Welcome to Extreme Investor Network, where we provide you with the latest information and insights on the stock market, trading, and Wall Street. Today, we have some key updates that you need to know about:
According to the National Association of Home Builders, current sales conditions saw an increase from 44 in August to 45 in September, while sales expectations for the next six months also increased from 49 to 53. This can be attributed to the expected easing of monetary policy by the Federal Reserve, which is anticipated to lower mortgage interest rates and rates on land development and home construction business loans.
In addition to this, traders had the opportunity to review the Business Inventories report for July, which showed a 0.4% month-over-month increase, surpassing analyst consensus of +0.3%. The U.S. Dollar Index reacted to the positive NAHB Housing Market Index report by moving away from session highs, with traders eagerly awaiting the upcoming Fed decision.
Meanwhile, gold settled near the $2580 level as traders took profits near historic highs. The SP500 also tested session highs post the housing market data release, with traders keeping a close eye on the dovish Fed.
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