USA Pending Home Sales (MoM) For August -7.1% Vs -0.8% Est.; 0.5% Prior
Portfolio Pulse from Benzinga Newsdesk
USA's pending home sales for August have significantly decreased by 7.1%, compared to the estimated decrease of 0.8% and the prior increase of 0.5%.
September 28, 2023 | 2:00 pm
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NEGATIVE IMPACT
The significant decrease in pending home sales could potentially impact the SPY ETF, as it reflects the overall health of the US economy.
The SPY ETF tracks the S&P 500, which is a broad representation of the US stock market and economy. A significant decrease in pending home sales is a negative economic indicator, which could potentially lead to a decrease in the value of the SPY ETF in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75