“US consumer confidence rebounds as concerns about high inflation were offset by improving labor market prospects, suggesting economic growth is picking up”— Paul Ebeling
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Coming Up: Look at what Wall Street may be thinking about Bitcoin now.
Reviewing Tuesday’s US economic data:
- The Conference Board’s Consumer Confidence Index increased to 113.8 in October from an upwardly revised 109.8 (from 109.3) in September.
- The Key takeaway from the report is that it marked the 1st upturn in consumer confidence since June, reflecting a feeling of relief about the waning impact of the spreading virus variant/s and an improvement in income and labor market prospects.
- New home sales increased 14.0% month-over-month in September to a seasonally adjusted annual rate of 800,000 from a downwardly revised 702,000 (from 740,000) in August. Taking the downward revision into account, the 2-month stack of new home sales growth was roughly in-line with estimates.
- The Key takeaway from the report is that the growth in new home sales is concentrated in higher-priced homes, as inflation pressures, exacerbated by supply constraints, are curtailing the building of lower-priced homes.
- The S&P Case-Shiller Home Price Index for August was up 19.7% Y-Y
- The FHFA Housing Price Index increased 1.0% m/m in August following a 1.4% increase in July.
Looking Ahead: Investors will receive Durable Goods Orders for September, the Advance Intl. Trade in Goods, Retail Inventories, and Wholesale Inventories reports for September, and the wkly MBA Mortgage Applications Index Wednesday.
Have a prosperous day, Keep the Faith!