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Afternoon Note

All Hat and Cattle: Texas Economy Sizzles

By Charles Payne, CEO & Principal Analyst
12/26/2017 2:08 PM
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Texas manufacturing outlook soared in December with many components at levels not seen in a dozen years.

On the housing front the S&P Case-Schiller National Home Price Index continued to gain steam in October, with an annual gain of 6.2% compared to 6.1% in the previous month.  The 10 city-composite increased to 6.0% from 5.7% in the prior month, and the 20-city composite was up 6.4% year-over year compared to 6.2% in September. Las Vegas, San Diego and Seattle registered the highest increases. "Home prices continue their climb supported by low inventories and increasing sales," says David M. Blitzer, Managing Director & Chairman of the Index Committee at S&P Dow Jones Indices. Prices for new and existing home are supported by historically low interest rate, low unemployment and economic growth. 

The major indices are currently lower and being weighed down by two sectors.  Apple (AAPL) is getting hit on concerns of a drop in demand, which is taking its supply chain and the technology sector lower with it. Financials are also getting hit today as the yield curve flattens, investors are avoiding the sector.  The rest of the sectors are flat to higher.  Advancers are leading decliners 1688/1174 on the NYSE and close to even on the Nasdaq with advancers lagging decliners slightly 1431/1466. 

Let's keep our powder dry this afternoon. 


 

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