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The FHFA Housing Price Index rose by 0.6% in March from a revised 0.7% increase in February (from 0.5%).
The S&P Case-Shiller Home Price Index declined 1.1% in March (Briefing.com consensus -2.3%) following a 0.4% increase in February.Treasury yields have been climbing off overnight lows.
The 2-yr note yield, at 4.49% earlier, is down three basis points to 4.53%. The 10-yr note yield, at 3.72% earlier, is down six basis points to 3.74%.
The Consumer Sentiment Index fell to 102.3 in May (Briefing.com consensus 99.5) from a revised 103.7 in April (from 101.3).
Dow -106.92 at 32986.33, Nasdaq +77.83 at 13053.69, S&P +8.27 at 4214.99
Mega caps are outperforming, again, getting an added boost from falling Treasury yields.
Vanguard Mega Cap Growth ETF (MGK) is up 0.4%
Invesco S&P 500 Equal Weight ETF (RSP) trades down 0.1%.Most of the S&P 500 sectors trade down with energy (-1.7%) sporting the biggest decline by decent margin.
The information technology sector (+1.2%), meanwhile, leads the outperformers.Bank stocks are under pressure again today, especially regional bank shares.
The SPDR S&P Regional Banking ETF (KRE) is down 1.0% and the SPDR S&P Bank ETF (KBE) is down 0.8%.
LL Flooring Holdings (LL): F9 Investments prepared to consider an offer of $5.76/sh for LL
$LL up 20.0%LLantronix (LTRX) announces that Paul Pickle will be resigning from his role as president and CEO to beccome the CEO and director of Semtech Corporation (SMTC)
$LTRX down 10.5%
$SMTC up 0.8%Equity Residential (EQR) raises FY23 FFO guidance, still in-line with consensus… no indication for EQR
Sportsman’s Warehouse misses by $0.02, reports revs in-line; guides Q2 EPS in-line, revs in-line
$SPWH down 7.1%Hewlett Packard Enterprise (HPE) beats by $0.03, misses on revs; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS in-line
HPE down 5.3%HP Inc. (HPQ) beats by $0.04, misses on revs; guides JulQ EPS in-line; guides FY23 EPS in-line
HPQ -2.2%Box (BOX) beats by $0.05, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY24 EPS in-line, revs in-line
BOX down 1.0%Ambarella (AMBA) beats by $0.05, reports revs in-line; guides Q2 revs below consensus
AMBA down 11.4%Equity indices in the Asia-Pacific region ended the midweek session on a lower note amid the release of disappointing economic data from China, Japan, and South Korea with China’s Manufacturing PMI remaining in contraction for the second consecutive month.
Japan’s Nikkei: -1.4%,
Hong Kong’s Hang Seng: -1.9%,
China’s Shanghai Composite: -0.6%,
India’s Sensex: -0.6%,
South Korea’s Kospi: -0.3%,
Australia’s ASX All Ordinaries: -1.5%.
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