USA Existing Home Sales (MoM) For October -4.1% Vs -2.2% Prior
Portfolio Pulse from Benzinga Newsdesk
USA Existing Home Sales for October decreased by 4.1%, a larger drop than the previous month's 2.2% decline, indicating a potential slowdown in the housing market.
November 21, 2023 | 3:00 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect impact due to the reported decline in existing home sales, as it reflects the performance of the broader market.
While the SPY ETF is not directly linked to the housing market, it is a broad measure of the US stock market and economic health. A significant decline in home sales could signal broader economic weakness, which may affect investor sentiment and the performance of the SPY ETF. However, the impact may be mitigated by the diverse nature of the holdings within SPY.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50