Good morning contrarians!
Stock futures are pointing to a lower open as of 0650. Dow Industrials are down about 0.3% with S&P 500 and Nasdaq down a little less. Bonds aren’t really moving much but cryptos are continuing their ascent. Bitcoin is up 3% to trade near 66,000. This is worth pointing out mostly as a gauge of risk appetite. It follows a day where the Dow reached an all-time high before declining late in the session to finish lower..
Existing home sales for September are due at 1000. Economists expect about 6.1 million transactions, an increase from the 5.9 million in August. This is one figure economists are usually pretty good at forecasting, so wouldn’t expect a major deviation. This data point, like others pertaining to housing, has been elevated since the pandemic, though off of the highs in recent months.
It’s obviously a major bell weather for the health of the U.S. consumer and therefore the U.S. economy, which then is the major driver of global economic growth.
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