We’ve proven we can surpass these difficulties,” Wembanyama said. “Even though we haven’t been there before, I’m convinced we’re built that way and we’re going to use the better of this. It’s going to tighten us up.”

Keldon Johnson, the NBA Sixth Man of the Year, echoed the sentiment. “We’re all human. It hurts. We want to win. We’re so close, but so far. We’re going to continue what we do, bring our brand of basketball and correct the things we can correct going forward.”

The Spurs now face elimination pressure for the second time this postseason. They previously rallied from a similar spot in the Western Conference finals against Oklahoma City.

Knicks’ Historic Comeback

The Knicks’ resilience defined the night. Coach Mike Brown praised Anunoby’s game-winning tip-in. “I don’t know if there was a play bigger than any other play in the history of Knicks basketball.”

The victory puts New York one win away from its first title since 1973. Game 5 in San Antonio offers the Spurs a chance to extend the series, but the momentum now heavily favors the Knicks after their record rally.

Series Context and Physical Play

The series has been notably physical, with multiple flagrant fouls called. Wembanyama drew attention and physicality from New York defenders, including a flagrant foul on Mitchell Robinson. The Spurs led by double digits in every game but have maintained a lead into the fourth only once.

The hostile Madison Square Garden crowd played a significant role in the momentum shift, energizing the Knicks during their comeback. Celebrities including Taylor Swift were in attendance, adding to the spectacle.

Broader Implications for Both Teams

For the Spurs, the loss represents a painful but valuable lesson in closing out games at the highest level. Their youth and inexperience showed in the second half, but the core group has demonstrated growth throughout the season and playoffs.

The Knicks have overcome significant obstacles en route to this point, erasing large deficits multiple times this postseason. Their never-quit mentality has become a defining characteristic under coach Mike Brown.

Game 5 will test San Antonio’s resolve at home, where they have been strong. A victory would send the series back to New York for Game 6, keeping championship hopes alive. For the Knicks, closing out on the road would cap a remarkable playoff run.

Fan and Cultural Reaction

The game produced immediate buzz, with fans and analysts praising the Knicks’ resilience while lamenting the Spurs’ collapse. Social media was filled with highlights of Anunoby’s tip-in and reactions to the historic comeback.

The series has captivated basketball fans with strong individual performances and dramatic swings. Wembanyama’s emergence as a Finals star at a young age has drawn comparisons to legendary big men, while Brunson’s leadership has solidified his status among the league’s elite.

As the Finals head to San Antonio, both teams prepare for what could be a decisive Game 5. The Spurs must regroup quickly to avoid elimination, while the Knicks aim to finish the job and end a long championship drought. The coming contest promises another chapter in what has become a compelling and hard-fought NBA Finals series.

The Spurs’ youth provides reason for optimism despite the painful loss. With Wembanyama leading the way and a core group gaining valuable experience, San Antonio remains a team built for sustained success. For now, the focus shifts to Game 5, where resilience will be tested once more on home court.

Wall Street’s major indexes ended sharply higher on Thursday, with stocks extending gains after U.S. President Donald Trump said he canceled planned strikes against Iran, and on the eve of the market debut of Elon Musk’s SpaceX.

Hours before the expected strikes, ‌Trump said ⁠on Truth Social ⁠that negotiations with Tehran had advanced to the highest levels of Iran’s leadership and had been okayed by a broad coalition of regional powers.

Oil prices dropped sharply, while stocks added to their rebound from the prior session’s selloff. On Wednesday, major Wall Street indexes fell more than 1% and the S&P 500 Technology Index confirmed a correction.

“Our technical indicators are looking relatively oversold here,” said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. “Just as ⁠we had ‌gone up too far, too fast, we came down too far, too fast.”

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According to preliminary data, the S&P 500 gained 126.86 points, or 1.75%, to ⁠end at 7,393.85 points, while the Nasdaq Composite gained 637.78 points, or 2.53%, to 25,801.47. The Dow Jones Industrial Average rose 928.72 points, or 1.84%, to 50,847.50. On Thursday, SpaceX priced the biggest-ever U.S. initial public offering at $135 per share, making Musk’s rocket and spacecraft manufacturer one of the world’s most valuable companies. The IPO raised a record $75 billion on the sale of 555.56 million shares. It valued the company at $1.77 trillion, a record for an initial offering.
SpaceX shares are expected to begin trading on ‌Friday.
The S&P 500 has pulled back since hitting a record closing high in early June. The Middle East conflict has stoked inflationary pressures.

