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In the third quarter of this year, mortgage holders withdrew $48 billion of home equity.
They are sitting on a little over $17 trillion in total equity collectively.
They took just 0.42% of all tappable equity, less than half the rate seen in the decade leading up to the Fed hikes.

U.S. homeowners are sitting on a record amount of equity, but higher interest rates over the past two years have made them reluctant to tap into it. That is finally starting to change.
In the third quarter of this year, mortgage holders withdrew $48 billion of home equity, according to ICE Mortgage Technology — the largest volume in the two years since the Federal Reserve started hiking its benchmark interest rate. While mortgage rates don’t exactly follow the Fed’s rate, home equity lines of credit, or HELOCs, are tied to it. The Fed cut its rate by a half percentage point in mid-September.

Despite the bump, homeowners are still being pretty cautious.
They are sitting on a little over $17 trillion in total equity collectively. Roughly $11 trillion of that is tappable, meaning homeowners could borrow on it as long as 20% equity would remain in the home, as most lenders require. The average homeowner now has $319,000 of equity in their home, of which $207,000 is tappable.

An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. 
Mario Tama | Getty Images

In the third quarter, homeowners withdrew just 0.42% of all tappable equity, less than half the rate seen in the decade leading up to the Fed hikes.
“Over the past 10 quarters homeowners have extracted $476B in equity, exactly half the extraction we’d expect to see under more normal circumstances. That equates to nearly a half a trillion untapped dollars that hasn’t flowed back through the broader economy,” said Andy Walden, ICE vice president of research and analysis, in a release.
Homeowners tend to use equity for home repairs, renovation projects and large expenses, such as college tuition.

Walden ran the numbers for the change in costs over the past two years: The monthly payment needed to take out $50,000 in a HELOC more than doubled from as low as $167 in March 2022 to $413 in January of this year. The latest rate cut reduced that slightly.
“The market’s currently pricing in another 1.5 percentage points of cuts through the end of next year. If that comes to fruition, and current spreads hold, it’ll have positive implications for both new equity lending as well as for consumers with existing HELOCs, with the payment on a $50,000 withdrawal falling back down below $300 per month,” Walden calculated.
That cost is still above the 20-year average, but it represents a more than 25% reduction from recent highs, according to the calculations.
“Given borrowers’ recent sensitivity to even slight rate drops, this could serve to entice additional HELOC utilization, especially with mortgage holders sitting on record stockpiles of equity and locked into their current home values via low first lien rates,” Walden added.
Home equity growth has been moderating recently, as home prices ease. More supply is coming on the market, and primary mortgage rates are higher than they were over the summer. That gives sellers less pricing power. More

Ford reported a 15.2% increase in U.S. new vehicles sales in October compared with subdued levels during a union strike in October 2023.
Ford said its total U.S. market share increased 0.6 percentage points to 12.6% in October.
Sales of hybrid vehicles were up 38.5% in the month compared with October 2023, Ford said. Its EV sales were down by 8.3%.

The new Ford F-150 truck goes through the assembly line at the Ford Dearborn Plant on April 11, 2024 in Dearborn, Michigan.
Bill Pugliano | Getty Images

DETROIT — Ford Motor on Monday reported a 15.2% increase in U.S. new vehicles sales in October compared with subdued levels due to a union strike in October 2023.
The year-over-year sales increase was led by a 29.2% improvement in sales of Ford’s trucks, which were among the first vehicles affected by the United Auto Workers’ strike during contentious contract negotiations in 2023.

