Afternoon Note
The markets are headed towards new highs at midday on continued hopes that a tax overhaul is closer to become a reality. Advancers led decliners 1632/1224 on the NYSE and 1766/1021 on the NASDAQ. Currently, the DOW is on track to close up almost 2% on the week (1.86% now).
On the economic front, existing home sales unexpectedly increased 0.7% in September to a rate of 5.39 million as the impact of Hurricane Harvey and Irma start to subside. However, this was the second slowest pace in over a year, and 1.5% below the prior year period. Economist had forecasted sales dropping 1% to 5.30 units. Supply constraints and higher prices are impacting affordability, especially where it’s most crucial, the first time homebuyers, who represented the lowest share of purchases since September 2015.
Highlights:
The lack of supply continues to fuel the homebuilders and their share prices. As a matter of fact, the U.S. Home Construction ETF, ITB, is at a 10-year high.
Oil prices are relatively flat today. The latest release from Baker Hughes shows that U.S. oil rigs fell for the third week in a row down 7 to 736. WTI is currently trading at $51.22.
Let’s keep our powder dry heading in the weekend. Have a good one.
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4/9/2024 1:56 PM | Fighting the Trend |
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4/1/2024 10:00 AM | OF COURSE, HE CAN WAIT…THE DATA STILL NOT ADDING UP |
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