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Market Movement June 4th, 2024

Notable News

Market Recap

  • The FHFA house price index barely inched up in March, rising 0.1% moth-over-month and 6.7% annually. It was expected to rise 0.5% month-over-month.

  • The 20-city Case-Shiller home price index rose 0.3% month-over-month in March and 7.4% annually.

  • Mortgage application submissions slipped by 5.7% during the week ending 5/24. The Refinance Index decreased 12% while the seasonally adjusted Purchase Index decreased 1%.

  • Continuing jobless claims were at 1,791,000 during the week ending 5/18, an increase of 4,000 from the week before. Initial jobless claims were at 219,000 during the week ending 5/25, an increase of 3,000.

  • GDP underperformed in Q1 of 2024 at just 1.3%. It was expected to be at 1.6%.

  • Pending home sales slipped 7.7% in April. They were expected to fall by 1.1%.

  • The core PCE index rose just 0.2% in April – lower than the expected increased of 0.3%. Annual core inflation was on point at 2.8%. Personal income was as expected at 0.3%.

  • Consumer spending inched up 0.2%, which was cooler than the expected increase of 0.3% month-over-month.


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