New Home Sales Miss, Migration To Suburbs May Be Slowing...Markets Down Big Over No Likelihood Of Stimulus

October 26, 2020

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New Home Sales Miss, Migration To Suburbs May Be Slowing...Markets Down Big Over No Likelihood Of Stimulus — Larry Kudlow speaking at the 2016 Conservative Political Action Conference (CPAC)
Image by Gage Skidmore

New Home Sales missed large this morning as the migration from violent urban centers run by Democrats to the suburbs may be easing. It is also worth noting that riots have calmed significantly as the negative press was hurting Democrat efforts to regain political power.

At time of writing the S&P is down almost 3%.

WH Economic Advisor Larry Kudlow - normally full of market-buffering optimism - admitted that there "remains a number of areas in Pelosi's cornonavirus plan that Trump cannot accept" - something we all knew for weeks, but this has taken the shine off Nasdaq's renaissance and sent the rest of the market legging lower once again, reported Zero Hedge.

Chicago Fed National Activity Index (Sep) printed at 0.27 vs 0.39 estimate.

New Home Sales (MoM) (Sep) printed at 0.959M vs 1.025M estimate.

New Home Sales Change (MoM) (Sep) printed at -3.5% vs 2.8% estimate.

Dallas Fed Manufacturing Business Index (Oct) released 1430 est.

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CDM Staff

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