Ford said its total U.S. market share increased 0.6 percentage points to 12.6% in October. The automaker’s sales gain outpaced the industry’s estimated increase of 10% in October compared with a year earlier.
Sales of hybrid vehicles, which Ford has been emphasizing amid a slower-than-expected adoption of electric vehicles, were up 38.5% in October compared with October 2023, Ford said. Its EV sales were down by 8.3%, while sales of traditional vehicles with internal combustion engines were up 14.1%.
Ford’s EV sales remain up 38.2% for the year through October compared with the same time frame in 2023.
The October sales decline for EVs comes days after the company confirmed plans to idle production of its all-electric F-150 Lightning from Nov. 18 until Jan. 6, including previously planned holiday downtime at the end of the year.
Ford’s U.S. sales through October were up 3.8% to more than 1.7 million vehicles sold. More

Retailers are bracing for blowback related to DEI policies in the lead-up to the 2024 presidential election and the critical holiday shopping season.
Some companies are concerned about attending public DEI events while others are strategizing on how to avoid criticism over their policies and programs.
“There’s a clear sentiment in the retail community that nobody wants to get Tractor Supply’d,” one retail industry insider told CNBC.

A sign disparaging Bud Light beer is seen along a country road on April 21, 2023 in Arco, Idaho. Anheuser-Busch, the brewer of Bud Light has faced backlash after the company sponsored two Instagram posts from a transgender woman.
Natalie Behring | Getty Images

Retailers are facing a tough equation as they head into the all-important holiday shopping season — this time over DEI initiatives.
Companies are bracing for blowback related to policies around diversity, equity and inclusion and are hoping to avoid alienating customers who may deem the brands too woke – or not woke enough. Some are tapping outside advisors for advice on how to avoid criticism, while others are opting out of public events on the topic as backlash against equity and inclusion programs grows in the lead-up to the 2024 presidential election. 

CNBC spoke with a number of retail industry insiders, strategists and staffers who spoke on the condition of anonymity to do so candidly.
“There’s a clear sentiment in the retail community that nobody wants to get Tractor Supply’d,” said one retail industry insider, referring to that company’s decision to walk back a series of DEI initiatives after conservative activist Robby Starbuck criticized the policies online.
“Retailers left to their own devices would like to be very proactive on DEI,” said the person. “But now they don’t want any of their views to be public because they want to be able to sell stuff to everybody, and it’s become such a stupid political issue.” 
The retail industry’s concerns over DEI come after a number of high-profile, consumer-facing companies – including Lowe’s, Tractor Supply, Ford and Molson Coors – walked back some of their equity and inclusion policies in recent months. The changes included ending sponsorships for Pride festivals and cutting ties with the Human Rights Campaign, an LGBTQ+ advocacy group.
Across industries, some companies have also cut positions for DEI roles. Between 2019 and 2022, new jobs for chief diversity and inclusion officers spiked nearly 170%, according to a LinkedIn study, but over the last year, new jobs for such roles have fallen while companies like Google and Meta have cut staffers and downsized programs that fell under DEI.

When explaining their decisions to cut back on DEI, some companies, like Lowe’s, cited the recent U.S. Supreme Court decision that outlawed affirmative action as a catalyst for reviewing their policies. Privately, many retailers are concerned about losing customers and becoming the subject of conservative backlash, industry insiders told CNBC.
Last year, Anheuser-Busch-owned Bud Light and Target faced severe blowback for marketing campaigns and product collections geared toward the LGBTQ community and saw sales fall as a result. As retailers prepare for a potentially less-than-stellar holiday shopping season, they want to ensure they don’t do or say anything that could end up having the same effect.

Concerns about public events

The growing concern around public DEI efforts, especially during a highly politicized election year, has cast a pall over certain industry events.
In late September, the Retail Industry Leaders Association hosted its annual summit for corporate communications professionals. This year, the event was tied together with RILA’s Diversity Equity & Inclusion Leaders Council, which led some retailers to be concerned about the optics of attending, according to a person who was present and spoke with participants who expressed reservations.
RILA declined to comment.
One former retail executive, who didn’t attend the event but frequently advises publicly traded retailers, said it makes sense that some companies would be concerned about attending because “the optics of it are maybe not so great.”
“The tide is definitely turning against DE&I initiatives,” said the former executive, who spoke on the condition of anonymity so they could do so candidly. “I do think it has a lot to do with the election. … If you’re a CEO and you’re looking at, is [Donald] Trump going to win, or is [Kamala] Harris going to win, and you’re self-serving … then I can see why you need to hedge your bets.”
The person called it a “no-win situation,” especially for major retailers with large customer bases that span both sides of the political spectrum. 

