Volatile early trade sent the major averages into the final hour about even as once again early gains failed to hold. The technical damage done to the markets of late is really starting to pile up. With the leaders, or the so called FANGMAN stocks taking some bruising hits off their recent highs. In early trade Facebook is down $75.65 or 34.8%, Amazon has fallen $533.98 or 26.2%, Netflix has slipped $139.18 or 33.2%, Google has lost $253.28 or 20%, Microsoft down $14.24 or 12.3%, Apple is down $19.52 or 8.4%, Nvidia is off $94.62 or 32.7%, leaving 5 of the 7 leaders with bear market declines of at least 20%. While the NASDAQ still holds a small gain for the year, the Dow Jones Industrial Average and Standard and Poors 500 Index are both in the red.
Case/Schiller reports that its national home price index advanced .2% in August and 5.8% from a year ago. Las Vegas was strong for a 3rd consecutive month up 1.1%, followed by San Francisco up .6%, Miami trailed with a .4% gain. That said price growth has slipped for a 6th consecutive month on a year ago basis.
The homeownership rate increased fractionally in the 3rd quarter to 64.4%. The homeowner vacancy rate was unchanged at 1.5%, rental vacancies slipped to 6.8%.
Agricultural prices fell 2.2% in August poultry and eggs fell 20%, oil bearing crops slipped 4.4%, meat animals dropped 4.2%. This pushed prices to levels slightly below a year ago.
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