Afternoon Note
The markets are still mulling over the impact of China’s reopening as the country issues new guidelines. And what started out as a rather calm day with upside bias has turned into more selling near the lows of the day. The Nasdaq is down close to 1% and has broken through support. If it does not hold here, next support is around 10,185.
All sectors in the S&P 500 are down, with Energy the laggard. WTI is down today to $78.12, -1.77%. Apple (AAPL) is at a 52-week low as iPhone shipment estimates were cut. Health Care is the least bad performer. On the Dow, only JP Morgan (JPM) is in the green.
We got some more data today for the Fed to digest.
Housing
Sales of pending home fell 4% in November, falling far below the estimates for a 0.8% decline. This was the sixth straight month pending sales dropped, and other than the beginning of the pandemic, the index is lowest read since 2001, at 73.9.
Higher interest rates have taken some would be buyers out of the market, while others have decided to hold on to their existing home.
Year over year, sales declined 37.8%, with the West suffering the largest drop, down 45.7%. This data point should unfortunately make the Fed happier (not sure happy is possible).
Manufacturing
Manufacturing Activity picked up a bit in December, with the Index at 1 from -9 in the prior month, the highest read since April.
All three component indexes improved compared to November.
Prices paid and prices received decreased. However, the Expectations Index fell to -20, as many businesses remain bearish about condition in the next six months.
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3/16/2023 9:53 AM | THRILL RIDE |
3/15/2023 1:43 PM | Economic Data Overshadowed |
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