Construction Spending (MoM) (Jan) -0.2% vs +0.2% Est.
Portfolio Pulse from Benzinga Newsdesk
Construction Spending in January saw a decrease of 0.2%, contrary to the expected increase of 0.2%.
March 01, 2024 | 3:00 pm
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NEGATIVE IMPACT
The unexpected decrease in Construction Spending could lead to a negative short-term impact on SPY, reflecting broader economic concerns.
SPY, as a broad market ETF, is sensitive to economic indicators. A decrease in Construction Spending suggests a slowdown in economic activity, which can negatively affect investor sentiment and thus SPY's price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70