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Afternoon Note

Close to the bottom for Pending Home Sales?

By Karina Hernandez, Senior Research Analyst
8/24/2022 1:44 PM

This morning, we received the pending home sales numbers. The results were weak, as expected; however, it beat economists’ consensus.

Pending Home sales, which measures signed contracts on existing homes, dropped 1% vs. 3% drop consensus. As expected, activity continues to slow, but Lawrence Yun, NAR’s Chief Economist, believes we are close to the bottom for contract signings.

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The market continues to struggle for direction. The S&P crucial tests are its 100 and 50-day moving average.

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Nvidia (NVDA) reports after the bell today. The chipmaker already pre-released disappointing revenue and gross margin results for the quarter, so all eyes will be on their results and the moves on the Nasdaq tomorrow.

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