Stocks are down due to weak US housing data and negative corporate news

From Nasdaq: 2024-08-16 11:46:17

US stocks are down today, with the S&P 500, Dow Jones, and Nasdaq all in the red. Weak housing data and negative corporate news are driving the decline, with Applied Materials and Amcor Plc leading the losses.

July housing starts and building permits fell more than expected to 4-year lows, weighing on the market. Chicago Fed President Goolsbee warned of rising unemployment, hinting at a rate cut at the next FOMC meeting.

Market consensus predicts a 7.4% y/y rise in Q2 earnings for S&P 500 companies. 80% have reported, with most beating earnings but only 43% exceeding revenue expectations.

T-note yields are down on dovish Fed comments and weak housing data, while European government bond yields are lower. Swaps indicate a 100% chance of an ECB rate cut.

Stock movers include Applied Materials, Amcor Plc, Pfizer, and Ulta Beauty. Energy stocks are down due to a drop in WTI crude oil prices, while Cisco Systems and H&R Block are among the gainers.



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