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Major U.S. equities traded higher after several companies posted strong earnings results and a report showed that retail sales remained steady in June compared with the prior month, outperforming economists' predictions.

Stocks also received a boost from increasing conviction among market participants that lower interest rates are forthcoming. According to CME Group's FedWatch tool, traders are now pricing in a 100% chance that the Federal Reserve will cut its influential fed funds rate at its September meeting.

The S&P 500 added 0.6%, notching an all-time closing high. The Dow soared more than 700 points, or 1.9%, reaching a record close for the second straight day. After spending much of the session in negative territory, the Nasdaq rallied in the afternoon to post a daily gain of 0.2%.

Health insurance firms enjoyed a strong day on the stock market after industry giant UnitedHealth Group (UNH) beat second-quarter profit estimates, driven by increased revenue from its Optum health care unit. UnitedHealth shares added 6.5% following the strong results. Peers also posted gains, with shares of Molina Healthcare (MOH) jumping 8.2% to notch Tuesday's top performance in the S&P 500.

Firmer confidence that lower interest rates are on the horizon helped lift shares of companies in the housing industry, with the promise of lower interest rates boding well for future homebuying activity. Shares of construction materials provider Builders FirstSource (BLDR) soared 8.0%. Shares of home builders also moved higher, with Pultegroup (PHM), D.R. Horton (DHI), and Lennar (LEN) all up more than 6.5%.

Warner Bros Discovery (WBD) shares jumped 7.6% after Bank of America pointed to numerous strategic options for the media conglomerate to create more value for its shareholders. Possible moves mentioned by the analysts include spinning off studio assets into a standalone company or merging its streaming services with another entity.

Shares of Match Group (MTCH), which operates Tinder and other online dating platforms, surged 7.5% amid news that activist hedge fund Starboard Value has acquired a stake worth approximately 6.6% of the company. In a letter to Match executives, Starboard stressed the need for improved margins and discussed the possibility of pursuing a sale to bring the company private.

Charles Schwab (SCHW) shares plummeted 10.2%, suffering the heaviest losses of any S&P 500 component. CEO Walt Bettinger said the financial services firm will downsize its bank to attempt to maintain profitability. According to reports, the firm plans to streamline its use of capital by relying on off-balance sheet deals with outside partners to hold customer deposits.

Other stocks in the financial services industry came under pressure following the warning from Schwab. Shares of Raymond James Financial (RJF) and Ameriprise Financial (AMP) fell 6.3% and 3.8%, respectively.

Progressive (PGR) shares slipped 3.2% after the property and casualty insurer reported mixed quarterly results, with earnings per share (EPS) exceeding estimates but revenue falling slightly short of expectations. Following the earnings release, Morgan Stanley maintained its "overweight" rating on Progressive stock, highlighting strong underwriting profitability, but analysts noted lower-than-expected personal auto policies in force (PIF) as a potential area of concern.

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The United Arab Emirates (UAE) says Nigeria has not been exempted from the customary visa application process, TheCable is reporting.

On Monday, Nigerians were thrilled to read that the three-year travel ban from the UAE had been lifted. But their joy evaporated when Mohammed Idris, minister of information and national orientation, said the resolution had conditions that were “mutually beneficial”.

Part of the conditions include obtaining a document verification number (DVN). According to the DV hub, the process is a specialised service designed to authenticate and verify documentation essential for visa applications to the UAE. The DVN costs a non-refundable N640,000 excluding VAT for each application. This does not include the visa fee.

In addition to obtaining a UAE visa, Nigerians are required to provide proof of a six-month bank statement with a minimum balance of $10,000. While some citizens described the conditions as an upheld ‘constructive ban’, others expressed doubt about the authenticity of the DVN.

TheCable contacted the UAE’s department of economy and tourism to confirm if obtaining a DVN was part of the resolutions reached. The department said the DV hub website is not affiliated with the UAE government.

Asked if Nigerians are required to make payments for documents’ verification, TheCable was referred to Dubai’s general directorate of residency and foreigners’ affairs (GDRFAD). “You will need a personal photo and a copy of your passport which must not have less than six months validity,” the GDRFAD said, while explaining the process for a visa application.

A tourist visa costs about 200-300 dirhams (N60,000 – 90,000) depending on the stay. “You will also need a travel ticket and valid medical insurance within the UAE,” the GDRFAD added. Asked about the need to have a bank balance of $10,000, the directorate said: “We are not aware of such requirements. Make your visa applications through the GDRFAD.”

Eche Abu-Obe, spokesperson for Nigeria’s ministry of foreign affairs, told TheCable that clarification on the DVN would be sought and provided from the ministry’s office in the Middle East.

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A Lady has shared her observation about single men.

She said 80% of single guys are no longer interested in dating. They are not even trying.

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Sellers may have held an upper hand in the U.S. housing market for the past few years, but that could be changing.

One in four sellers decreased the price of their home to entice buyers in June, according to a new report from Zillow. With home prices near record highs, buyers have been less willing to cave to higher prices. As a result, pending home sales reached a record low last month.

Now that more houses are coming onto the market, sellers are facing increasing competition and are being forced to lower asking prices.

Over the past two years, the Federal Reserve has raised its benchmark interest rate to 23-year highs to combat inflation. That has made borrowing—including mortgages—more expensive. In addition, sellers have become reluctant to trade their low mortgage rates for higher ones, opting to stay put until they recede.

As fewer homes came on the market, scarcity drove up home prices. Median existing home prices jumped 5.8% year-over-year in May to a record $419,300, according to data from the National Association of Realtors.

Many homeowners waiting for mortgage rates to drop before listing their homes have changed their minds as the Fed has not begun cutting rates yet, implying mortgage rates may not come down significantly any time soon.

Listings jumped 4% from May to June, according to Zillow, and are 23% higher compared to the lows of last year. However, home inventories are still about 33% lower than before the pandemic.

However, mortgage rates are finally showing signs of moderating. The average payment is still higher than pre-pandemic but today a 30-year mortgage has a rate of 6.89%, the lowest since March, according to Freddie Mac.

Homebuyers are finding themselves in a better position now as mortgage rates are waning and more homes are getting listed. Compared to the spring, homebuyers with a $3,000 monthly budget gained over $20,000 in purchasing power, according to a report from Redfin.

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Nigeria’s First Lady, Oluremi Tinubu has said that his husband, President Bola Ahmed Tinubu has deep love for Nigerians despite the economic hardship the citizens are experiencing.

The first lady made this known when she paid the Oba of Lagos, Oba Rilwan Akiolu a courtesy visit, according to a statement on Tuesday by her Media Aide, Busola Kukoyi.

She assured that President Tinubu would do well to address the challenges facing the country. “I assure you that President Bola Ahmed Tinubu will do well for this country. He loves Nigeria, he loves Nigerians and will do the best for them”.

On his part, Oba Akiolu urged Nigerians to be patient with Tinubu’s administration. “All that I am saying and appealing is that we should pray for Nigeria and the president. We should be patient. Everything good needs prayers,” he said.

This comes as Nigerians grapple with high headline and food inflation which stood at 34.19 percent and 40.87 respectively. Consequently, the purchasing power of Nigerians has continued to wane as hunger bites harder. Daily Post reports that Nigerians have planned a nationwide protest starting from August 1, 2024.

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