Still, Oracle shares plunged after the company projected capital spending plans ⁠for fiscal 2027 above Wall Street estimates.

Feeding inflation worries, data showed U.S. producer prices increased more than expected in May, leading to the largest annual gain in over three years.

Separately, the number of Americans filing claims for unemployment benefits increased marginally last week.

The Federal Reserve is widely expected to hold interest rates steady at its policy meeting next week, with investors pricing in at least one 25 basis point rate hike by the end of the year.

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An American favorite pizza chain is quietly disappearing from communities across the country.

Papa Johns is following through on its plan to close about 300 North American stores, with dozens of locations shuttering in the first quarter – primarily in core Sun Belt states.

A recent analysis of Papa Johns financial filings by Fast Company found that 44 stores closed across 17 states, with the highest concentration of closures in Texas, California, Florida and Arizona.

Multiple location closures have also been identified in Michigan, North Carolina and Virginia.

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The pizza brand first announced in February that hundreds of underperforming restaurants would cease operations by the end of 2027, describing the locations as being primarily franchise-owned, more than a decade old and generating less than $600,000 in annual sales volumes (AUVs).

“We believe these closures will further strengthen the system, increasing AUVs by at least 3% and improve franchisee health by allowing franchisees to reallocate resources towards operational excellence in their remaining restaurants and open units in priority markets,” Papa Johns CFO Ravi Thanawala previously said.

He also said that the majority of the company’s restaurants worldwide have “performed well over the years and delivered strong returns for both corporate and franchise owners,” and that the strategic closure of underperforming restaurants is “among the most impactful actions we can take to improve restaurant profitability and fleet health.”

However, shares of Papa Johns International were down roughly 21% year to date through Wednesday’s close. Over the past five years, shares of Papa Johns International have fallen more than 69%.

In addition to the Q1 store closures, filings showed that Papa Johns laid off 7% of its corporate workforce.

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Not only are franchisees across the fast-food industry facing severe headwinds from inflation, supply chain expenses and labor costs, but pizzerias nationwide are facing stiff competition. A recent Wall Street Journal report found that pizza restaurants are now outnumbered by Mexican restaurants and coffee shops.

Other pizza chain competitors have made strategic moves amid weakening demand, including rival Pizza Hut closing hundreds of locations and its parent company, Yum! Brands, reportedly looking into a potential sale of the chain.

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FOX Business’ Matthew Kazin contributed to this report.

NEW YORK — The Dow Jones Industrial Average rose more than 246 points on Thursday, closing at 50,165.69 as investors welcomed resilient corporate earnings and signs that inflation pressures may be moderating despite ongoing geopolitical risks.

The blue-chip index gained 246.91 points, or 0.49%, in a session that saw broad participation across sectors. The S&P 500 and Nasdaq Composite also posted gains, reflecting improved sentiment after recent volatility tied to energy costs and global tensions.

Market Drivers and Sentiment Shift

The rebound followed a string of solid earnings reports that demonstrated corporate resilience amid higher costs. Several major Dow constituents beat expectations, providing reassurance about consumer demand and operational efficiency. Traders appeared to price in the possibility of a soft economic landing, with some relief that the latest inflation data may not force more aggressive Federal Reserve tightening.

Energy stocks provided support as oil prices stabilized, while technology and consumer discretionary names recovered ground after recent weakness. Financials benefited from a more constructive outlook on interest rates, and industrial names gained on expectations of steady economic activity.

Inflation Data and Fed Outlook

The latest Consumer Price Index report showed headline inflation at 4.2% year-over-year in May, the highest reading since 2023, largely driven by energy. However, core measures remained closer to the Fed’s 2% target, giving policymakers room to assess incoming data without immediate pressure for rate hikes.

The Producer Price Index due later Thursday will offer additional insight into wholesale trends. Markets continue to price in a high probability of rates remaining steady at the June Fed meeting, with potential cuts later in the year depending on subsequent readings.

Corporate Earnings Momentum

Earnings season has provided a mixed but generally positive narrative. Companies across sectors have demonstrated pricing power and cost control, helping alleviate concerns about margin compression. Forward guidance in key areas has been constructive, with many executives citing stable demand despite higher borrowing costs.

This corporate strength has helped support equity valuations even as macroeconomic uncertainties persist. The Dow’s ability to climb back above the 50,000 psychological level earlier this year remains a significant milestone, with analysts viewing current levels as supported by fundamentals.

