USA Pending Home Sales (MoM) For July -5.5% Vs 0.2% Est.; 4.8% Prior
Portfolio Pulse from Benzinga Newsdesk
The USA Pending Home Sales for July decreased by 5.5%, significantly missing the estimated increase of 0.2% and down from the previous month's 4.8% increase.
August 29, 2024 | 2:00 pm
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NEGATIVE IMPACT
The significant drop in USA Pending Home Sales for July could negatively impact the SPY ETF, as it reflects broader economic challenges that may affect market sentiment.
The SPY ETF, which tracks the S&P 500, could be impacted by the unexpected decline in pending home sales, as it suggests potential economic weakness. This may lead to negative sentiment in the broader market, affecting SPY's performance.
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