Finance News
The Dow and S&P 500 are expected to open lower, with movers including Trump Media, Tesla, Walgreens, and more. Bitcoin is on the rise, while the Federal Reserve rates remain unchanged.
Dow and S&P 500 to open lower; Trump Media, Tesla, Walgreens among top movers; Bitcoin on the rise as Fed rates remain unchanged.,
U.S. stock futures dipped early Thursday after the S&P 500 closed at a new record high, snapping a three-day losing streak.
Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq 100 futures all pointed 0.1% lower ahead of the open on the last trading day of the quarter.
Investors are still awaiting Friday’s core personal consumption expenditure (PCE) data for a potentially significant update in the Federal Reserve’s battle against inflation. Markets are pricing in three rate cuts this year, beginning in June, but the data could shift those expectations, particularly if inflation comes in hot.
Ahead of core PCE, markets were given a reality check regarding those rate aspirations as Fed Governor Christopher Waller said there was “no rush” to cut rates. Waller even suggested fewer rate cuts may be needed in light of strong labor market and inflation data in recent months.
“It is appropriate to reduce the overall number of rate cuts or push them further into the future in response to the recent data,” Waller said in a speech at the Economic Club of New York.
However, investors appear to be seeing the positives of the economic strength, and potential boost it brings to corporate earnings as the S&P 500 notched a new all-time closing high–its 21st of the year.
“Despite the fact that inflation has remained stubbornly high, investors are more impressed with the state of the economy and the resilient consumer than they are worried about Fed rate cuts being pushed farther into the future,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance said Wednesday.
“If the economy continues to expand and corporate profits keep growing with it, the stock market will keep moving higher, even in the absence of rate cuts,” he added.
It’s been a stellar quarter of the stock market, the S&P 500 has climbed 10% and is on pace for its best first quarter since 2019, according to Dow Jones Market Data. It’s up a remarkable 22.4% over the past two quarters–the largest two-quarter gain since late 2020.
### FAQ:
1. **What impact could the core personal consumption expenditure (PCE) data have on the Federal Reserve’s decisions regarding interest rates?**
– The core PCE data could potentially shift market expectations for rate cuts, especially if inflation comes in higher than anticipated.
2. **How is the stock market reacting to Fed Governor Christopher Waller’s comments about rate cuts?**
– Investors seem to be focusing more on the strength of the economy and corporate earnings potential rather than immediate rate cut expectations.
3. **Why is the S&P 500 reaching new record highs despite concerns about inflation?**
– The market is reflecting confidence in the economy’s growth and corporate profitability, driving the S&P 500 to continue its upward trend.
4. **What milestones has the S&P 500 achieved in recent quarters?**
– The S&P 500 has seen significant gains in the past two quarters, marking its largest two-quarter gain since late 2020.
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The Claman Countdown panelists Dolly Lenz and Jenny Lenz analyze top places Americans want to live.
The housing inventory shortage that has been plaguing the U.S. for years appears to finally be easing, but a significant factor behind what is driving up supply provides little encouragement that the stagnant market will get moving again anytime soon.
A new report from Redfin says the number of homes for sale jumped to a four-year high in November, surging 12.1% year over year. But the major reason for the increase is that most homes on the market just aren’t selling.
Redfin data shows housing supply hit a four-year high in November, but mostly because a majority of houses for sale have sat on the market for more than two months. ( Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)
More than half (54.5%) of homes on the market last month had been listed for more than 60 days, with many deemed too expensive by would-be buyers. According to Redfin data, that is up 49.9% from a year ago, and is the highest share of stale inventory for a November since 2019.
The report said that the typical home that went under contract last month did so in 43 days, which is also the slowest November pace since 2019.
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“A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough,” said Meme Loggins, a Redfin Premier real estate agent in Portland, Oregon.
SERHANT. founder and ‘Owning Manhattan’ lead Ryan Serhant breaks down latest data around U.S. real estate, stating that fixing affordability begins with opening loan doors and freeing up federal land for home builds.
“I explain to sellers that their house will sit on the market if it’s not fairly priced,” Loggins said. “Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”
MORTGAGE RATES RISE FOR SECOND STRAIGHT WEEK, HIGHEST SINCE JULY
The data shows Texas and Florida have the highest rates of old listings on the market. Miami has the greatest share of homes on the market for longer than 60 days than any other major metro at 63.8%, followed by Austin, which has 62.4% of listings that have sat for more than two months without going under contract.
The affordability crisis has led to the majority of the homes on the market sitting unsold for more than 60 days. (Fox News)
The housing market saw a flurry of activity driven by high demand during the pandemic, but has become stagnant as soaring home prices and mortgage rates have led to an ongoing affordability crisis that has pushed homeownership out of reach for many Americans.
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Housing costs repeatedly broke records in 2024, and a report from the National Association of Realtors’ (NAR) annual survey of buyers and sellers found the share of first-time homebuyers dropped from 32% in 2023 to 24% in 2024, the lowest share since NAR began collecting data in 1981.
FOX Business’ Lindsay Kornick contributed to this report.
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