October pending home sales declined 1.5% according to the National Association of Realtors. Northeast home sale contracts grew 2.7%, but are down 6.5% from last year. Pending sales declined in the West (-6.0%), South (-1.9%), and Midwest (-0.4%). New York Fed President John Williams said today that he expects interest rates are likely at the peak, but left the door open to future rate hikes if inflation pressures trend upward. He expects inflation to ease to 3% this year, to decline to 2.25% next year, and to hit the 2% target rate in 2025. ... more
Turning to stocks, shares of Tesla (TSLA) are lower ahead of today's Cybertruck delivery event, this following controversial comments by CEO Elon Musk yesterday related to X (formerly Twitter) advertisers -- raising theoretical concern that Musk is a risk to his companies. ImmunoGen (IMGN) shares surged following the announcement that AbbVie (ABBV) will purchase the company for $10 billion or $31.26 per share. Companies reporting earnings after today's closing bell include Dell Technologies (DELL), Marvell Technology (MRVL), Ulta Beauty (ULTA), and others. Tomorrow, Bank of Montreal (BMO) is expected to report.
The S&P 500 is down 0.10%, the Dow is up 0.89%, the Nasdaq is down 0.68%, and the Russell 2000 is up 0.30%.
Industries trading higher today include: Health Care Providers & Services, Consumer Finance, and Metals & Mining. Industries trading lower today include: Interactive Media & Services, Semiconductor & Semiconductor Equipment, and Real Estate Management & Development.
The VIX is up 0.33 at 13.31 after closing yesterday at 12.98. Options on Carnival Corp (CCL) have appeared on the most-active list today with more than 20,001 contracts of the Jan. 19, 2024 12.5 call, changing hands. The put/call ratio is 0.77 (1,311,026)/(1,695,974). NYSE Adv/Dec (1,641/1,133). Nasdaq Adv/Dec (2,030/1,982).
[Argus Research, various news and data sources]
Turning to stocks, shares of Tesla (TSLA) are lower ahead of today's Cybertruck delivery event, this following controversial comments by CEO Elon Musk yesterday related to X (formerly Twitter) advertisers -- raising theoretical concern that Musk is a risk to his companies. ImmunoGen (IMGN) shares surged following the announcement that AbbVie (ABBV) will purchase the company for $10 billion or $31.26 per share. Companies reporting earnings after today's closing bell include Dell Technologies (DELL), Marvell Technology (MRVL), Ulta Beauty (ULTA), and others. Tomorrow, Bank of Montreal (BMO) is expected to report.
The S&P 500 is down 0.10%, the Dow is up 0.89%, the Nasdaq is down 0.68%, and the Russell 2000 is up 0.30%.
Industries trading higher today include: Health Care Providers & Services, Consumer Finance, and Metals & Mining. Industries trading lower today include: Interactive Media & Services, Semiconductor & Semiconductor Equipment, and Real Estate Management & Development.
The VIX is up 0.33 at 13.31 after closing yesterday at 12.98. Options on Carnival Corp (CCL) have appeared on the most-active list today with more than 20,001 contracts of the Jan. 19, 2024 12.5 call, changing hands. The put/call ratio is 0.77 (1,311,026)/(1,695,974). NYSE Adv/Dec (1,641/1,133). Nasdaq Adv/Dec (2,030/1,982).
[Argus Research, various news and data sources] less