Preparing for backlash

At a top New York City advisory firm, one strategist recently told CNBC that a primary concern facing their retail clients is DEI and how they should be preparing for potential backlash, or how they can avoid it altogether by preemptively walking back certain policies and practices. Some of the discussions included whether to participate in annual gay pride parades and how to communicate any policy changes to staff. 
“Retailers are constantly concerned about what they put out there. I think there’s a higher pressure on them,” said Sonia Lapinsky, head of consulting firm AlixPartners’ global fashion practice. “If you think about the time of year, they’re going into their biggest selling season right now. If we look at a moment in time, the last thing they want to do is potentially upset consumers or generate some bad publicity about what they’re doing or not doing. So they’re highly sensitive and highly concerned.” 
Lapinsky pointed to a recent consumer sentiment survey that AlixPartners published, which showed less than half of millennial consumers considered it very important for a retailer to embody their values in messaging, interactions and marketing. 
“Then we go down from there. So 45% for millennials, less than 40% for Gen Z and Gen X, even though we think we hear Gen Z cares about this, and then boomers was 16%,” said Lapinsky. 
However, that doesn’t mean that retailers shouldn’t be thinking about DEI when it comes to their business strategies, said Lapinsky. 
“If I’m designing a product line or even a service or something like that, and I don’t have kind of a wide representation of people who have been creating that, I think I’m very quickly going to miss the pulse on what my consumer thinks about,” said Lapinsky. “So even if they’re saying they don’t need to see it coming through in messaging, they will need to see it coming through in product that resonates and experiences that resonate and service levels that resonate with them, and that’s going to differ based on who they are and where they come from.”

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Boeing’s more than 32,000 unionized machinists walked off the job on Sept. 13.
Monday’s vote on a new labor deal will be their third since September and marks the company’s fourth offer.
Boeing has raised more than $20 billion as the strike halts most of its production.

Boeing workers from the International Association of Machinists and Aerospace Workers District 751 gather on a picket line near the entrance to a Boeing production facility on the day of a vote on a new contract proposal during an ongoing strike in Renton, Washington, U.S. October 23, 2024. 
David Ryder | Reuters

Boeing’s more than 32,000 striking machinists on Monday will vote for the third time on a contract proposal.
If a simple majority approve the offer, it would end the more than seven-week work stoppage that has halted most of the struggling company’s airplane production, another curve ball in what executives had once cast as Boeing’s turnaround year.

The proposal includes 38% raises over four years, up from the 35% increase Boeing proposed and workers rejected late last month, extending the strike. The deal that kicked off the strike in September had 25% raises, while the union had originally pushed for pay increases of about 40%.
Boeing said machinist pay will average $119,309 at the end of this contract proposal.
Workers have complained about the skyrocketing cost of living in the Seattle area, where most of Boeing’s aircraft are produced.
But the union, upon unveiling the proposal last Wednesday, warned this deal might be as good as workers are going to get.
“In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the International Association of Machinists and Aerospace Workers District 751 said in a statement. “We are at that point now and risk a regressive or lesser offer in the future.”

