S&P 500 (NYSEARCA: SPY) Live: Markets Withstand Unrelenting Mideast Pressure, Rate Decision
Live Updates Live Coverage Updates appear automatically as they are published. Housing Market Teetering 10:20 am by Gerelyn Terzo Cracks are increasingly beginning to show in the U.S. housing market. New home construction activity tumbled last month, with housing starts plummeting by nearly 10% to their lowest level in five years. New home construction declined by […] The post S&P 500 (NYSEARCA: SPY) Live: Markets Withstand Unrelenting Mideast Pressure, Rate Decision appeared first on 24/7 Wall St..
Live Updates
Housing Market Teetering
Cracks are increasingly beginning to show in the U.S. housing market. New home construction activity tumbled last month, with housing starts plummeting by nearly 10% to their lowest level in five years. New home construction declined by 9.8% to an annualized rate of 1.26 million starts, reflecting a softening in demand from homebuyers. Looking ahead, a potential harbinger of future activity, building permits also slipped, falling 2% from April levels to a pace of 1.39 million.
The SPY ETF has widened its lead to a 0.51% gain.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are managing gains even as Middle East tensions mount and the geopolitical net potentially draws in the U.S. Indeed, stocks are largely holding their ground ahead of the Federal Reserve’s looming decision on interest rates. As President Trump assesses his strategy, the price of oil has surged to levels not seen in months, now hovering above $73 per barrel.
Encouragingly, most sectors of the economy are seeing gains this morning, and the S&P 500 is within striking distance of its latest all-time high. Today, the SPDR S&P 500 ETF (SPY) is up 0.32%.
The Fed’s latest decision on interest rates is expected this afternoon, and the prevailing sentiment is that policymakers will leave rates unchanged, much to President Trump’s disliking.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 113.94 (+0.28%)
Nasdaq Composite: Up 83.12 (+0.43%)
S&P 500: Up 21.75 (+0.36%)
Winners & Losers
JPMorgan is casting a favorable eye on fintech stocks, which are rivals to traditional financial institutions. The analyst firm has highlighted Q2 Holdings (NYSE: QTWO), nCino (Nasdaq: NCNO), and Alkami (Nasdaq: ALKT), adding them to a list of companies poised to capitalize on the digital banking revolution. JPMorgan is labeling the sector an “attractive investment arena.” All three of these names are posting gains today.
Meanwhile, Solar Stocks like Enphase Energy (Nasdaq: ENPH) and First Solar (Nasdaq: FSLR) are facing headwinds. They’re under pressure following efforts in Washington, D.C. to potentially strip out a renewable energy tax credit from the upcoming tax bill.
The post S&P 500 (NYSEARCA: SPY) Live: Markets Withstand Unrelenting Mideast Pressure, Rate Decision appeared first on 24/7 Wall St..
