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Afternoon Note

Homebuilder Sentiment Improves

By Karina Hernandez, Senior Research Analyst
5/16/2023 1:44 PM

The Street remains mostly on the sidelines just hours away from the resumption of debt talks.

On the economic front, Homebuilder Sentiment sits back at 50 after being negative for nearly a year. Notably, sentiment has improved considerably this year despite higher mortgage rates.

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The parade of Fed speakers continues today with four members of the central bank delivering speeches. Fed Barr warned of rising risk around commercial real estate.

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Mega cap stocks are helping the only three sectors in green this afternoon.

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Results from Home Depot (HD) show retailers are having a tough year. Tomorrow, Target (TGT) is posting its first-quarter results, which will give more insight into where consumers are spending. Historically, the stock saw 2 positive 1-day reactions on the last 5 earnings reports.

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