Investor Anxiety Heads to Tuesday
Monday was a flat day on Wall Street as investors waited for earnings reports and Tuesday’s delayed non-farm payroll and unemployment reports.
One bit of economic data that was not delayed was the September Existing Home Sales report from the National Association of Realtors. The report indicated a 1.9 percent decline in existing home sales from August’s downwardly-revised total, which indicated a seasonally adjusted annual rate of 5.39 million homes, compared with the original August estimate of 5.48 million. The September SAAR fell to 5.29, missing estimates of a SAAR of 5.30. Inventory was unchanged at 2.21 million homes, indicating 5 months of supply.
The downward revision from August’s initial estimate of existing home sales combined with September’s disappointing SAAR to send homebuilder stocks falling. The iShares U.S. Home Construction ETF (NYSEARCA:ITB) sank 1.47 percent and the SPDR S&P Homebuilders ETF (NYSEARCA:XHB) declined 0.57 percent.
The Dow Jones Industrial Average (NYSEARCA:DIA) lost 7 points to finish Monday’s trading session at 15,392 for a 0.05 percent dip. The S&P 500 (NYSEARCA:SPY) ticked upward by 0.01 percent to steal another record-high close at 1,744.66 after hitting a new record intraday high of 1,747.79.
The Nasdaq 100 (NASDAQ:QQQ) advanced 0.15 percent to finish at 3,920. Surprisingly enough, the Russell 2000 (NYSEARCA:IWM) declined 0.21 percent to close at 1,112.48 after hitting a record intraday high of 1,117.32.