Construction Spending (MoM) (Dec) +0.9% vs +0.5% Est.
Portfolio Pulse from Benzinga Newsdesk
Construction Spending in December increased by 0.9%, surpassing the estimated growth of 0.5%. This indicates a stronger than expected performance in the construction sector.
February 01, 2024 | 3:00 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) may see a positive impact due to the higher than expected construction spending, as it reflects broader economic strength.
The SPDR S&P 500 ETF Trust (SPY) is a broad-based ETF that tracks the S&P 500 index, which includes companies from the construction sector. An increase in construction spending suggests economic strength and could lead to higher corporate earnings, positively influencing SPY's performance in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75