☕ Existing Home Sales, 10-2 Yield Spread
Monday: Market Pulse
Note: Conditional formatting color rules have been updated to revolve around zero, instead of 50th percentile.
Markets
The markets had a rough go last week with the S&P 500 losing 2.6%. Investors fled to gold and copper, which rose 3.9% and 4.5% respectively.
Gold is now beating the S&P 500 in 5y price change:
Real estate took the brunt of last weeks turmoil with -3.6%:
Macro
Existing home sales down slightly:
A ten-year history of existing home sales paints a picture:
It looks like the housing market is slowing down, with a lot of homeowners getting locked into their current homes with lower rates.
10-2 Yield Spread
The yield spread just nudged back above 0%. While this “uninverting” is usually seen as a good sign, it doesn’t mean we’re out of the woods yet. Sometimes, the economy can still face some bumps after this happens. So, it’s worth keeping an eye on things to see how it plays out.
Have a great Monday.
Mike