Interest rates keep rising, but for the most part, consumers are hanging in there. That’s because consumers locked in ultralow rates on debt such as mortgages and auto loans in the decade-plus that followed the 2008 financial crisis. Though rates on some loans such as credit cards are rising with the Fed’s hikes, a huge chunk of consumer debt carries low yields. That has allowed many households to continue spending.
Meta Platforms CEO Mark Zuckerberg called it a “good” quarter. Investors apparently agree. Meta shares are up 8% in premarket trading after the company reported earnings and revenue for the second quarter that topped analysts’ estimates and issued a better-than-expected forecast for the current period, reflecting a rebound in the digital ad market.
Futures are rising after stocks closed mixed yesterday. The Dow Industrials rose for the 13th straight session, up 82, but the Nasdaq fell 17 and the S&P 500 was little changed.
