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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4/26/2024 1:46 PM | Full Steam |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
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