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Today in the Market (11/14/2023)

Good Evening! On Tuesday, US equities surged as investors processed a lower-than-anticipated inflation figure.

All three indexes opened significantly above their respective Monday close, with the S&P 500 ending up by 1.91%, the Dow Jones increasing by 1.43%, and the NASDAQ soaring 2.37%.

A SLOWDOWN ON REMODELING THE KITCHEN!

According to third quarter disclosures, revenues at Home Depot (HD) are decreasing as customers reduce their spending on home upgrade projects. Compared to the prior year, sales have decreased by 3.10%, which is a little less than the 3.31% decline Wall Street had predicted.

  • Revenue: $37.71 Billion vs. $37.70 Billion Expected
  • Foot Traffic: 2.4% vs. 1.27 Expected
  • Earnings Per Share: $3.81 vs. $3.76 Expected

Times are changing! Billy Bastek, Home Depot’s senior vice president of merchandising, said during an investor call that categories such as flooring, countertops, and cabinets are seeing reduced levels of customer activity. Conversely, sectors that are heavily focused on professional use, such as roofing, insulation, and portable power tools, had significant growth in high-value purchases.

As we get closer to the holidays… Regarding discounts, CEO Ted Decker said the business intends to maintain promotions related to “Black Friday appliances, gift centers, and certain spring events for seasonal garden items to attract customers to the store.” The company has withdrawn its support for the marketing of home renovation items such as ceiling fans and paint. However, it may reconsider its position if there is a prolonged decline in the market.

SIX-FIGURE INCOME?

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The National Association of Realtors’ (NAR) most recent survey confirms the widely held perception among Americans that home affordability is at an all-time low.

But what is causing this? As a result of increasing interest rates and the limited availability of homes, the NAR discovered that the average earnings of a person purchasing a house between July 2022 and June 2023 amounted to $107,000. This figure represents a significant increase from the previous year’s average income of $88,000 and is one of the highest levels recorded since NAR began monitoring in 1981. Yet somehow, the housing market remains active.

But changes might be coming! If the recent jury ruling, which concluded that the organization colluded with brokerages to artificially increase commissions, is upheld on appeal, then there is a possibility that commissions may be reduced by up to 30%, as reported by the Wall Street Journal. Furthermore, this may potentially lead to various changes and disruptions within the real estate market.

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