Magnificent Seven's Correction Territory, China's Rate Cuts, and the U.S. Housing Market 8/21/23

Five magnificent seven stocks are in correction territory after falling more than 10% from their 52-week highs. RBC Capital Markets' Brad Erickson explains. Plus, China's central bank is cutting its one-year prime loan rate and leaving its five-year rate unchanged. Oxford Economics' Louise Loo discusses. And, mortgage rates have been moving higher this month, putting the brakes on activity in the housing market. Zillow's Orphe Divounguy dives into the latest.