Read more CNBC airline news

On Saturday, the union told workers that it is “truly the time to lock in these gains and work to build more in future negotiations. You can confidently declare victory, vote yes for this agreement, and build on this for generations to come.”
Boeing CEO Kelly Ortberg, who took the reins in August, also urged workers to come back to work.
“I know the strike has been difficult for you as well as for our customers, suppliers, communities and all who work at Boeing,” he said in a staff note on Friday. “It’s time we all come back together and focus on rebuilding the business and delivering the world’s best airplanes. There are a lot of people depending on us.”
Boeing has raised more than $20 billion to shore up its finances. More

Singapore Airlines plans to add a four-seat first class to its Airbus A350-900 ultra-long range aircraft that are used on routes like the more than 18-hour flight between New York and Singapore.
The carrier also plans to grow its business class cabin on those aircraft, and retrofit other long-range Airbus A350s with new seats.
Some large airlines have done away with international first class in favor of larger business-class cabins.

Singapore Airlines new business-class seats.
Courtesy: Singapore Airlines

Singapore Airlines is planning to add a four-seat first class to the Airbus aircraft it uses for its longest routes, a bet to attract high-spending travelers to flights that can top 17 hours.
The carrier will add the new seats to seven Airbus A350-900 URLs, or ultra-long-range aircraft that it uses for lengthy trips, including its longest, between New York and Singapore. It will also revamp its cabins on long-haul Airbus planes with new business class seats that will likely include a suite with a sliding door, a popular design carriers are increasingly adopting to sell privacy as an onboard perk.

Singapore said the new first- and business-class seats will have new in-flight entertainment but the carrier didn’t disclose many details about the new cabins. CEO Goh Choon Phong said in a news release that they will “push the boundaries of comfort, luxury, and modernity.”
Airlines have been investing billions of dollars to revamp their premium cabins to chase travelers willing to shell out for more space on board. They range from international airlines Singapore Airlines to smaller carriers like JetBlue Airways, whose long-range twin-aisle jets used for trips across the Atlantic feature suites with sliding doors.

Singapore’s retrofit plans also include new cabins for 34 long-range Airbus A350s, part of a S$1.1 billion (about US$835 million), overhaul it plans to start putting into service in mid-2026. Those will still have 42 business-class seats, 24 premium economy seats and 192 in standard economy, up from the 187 economy seats it currently lists as the aircraft’s configuration.
The ultra-long-range-airplanes now have only business class and premium economy cabins. After the new cabin design with first class is installed, total business class seats will go up to 70 from 67 and the airline will offer 58 premium economy seats, from the 94 it currently offers, according to the carrier’s website.
Most U.S. carriers have already done away with long-haul first-class cabins, or are in the process of doing so, in favor of larger business-class.

American Airlines Boeing 787-9 Flagship Suite
Source: American Airlines

American Airlines is retrofitting some of its Boeing 777s to include a 70-seat business class instead of separate first and business-class cabins, and will upgrade its business-class seats on 777s and Boeing 787 Dreamliners to designs that include sliding doors. Supply chain issues have slowed some retrofits amid demand for premium-seats post-pandemic throughout the industry.
Some carriers, however, plan to keep first class, at least on some routes. German carrier Lufthansa’s new first class “suites” will debut on Nov. 9. More

Fares between the U.S. and Europe are low even for the slower late-fall and winter months.
The drop comes as airlines have added service in recent years to cater to post-pandemic travel demand.

A tourist takes a photo as the Acropolis’ Propylaea are seen in the background, in Athens, Greece, on June 28, 2024.
Elias Marcou | Reuters

Flights between the U.S. and Europe have not been this cheap in three years, when many countries were just lifting Covid-19 era rules.
Fares are low even for the traditionally slow late-fall and winter months outside of major holidays.

“It is brutal to fill seats during these times of year,” said Brett Snyder, who writes the Cranky Flier travel industry site.
According to flight-tracking company Hopper, “good deal” fares across the Atlantic to Europe are averaging $578 in November, down from $619 a year earlier.
It is the lowest deal fare for this month since 2021, when they were going for $479 and much of international travel was in a slump because of the pandemic, Hopper data shows.
In January, after the year-end holidays, 2025 fares are even lower: $558 compared to $578 for the same month in 2024, though higher than $488 in January 2022, according to Hopper.
U.S. domestic airfare, on the other hand, is more expensive compared with last year in every month from November through March.