Sector Rotation and Leadership

Technology and communication services led gains as investors rotated back into growth names. Financials showed strength on improving net interest margin outlooks, while energy names benefited from stable oil prices. Defensive sectors such as consumer staples and healthcare provided steady support.

The session’s breadth, with more advancing than declining issues on the New York Stock Exchange, indicated healthy participation rather than concentrated buying in a few names.

Technical and Sentiment Indicators

The Dow’s move reflected improving momentum after a period of consolidation. Technical indicators suggest the index is neither strongly bullish nor bearish in the short term, with support levels holding firm.

Options activity showed reduced hedging demand, suggesting traders are becoming more comfortable with current valuations. Institutional flows appeared balanced, with selective buying in quality companies.

Global Market Influence

International markets showed mixed performance overnight, with European indexes posting modest gains and Asian markets closing mixed. The U.S. dollar traded in a tight range, reflecting balanced global risk perceptions.

Commodity prices, particularly oil, stabilized after recent volatility tied to Middle East developments. Gold prices eased slightly as risk appetite improved.

Investor Outlook and Strategy

Strategists maintain a generally constructive view for equities, citing resilient corporate profits and the potential for monetary easing later in the year. However, they caution that volatility around data releases and geopolitical events is likely to continue.

Diversified portfolios with exposure to both growth and value sectors are recommended. Focus on companies with strong balance sheets, clear growth strategies and pricing power remains key in the current environment.

Broader Economic Picture

The U.S. economy continues to demonstrate resilience despite higher interest rates and external shocks. Consumer spending has held up better than many feared, supported by a still-solid labor market and wage growth in certain sectors.

Challenges remain, including elevated housing costs and uneven recovery across income groups. The Federal Reserve’s careful approach to policy has helped maintain stability, though the path forward depends on incoming data.

Looking Ahead

Markets will continue monitoring upcoming economic releases, including retail sales and further inflation metrics. Corporate earnings season remains in focus, with additional reports expected to shape sentiment in the days ahead.

The Dow’s performance serves as a key barometer for investor confidence. Thursday’s gain reflects measured optimism as traders balance positive corporate trends with ongoing macroeconomic uncertainties.

As the trading week progresses, focus will shift to any fresh signals from policymakers and corporate boardrooms. The blue-chip index’s ability to hold recent gains will be an important technical test in the near term.

Overall, the session’s advance underscores the market’s capacity to absorb news and find buying opportunities amid a complex backdrop. Investors remain attentive to both risks and opportunities as 2026 unfolds.

The modest rebound leaves the Dow well-positioned after recent consolidation, with many analysts viewing current levels as attractive for long-term accumulation in quality names. Continued corporate resilience and potential policy support could drive further upside if inflation trends moderate as hoped.

New Delhi: The burden of adjustment in an imbalanced, conflict-ridden world should not fall disproportionately on countries in the Global South that don’t drive these imbalances, finance minister Nirmala Sitharaman said on Thursday.

India, like many developing economies, “remains largely peripheral to both the origination and propagation of global imbalances; yet, we continue to face their spill-over effects”, the minister said.

Sitharaman made the statements while representing India at a virtual meeting on the Global Convergence for Growth Summit, presided over by French President Emmanuel Macron, the finance ministry said in a post on microblogging site X.

“In today’s interconnected world, prosperity and challenges are shared, but the consequences of conflicts and uncertainty fall disproportionately on developing countries and the Global South. The situation demands coordinated global action,” the minister said during her intervention at the summit.

“We must strengthen multilateral cooperation to build resilient economies, accelerate sustainable development and ensure inclusive growth that benefits all,” she added.

The summit was held to bring together leaders of advanced and emerging economies to deliberate on ways to support a balanced and efficient global framework. The senior leadership of all the G7 nations and India, Brazil, China, Kenya, South Korea and the International Monetary Fund participated in the summit.
Making her observations on global imbalances, the minister said: “Not all imbalances are alike, some reflect differences in demographics, development stages, resource endowments, or economic structures.””Our focus should, therefore, remain on excessive and persistent imbalances while recognising that the scale of domestic needs varies significantly across countries,” she said.

Medium-term growth, MDB reforms
India’s growth is projected to remain strong at about 7% over the medium term, the minister said, stressing that the country remains the world’s fastest-expanding major economy.

The country’s growth is primarily led by domestic demand, with a largely market-determined exchange rate, she added.

Sitharaman called for better, bigger, more effective and more representative multilateral development banks (MDBs) that can deliver greater financing to developing countries and emerging economies. Bolstering their financing capacity, operational agility and responsiveness will be critical, she said.