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S&P, Dow, Nasdaq Lose Steam After Weaker Homes Data

Seeking Alpha2022-11-18

Major market averages opened Friday's trading session in the green as buying interest picked up but have since trimmed some of their gains.

Early on and the tech focused Nasdaq Composite dipped 0.04%, the S&P 500 moved higher by 0.18%, and the Dow advanced by 0.29%.

Those long the market could make a stand for a second-straight winning week today, but volume could be lighter with many getting a head start on Thanksgiving travel.

On the data front,October existing home salesdropped more than expected to 4.43M versus the consensus figure of 4.38M.

"This is not directly growth related (the homes are already constructed), but affects things like demand for furniture," UBS' Paul Donovan said. "Falling house prices might create a negative wealth effect - that would matter to leverage."

Among the 11 S&P sectors led by the Utilities and Health Care, while Energy has suffered the most as oil declined by 3.5% in the early part of trading.

Rates are a little higher after Fed chatter on Thursday indicated that members are looking for a higher terminal rate than the market is pricing in.

The 10-year Treasury yield (US10Y) is up 1 basis point to 3.77% and the 2-year yield (US2Y) is up 2 basis points to 4.47%.

"Bear in mind that just after the CPI report when the latest round of speculation about a Fed pivot was at its height, the intraday low for terminal rate pricing fell back to 4.83%," Deutsche Bank's Jim Reid said. "And since then, terminal rate pricing has come back by about halfway to its intraday peak of 5.2% earlier in the month. We settled at 4.99% last night."

Among active stocks, Farfetch is slumping after cutting forecasts.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment29

  • PC21
    ·2022-11-19
    Could be just an excuse.
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    • PC21
      [Smug]
      2022-11-19
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  • Bspn
    ·2022-11-19
    K
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  • Shingo88
    ·2022-11-19
    Ok
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  • K74
    ·2022-11-19
    Next
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    • JackTL
      yes
      2022-11-19
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    • K74
      Bps increase?
      2022-11-19
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    • K74
      75
      2022-11-19
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  • AlanChong
    ·2022-11-19
    Ok
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  • Dhalsim Wee
    ·2022-11-19
    agree
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  • Barbarazhao
    ·2022-11-19
    Ok
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  • TaiWoeiHaur
    ·2022-11-19
    👋 
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  • LongZR
    ·2022-11-19
    Nice
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  • UTOtrader
    ·2022-11-19
    T
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    • UTOtrader
      yeah
      2022-11-20
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    • Myname
      Ok
      2022-11-19
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  • PearlynCSY
    ·2022-11-19
    S&P 500 closes higher on Friday, but ends week with losses. The major averages ticked higher in afternoon trading Friday to end the day on an upbeat note as investors assessed tougher language from Federal Reserve speakers and pored over the latest earnings reports. The Dow Jones Industrial Average rose 0.59%, to 33,745.69, while the S&P 500 climbed 0.48% to 3,965.34. The Nasdaq Composite finished just 0.01% above the flat line at 11,146.06. All of the major averages posted losses for the week. The Dow ended 0.01% lower. The S&P 500 lost 0.69% for the week, while the Nasdaq ended 1.57% lower. All three indexes are positive for the month, however. The market was divided for much of the day, with the S&P 500 trading mostly flat as investors started to reset expectations
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    • PearlynCSY
      Dow closes more than 500 points higher to start the week as investors await Fed meeting, inflation data
      2022-12-13
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    • PearlynCSY
      S&P 500 closes higher to end longest losing streak since October
      2022-12-09
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    • PearlynCSY
      Russian oil cap will work, EU ministers insist, despite Kremlin opposition and broad skepticism
      2022-12-06
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  • Khoo18
    ·2022-11-19
    K
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    • Joyus
      K
      2022-11-19
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  • 天天有錢賺
    ·2022-11-19
    Ok
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  • JQ62
    ·2022-11-19
    Like please 
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  • iamateh
    ·2022-11-19
    k
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  • OngCK
    ·2022-11-19
    Like and comment pls 
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    • CLONGER
      ok
      2022-11-19
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    • JQ62
      ok
      2022-11-19
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  • boonchek
    ·2022-11-19
    Ok
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  • ElaineCyl
    ·2022-11-19
    ok
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    • boonchek
      Ok
      2022-11-19
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  • ML808
    ·2022-11-19
    Great 
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    • kkh02
      like
      2022-11-19
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    • ML808
      yes
      2022-11-19
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  • Seah CL
    ·2022-11-19
    K
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