Many airlines from financially troubled Spirit Airlines to profitable Southwest Airlines have cut flights or trimmed growth plans into next year, which has helped keep U.S. fares firm. Aircraft scarcity is also limiting airlines from adding many flights.
There are also some periods of weaker demand overall, executives at the largest U.S. carriers, Delta Air Lines, United Airlines and American Airlines have said, calling out the week before and after the U.S. presidential election on Tuesday.

How airlines got here

Carriers raced to add seats between the U.S. and Europe to cater to post-pandemic travel demand.
That buildup was not just during the peak months. Executives noted that they are seeing more shoulder-season demand to Europe as travelers look to escape scorching summer temperatures and crowds. As a result, they have also added flights outside of peak periods.
Airline capacity between the U.S. and Europe in the fourth quarter is marginally lower than last year, but it is higher than in 2019 and nearly double the amount in the same period of 2021, according to Cirium.
“I expect airfare [to Europe] to be low into next year,” said Hayley Berg, Hopper’s lead economist.
Now, on the heels of two big years for European travel, many customers are fresh off their big trips to popular destinations such as Spain and Italy, which means fewer people to fill seats in the offseason.
“It’s not as though there is so much low-hanging fruit and where airlines could print money hand-over-fist like last year,” said Scott Keyes, founder of travel app Going, which was previously known as Scott’s Cheap Flights.
Airlines traditionally discount flights in the offseason, but they are even cheaper this year.
“That’s the tell,” Keyes said. “When they’re having to go out and discount, they’re having to juice the demand.”
So that travelers do not get bored with European vacation mainstays when next year’s peak warm-weather travel season rolls around, airlines are trying new things. United Airlines has noted many customers have already taken trips to major European cities and the airline plans to expand its schedule next year to more off-the-beaten-path destinations such as Greenland and Mongolia.
“We’re also able to do just as well financially outside of our partner hubs,” United’s Chief Commercial Officer Andrew Nocella said on an earnings call last month. “So we look across the globe, we look for new destinations, we look for hot destinations and destinations, most importantly, we can make money in.”

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Disney’s domestic theme parks have already begun to transition from Halloween decorations to Christmas colors.
The effort is planned over the course of 12 months and involves a number of different departments from the horticulture team and tech services to crane operators, truck drivers, aerial lift drivers and even culinary experts.
October and December are two of the company’s most popular travel months for the parks, according to Gavin Doyle, founder of MickeyVisit.com.

A staple of Disney’s theme park’s celebrations, the giant Mickey pumpkin statue towers over guests on Main Street.

It’s time for Disney parks to swap pumpkins for poinsettias.
In the thick of its busiest season, Disney’s domestic theme parks have already begun to transition from Halloween decorations to Christmas colors. The transformation starts to take shape practically overnight, with warm autumn banners traded out for festive green garlands. The full metamorphosis takes about six weeks.

About two weeks before Halloween, Disney’s crew begins installing “inconspicuous” elements for the holiday season, such as lighting rigs. The effort is planned over the course of 12 months and involves a number of different departments, from the horticulture team and tech services to crane operators, truck drivers, aerial lift drivers and even culinary experts.
Most of the installation is completed during overnight hours when the park is closed.
“While every day is special at a Disney theme park, Halloween and the holidays are two very magical seasons, and our guests keep coming back year after year for both continued traditions and new surprises,” said Disneyland Resort President Ken Potrock. “These only-Disney-can-do experiences happen because of our passionate cast members, who make magic while most of us are sleeping — delivering seamless and wildly creative transformations of our parks throughout the year.”

Mickey Mouse poses during Mickey’s Not-So-Scary Halloween Party.

