Bloomberg Money Minute: GM's EV Writedown, Stock Market Mixed, Oil Jumps, Mortgage Rates Rise

General Motors EV Writedown

• 🚗 General Motors announced another $6 billion loss related to its electric vehicle and battery operations.
• 💰 This brings GM's total write-downs from its EV investments to $7.6 billion.

Stock Market Performance

• 📈 The stock market ended mixed, with the Dow Jones Industrial Average rising 0.5%.
• 📉 The Nasdaq Composite fell due to weakness in the tech sector.
• 📊 The S&P 500 saw a fractional increase.
• 🛡️ Defense contractors experienced significant gains following President Trump's plans to boost military spending.

Oil Market Movement

• 🛢️ Oil prices increased by 3.5% to nearly $58 a barrel.
• 📉 This rise was driven by a larger-than-expected drawdown in U.S. crude supplies.
• 🤝 The market is also anticipating a White House meeting with oil executives to discuss rebuilding Venezuela's energy industry.

Mortgage Rate Trends

• 🏠 Average U.S. mortgage rates edged slightly higher this week to 6.16%.
• 📉 Rates remain near a one-year low.