Rover's Weekly Market Brief - 03/29/2024

Weekly Indices

DJIA: 39,807.37 (+0.84%)

NASDAQ: 16,379.46 (-0.30%)

S&P 500: 5,254.35 (+0.39%)


Gold: 2,254.80 (+4.48%)

Copper: 401.00 (+0.39%)

Crude Oil: 83.11 (+3.08%)

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The U.S Census Bureau reported that sales of newly built homes decreased (-0.3%) in February from an upwardly revised January rate of 664,000. This marks the first decrease following two consecutive months of increases. The February seasonally adjusted annual rate of 662,000 is up (+5.9%) from a year earlier. Home sales in the Northeast fell (-31.5%), while the Midwest decreased (-2.4%). Both the South (+3.7%) and West (+2.3%) saw home sales increase. The average sale price for a new home sold in February was $485,400, down from an upwardly revised $523,400 the previous month. The median new home sale price dropped from a downwardly revised 414,900 in January to $400,500 in February, the lowest value since June 2021, and down (-7.6%) from a year earlier. There were 463,000 new homes for sale as of the end of February, the vast majority of which were either under construction (272,000) or not yet started (106,000). The supply of new homes for sale increased to an 8.4-month supply in February, as compared to an upwardly revised 8.3 months the previous month. The supply of new homes matches February 2023 reading and is at its highest level since an 8.8-month supply in November 2022.

The U.S. Census Bureau reported that new orders for manufactured durable goods increased (+1.4%) to a seasonally adjusted $277.9 billion in February, this follows two consecutive monthly decreases. January was revised from $276.7B (-6.1%) to $274.2B (-6.9%). Primary contributors to the increase were transportation equipment, primary metals, and machinery. Transportation equipment reported up (+3.3%) to $90.4B, this follows two consecutive monthly decreases. Primary metals increased (+1.4%) to $26.7B and machinery improved (+1.9%) to $37.6B. New orders for nondefense aircraft bounced back (+24.6%) after plunging (-63.5%) in January. New orders for motor vehicles improved to (+1.8%) in February from (-0.5%). On a year over year basis, new orders for manufactured durable goods are up (+1.8%). Excluding transportation, new orders were up (+0.5%) month over month. Ex-defense orders increased (+4.4%) month over month. Core capital goods orders, which exclude the volatile aircraft and defense orders increased (+0.7%), this follows a downwardly revised (-0.4%) reading for January. Shipments of manufactured durable goods increased (+1.2%) to a seasonally adjusted $282.7B in February, up from a downwardly revised (-0.8%) decline the previous month, and up (+3.4%) year over year. Core durable goods shipments decreased (-0.4%) in February, a drop from a (+0.8%) reading the previous month, and up (+3.4%) year over year.

The Commerce Department’s third and final estimate on the fourth-quarter gross domestic product (GDP) growth reported the economy expanded at an annual rate of (+3.4%), up from the second estimate of (+3.2%), and the first estimate of (+3.3%). The increase was attributed to upward revisions to consumer spending, state and local government spending, exports, nonresidential fixed investment, federal government spending, and residential fixed investment that were partly offset by a decrease in private inventory investment. Consumer spending which accounts for over two-thirds of the U.S. economy was revised from adding 2.00 percentage points (pp) to adding (2.20 pp) to the GDP. State and local government spending was revised up from adding (0.58 pp) to adding (0.64 pp) to the GDP. Nonresidential fixed investment spending was revised up from adding (0.32 pp) to adding (0.50pp) to the GDP. Private inventories were revised down from subtracting (-0.27) from the GDP to subtracting (-0.47 pp). The PCE price index was unrevised at (+1.8%). Core PCE a preferred measure of inflation by the Fed, was revised from (+2.1%) to (+2.0%). Personal consumption expenditures were revised from (+3.0%) to (+3.4%). The data showed the economy expanded at an unrevised (+2.5%) for calendar 2023.

Upcoming Economic Reports:

Tuesday April 2 – Factory Orders (MoM) (February)

Friday April 5 – Unemployment Rate (March)

Earnings Calendar:


Monday Tuesday Wednesday Thursday Friday
K92 Mining
Acuity Brands
Conagra Brands
Dave & Buster’s
Levi Strauss

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