Starting Nov. 8 at Walt Disney World in Orlando, Florida, and Nov. 15 at the Disneyland Resort in Anaheim, California, Disney’s slate of winter holiday offerings will be in full swing — from sparkling ornamented trees and glitzy character costumes to limited-time food and beverage options and exclusive merchandise.
For Disney, these holidays are big business, drumming up significant revenue and traffic.

October and December are two of the company’s most popular travel months for the parks, according to Gavin Doyle, founder of MickeyVisit.com.
“Traditionally, it would have been summer, but it’s actually evolved to be these two months where there’s additional layers of offerings and it’s something unique on top of that,” Doyle said. “It kind of fits into that Disney vault strategy. … This is something that comes out, and then people are really excited about it for a limited time.”

Festive food options arrive just in time for the holidays at Disney’s theme parks. 

Disney’s experiences division — composed of parks, cruises, hotels and consumer products — generated $9.13 billion in revenue during the period from October through December 2023. In other quarters of 2023 and 2024, the division generated anywhere between $7 billion and $8.3 billion.
This year, Mickey’s Not-So-Scary Halloween party kicked off Aug. 9 in Florida and Oogie Boogie Bash, a big trick-or-treating event, started Aug. 25 in California — extending the Halloween crowds into the company’s summer quarter. Both events ran through Oct. 31.
The end of the year also brings a lot of repeat visitation, especially from local parkgoers, he said. In building the infrastructure to accommodate these decorations and limited-time specials, Disney has created a tradition for its guests, who bake it into their yearly plans.
The annual changes to character costumes, food and drink options, merchandise and other ambiance updates give attendees something new to explore.

The holiday overlay of Disney’s Haunted Mansion attraction features Jack Skellington from “The Nightmare Before Christmas.”

With Halloween now over, Disney has turned its attention to the winter holiday season. That includes special holiday changes to rides and attractions as well as Christmastime parades and fireworks.
At Disneyland, holiday overlays for Sleeping Beauty’s Castle, It’s a Small World and Haunted Mansion will debut Nov. 15. Seasonal parades, fireworks and festivals will also launch, and Santa Claus will take up residence at the Redwood Creek Challenge Trail.
At the Walt Disney World resort, Mickey’s Very Merry Christmas Party launches Nov. 8 and Jollywood Nights start Nov. 9. At the same time, the Florida park will debut its Christmastime fireworks, parade and themed character meet-and-greets. Space Mountain will be getting a holiday overlay, as will the Jungle Cruise ride, which will temporarily become Jingle Cruise, and other attractions.

Mickey and Minnie Mouse pose during Jollywood Nights. More

Apple committed about $1.5 billion to satellite communications company Globalstar to fund the expansion of iPhone services.
The tech giant has already been spending hundreds of millions for Globalstar services, which enabled the 2022 rollout of iPhone emergency satellite texting.
The new funds will allow Globalstar to purchase new satellites and expand its ground infrastructure.

Sofia Pitt, CNBC

Apple committed about $1.5 billion to satellite communications company Globalstar to fund the expansion of iPhone services, the companies disclosed in a securities filing on Friday.
The tech giant’s deal with Globalstar includes $1.1 billion in cash, of which $232 million will go toward the satellite company’s current debt, and a 20% equity stake. The deal is expected to close on Tuesday.

Apple has already been spending hundreds of millions for Globlastar services, which enabled the 2022 rollout of iPhone emergency satellite texting.
It is one of several efforts in the direct-to-device, or D2D, satellite connectivity market — which provides service to unmodified devices such as smartphones directly from space — with other projects underway from SpaceX, AST SpaceMobile, Iridium, Lynk and EchoStar.
Globalstar stock jumped 31.4% in Friday trading to close at $1.38 a share.

Read more CNBC space news

In the filing, Globalstar noted that it will continue to allocate about 85% of its network capacity to Apple.
The new funds will allow Globalstar to purchase new satellites and expand its ground infrastructure. Globalstar currently operates 31 satellites and has already ordered as many as 26 satellites to replenish and upgrade its constellation in low Earth orbit.

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