USA Pending Home Sales (MoM) For April -7.7% Vs -1.1% Est.; 3.6% Prior
Portfolio Pulse from Benzinga Newsdesk
USA Pending Home Sales for April decreased by 7.7% compared to an estimated decrease of 1.1% and a prior increase of 3.6%.
May 30, 2024 | 2:00 pm
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The significant drop in USA Pending Home Sales for April by 7.7%, compared to an estimated -1.1%, could negatively impact the SPDR S&P 500 ETF (SPY) as it reflects a potential slowdown in the housing market, which is a key economic indicator.
The housing market is a significant component of the US economy. A larger-than-expected decline in pending home sales suggests potential economic weakness, which could negatively impact the broader market and, consequently, SPY.
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