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Afternoon Note


By Charles Payne, CEO & Principal Analyst
6/21/2024 1:13 PM

Stocks are showing signs of fatigue after this morning’s mixed economic data.

US PMI for June came better than expected, showing the economy grew at its fastest pace in more than two years.


Prices increases cooled, but remain above pre-pandemic rates.

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Existing home sales fell by 0.7% during May, representing a 2.8% decline year over year, while median sale prices reached a record high. The South region drove the decline in existing home sales. The region makes up 46% of existing home sales and declines by 5.1% year over year. This underlines the growing affordability problem for housing, as sales are decreasing while prices rise.


Notably, average days on the market declined from 36 days in April to 24 days in May as the spring homebuying season kicks into gear; however, compared to May 2023 the average time increased by 6 days, further showing some weakness in housing.

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The Leading Economic Index declined by 0.5% m/m in May, missing consensus of -0.3%m/m and well below last month’s +0.6%.

The decline was driven by a fall in new orders, lower building permits, and weak consumer sentiment about future conditions.


Only 4 out of 11 sectors are in the green today. Consumer Discretionary (XLY) is the biggest followed by Communication Services (XLC) and Technology (XLK). The biggest loser of the day by far is Financials (XLF).

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Have a great weekend!


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