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