 work. TFNN headline news update. Good morning everybody I'm Tommy O'Brien coming to you live from TFNN 9 a.m. Eastern time Wednesday morning 30 months to go until the opening bell and we got markets in positive territory to kick things off right now S&P is positive by about nine points at thirty two twenty two. You're looking at an Aztec positive by fifty seven trading at ten thousand five ninety seven Dow positive by forty two points twenty six thousand three thirty nine gold within about a dollar of all time highs right now up twelve dollars at nineteen seventy five you're looking at the silver contract up nineteen pennies at twenty four forty nine and we have notes and bonds pretty flat both of them jumping into the VIX this morning we'll start it off the VIX twenty four ninety four pulling back you can see the action from Friday twenty eight fifty eight this week as we've held up relatively well of course we had a little bit of a sell-off in the market on Thursday yesterday an acceleration towards the end of the day taking a look at the S&Ps we were up as high as about thirty two thirty five you trade down to a low at the end of the day of about thirty two oh eight and we're currently trading thirty two twenty three lows overnight made it about one a.m. Eastern time of thirty two oh four okay jumping into what we have going on a big day of action today it's Fed Day we get a statement at two p.m. from Powell all but expected that they will stay the course on the rate and so forth but what are they going to talk about in the future and what will they do to help the economy and the labor market as we deal with tens of millions of unemployed people he's got a preference conference later this afternoon should be interesting look for the market to calm down a bit ahead of that two to two thirty p.m. timeframe when they wait for that news mortgage rates so jumping to the headline lower weekly mortgage demand hints at a possible pullback for the first time we had mortgage applications to purchase a home two percent lower last week than the previous week the average contract interest rate for the thirty year fixed mortgages with a conforming loan balance remain unchanged at three point two however the FHA back loans mortgage rates jumped to three point two seven from three point and getting into it that caused quite a pullback there that led to much larger drops in applications for FHA loans to refinance and purchase FHA loans popular first time homebuyers are not really happening when those rates are going up there earnings in a big way bowing how about a net loss of two point four billion and slows aircraft production they're dealing with seven thirty seven max just piling up as they can't sell those and Shopify charging higher to all-time record highs how about increasing their revenue ninety seven percent last year and beating they took in about seven hundred and seventeen million market was looking for like five hundred million they hit eleven oh four this morning for Shopify and blowing shares up a bit right now one seventy four stay tuned for Larry Pezzamento folks