President Biden Stands in Solidarity with Israel During Visit Amid Ongoing Conflict with Hamas
United Airlines Warns Israel-Hamas War Could Impact Financial Performance
Mortgage Demand Reaches Lowest Level Since 1995
In a show of support for Israel, President Joe Biden visited the country amid the ongoing conflict with the Palestinian group Hamas. The visit comes as Israel counters the brutal attacks carried out by Hamas on October 7, which resulted in the death of 1,400 people. Biden’s visit aimed to demonstrate solidarity with the Israeli people and condemn the violence.
During a speech in Tel Aviv, President Biden addressed the recent blast at a Gaza hospital that claimed the lives of approximately 500 people. He expressed his belief that Israel was not responsible for the explosion, despite blame being placed on both Israeli and Palestinian officials. The President’s previously scheduled visit to meet with officials in Jordan was canceled due to the growing anger in the region over perceived U.S. support for Israel. The death toll in Gaza has now reached approximately 3,000, highlighting the severity of the ongoing conflict.
Meanwhile, United Airlines issued a warning to investors, stating that its temporary suspension of Tel Aviv flights due to the Israel-Hamas war may have a negative impact on its financial performance for the current quarter. The extent of this impact will depend on the duration of the conflict and the subsequent halt on flights. United also cited the pressure on profits caused by surging airport jet fuel costs, which have increased by nearly 25% since the beginning of the summer. Despite these challenges, United reported earnings and revenue growth for the third quarter that exceeded Wall Street’s expectations.
In the housing market, there has been a significant decline in mortgage demand, reaching the lowest level since 1995 according to the Mortgage Bankers Association. Rising mortgage rates are deterring potential buyers, and fewer homeowners are seeking to refinance due to previously locked-in low rates. These factors, combined with the Federal Reserve’s efforts to combat inflation, have contributed to the already-expensive housing market facing additional challenges.
In other news, the U.S. House of Representatives has once again failed to elect a new speaker. Conservative Republican Representative Jim Jordan of Ohio, a strong ally of former President Donald Trump, did not succeed in his first attempt to secure the position. The House GOP caucus remains divided as they search for a replacement for former Speaker Kevin McCarthy, who was ousted with the help of eight far-right Republicans. The next vote for the speaker position is expected to take place later on Wednesday, with Jordan continuing to campaign for votes.
This article contains contributions from CNBC’s Samantha Subin, Emma Kinery, Sam Meredith, Natasha Turak, Leslie Josephs, Diana Olick, and Spencer Kimball. For more comprehensive market updates, visit CNBC Pro.