Last week, stocks shrugged off upbeat economic data from the October CPI and retail sales reports. Instead, the S&P 500 closed (2.05%) lower on hawkish comments from Fed Chair Jerome Powell and rising treasury yields. Probabilities for a 0.25% December rate cut swung wildly last week and currently stand at 62%.
This week, the focus is on the housing sector. The report on housing starts for October is out on Tuesday. In September, the number of housing starts and issued building permits declined. Also out this week is the report on existing home sales for October. Sales fell in September from the previous month, as did the median sales price. October sales should show a slight improvement over September.
For a deeper dive into last week’s markets and economic events, read the latest issue of Market Week.
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Regards,
David Bennett