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Afternoon Note

Realtors Settle

By Karina Hernandez, Senior Research Analyst
3/15/2024 1:38 PM

The National Association of Realtors has reached a nationwide settlement that will change how Americans buy and sell homes. The $418 million legal settlement could shrink the number of real-estate agents and cut commission rates costs.

No surprise shares of Redfin (RDFN) and many other real estate brokerage stocks are under pressure following the news.

The major indices are under pressure today, and are hovering around the lows of the session. The Nasdaq is the worst performing sector, down around 1.2%. The S&P 500 is giving up almost 1%, with only 3 sectors in the green.  Energy is the best performer, while Technology is the laggard.  Shares of Nvidia (NVDA) have turned around after being down 1.9% and are now slightly positive.

On the economic front, Michigan Consumer Sentiment, preliminary read, was 76.5, and below consensus of 76.9, which was also the sentiment in February.  Overall, there has been little movement in sentiment in 2024 thus far.   There was an uptick in personal finances, but this was offset by sentiment in business conditions. 

Have a great weekend.


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