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Ongoing Housing Challenges
📈Market Numbers
S&P 500 | 5,602.00 | +7.50 (0.13%) |
Dow 30 | 40,971.00 | +13.00 (0.03%) |
Bitcoin USD | 63,766.04 | -867.87 (1.34%) |
S&P U.S REIT | 349.06 | -2.94 (0.84%) |
FTSE NAREIT Equity REITS | 769.78 | -6.46 (0.83%) |
Freddie Mac 30-Yr FRM | 6.77% | -0.12 |
Freddie Mac 15-Yr FRM | 6.05% | -0.12 |
Numbers as of July 18 2024 closing
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🔍 Spotlight
Wall Street Wobbles as Housing Shines, Tech Slump, Record Dow, and Mixed Signals Puzzle Investors
Market Performance: Nasdaq 100 and S&P 500 fell 2.94% and 1.39% respectively, weighed down by chip stocks. However, the Dow Jones hit a new record high for the second consecutive day.
Housing Market Strength: June housing starts beat expectations at 1.353 million, up 3% month-over-month. Building permits also exceeded forecasts at 1.446 million, a 3.4% monthly increase.
Economic Slowdown: The Federal Reserve's Beige Book reported slight to modest growth in most districts, with declining activity in some areas. Consumer spending remained flat, while auto sales and loan demand decreased.
Global Market Outlook: U.S. futures were down Wednesday morning, while Asian markets traded mixed. European markets opened lower as investors await the ECB's interest rate decision.
Mixed Signals Amidst Ongoing Housing Challenges
The latest data from the U.S. Census Bureau and HUD reveals a complex landscape in the housing construction sector:
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