Pending home sales collapsed 38.60%, the largest annual drop ever.
US Pending Home Sales Crash By Most On Record
US Pending Home Sales Crash By Most On Record
The stock market, as measured by the S&P 500, needs to hold this key level to retain the short term uptrend.
JP Morgan's outlook focuses on three very different scenarios, with a baseline (40% probability) of seeing the building drag from an expected 5% fed funds rate and a rising US dollar as sufficient to tip the economy into a mild recession late next year.
The flash PMI data for November disappointed and looked pretty pessimistic.
Liquidity drives returns and the damage is not done yet
The global yield curve is indicating a recession for the first time in two decades.