Pending home sales drop to a record low, exceeding the decline seen during the 2008 housing collapse
On a regional basis, pending home sales saw a 2.7% gain int he Northeast, while monthly declines were observed throughout the rest of the country.
Matthew Fox
The Fed will shift to ‘full-on accommodation’ mode in 2024 with nearly 3 percentage points of rate cuts as economy slows, UBS says
"We expect substantially slower growth in 2024, a rising unemployment rate, and meaningful reductions in the federal funds rate," UBS said.
CHART OF THE DAY: 5% yields set to drive record $1.4 trillion to money market funds in 2023
If yields drop, then bonds and stocks should start to look more attractive to investors that are looking for a place to park their cash.
Recap: Meta reports strong Q3 earnings beat, Mark Zuckerberg talks AI, Threads, and hiring faster next year
Meta shares jumped initially in after-hours trading following the Q3 earnings beat, but dipped into the red by the end of the call with analysts.
‘Like rooting for Michael Jordan to play baseball’: Here’s how Wall Street is reacting to Alphabet’s third-quarter earnings
"Regulatory headwinds persist, competition is dynamic, and we believe the darkest days of this downturn are ahead of us," a Wall Street analyst said.
‘Stocks are the place to be’: Wharton professor Jeremy Siegel says rising geopolitical risks represent a buying opportunity
"If we have real growth that's the source of these higher yields, I don't think that's a negative for stocks," Jeremy Siegel said.
‘Tesla could be in the midst of a strategic pivot’: Here’s what Wall Street expects from the EV maker’s 3rd-quarter earnings report
Tesla already reported third-quarter deliveries of 435,059, below Wall Street's expectations of 451,000 vehicles.
The bull market in stocks is a year old now. Here’s what history says happens next.
"If we can avoid a recession next year, then there's a good chance for more solid gains in 2024," Carson Group's Ryan Detrick said.