The Market Bull – April 25, 2019
The major averages finished mixed on little news of significance. Some notable earnings misses sent the Dow and NASDAQ to large losses in early trade.
Advance Durable Goods orders handily beat expectations with a 2.7% gain in March. Erasing all of February’s loss and them some on a big jump in volatile transportation orders. The proxy for business spending non-defense capital goods ex-aircraft advanced a respectable 1.3%. One of the better manufacturing related reports I have seen of late.
The homeownership rate slipped .6% to 64.2% in the first quarter. Rental vacancies advanced from 6.6% to 7% over the same period. At the regional level the West has the lowest homeowner vacancy rate at 1% and rental vacancy rate at 4.5%, and also the lowest homeownership rate as well at 59.8%. At the national level the median asking price for a home fell 10.2% to $200,300, while the median asking rent increased 6.2% to $1,006. Real estate related data continues to come in soft.
The Kansas City Fed regional index fell 5 points in April to 5 on weakness in employment. Price data increased slightly but remains fairly moderate. Flooding and severe weather in the Midwest was cited frequently as causes of the weak numbers.
Standard and Poors 500 Index closed at: 2,926.17 down 16.67
NASDAQ finished the day: 8,118.68 up 1.98
Gold ended trading at: $1,279.40 unchanged