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Afternoon Note

Serious Cracks in the Housing Boom

By Karina Hernandez, Senior Research Analyst
7/20/2022 1:43 PM

Major indices pared gains after the news came out that Google (GOOGL) will pause its hiring for the rest of the year. The market is seeing the same reaction as similar news from Apple (AAPL) from Monday.

Regardless, all major indices continue to be above its 50-day moving average, although off the highs.

Netflix (NFLX) is providing support on the growth side and making Communication Services the best performing sector.

S&P 500 Index



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU




Don’t look now, but there are serious cracks in the housing boom.  Mortgage applications dropped to a 22-year low. Existing home sales for last month swooned down 5.4%, the street was looking for a more modest decline of 1.1%.

If the Fed is looking to curb the wealth effect, it has to bust the housing boom.

Tesla (TSLA) reports after the close, the stock has rallied twice on the same day they reported in the last six quarters.

Earnings Stock Reaction


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