Pending Home Sales (MoM) For May -2.7% Vs 0.2% Est.; 0.4% Prior
Portfolio Pulse from Happy Mohamed
The Pending Home Sales for May have decreased by 2.7%, which is lower than the estimated 0.2% and the prior 0.4%.
June 29, 2023 | 2:00 pm
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NEGATIVE IMPACT
The lower than expected Pending Home Sales could potentially impact the SPY ETF, as it reflects the overall US economy.
The SPY ETF tracks the S&P 500, which is a broad representation of the US economy. A decrease in Pending Home Sales, which is a leading indicator of economic health, could potentially lead to a decrease in the value of the SPY ETF in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75