Building Permits (MoM) (May) -3.8% vs +0.7% Est.
Portfolio Pulse from Benzinga Newsdesk
Building permits for May decreased by 3.8%, significantly missing the estimated increase of 0.7%.
June 20, 2024 | 12:30 pm
News sentiment analysis
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NEGATIVE IMPACT
The SPDR S&P 500 ETF (SPY) may experience short-term volatility due to the unexpected decline in building permits for May, which fell by 3.8% against an estimated increase of 0.7%.
The significant miss in building permits could signal a slowdown in the housing market, which may affect broader economic sentiment and lead to short-term volatility in the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50