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.
"We expect substantially slower growth in 2024, a rising unemployment rate, and meaningful reductions in the federal funds rate," UBS said.
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.
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.
"Regulatory headwinds persist, competition is dynamic, and we believe the darkest days of this downturn are ahead of us," a Wall Street analyst said.
"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 already reported third-quarter deliveries of 435,059, below Wall Street's expectations of 451,000 vehicles.
"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.