Daily Trader: “Surprising” Housing Strength, Consumer Confidence Plunges #shorts

Good morning, everyone, and welcome to the Daily Trader. Data, the start of a 4-day path of heavy economic data. We'll get into it right away. First, earlier this morning, we got House Price Index data from Case-Shiller and from FHFA, both showing similar, surprising strength in house price uh data. So, Case-Shiller home house price index up 0.3 month over month, that's a tenth better than expected. That's in the 20-city adjusted. 20-city year-over-year, 2.5% higher. That's 4/10 better than last month, 4/10 better than the consensus. So, little better, solid more solid numbers from housing. FHA house price index, that also came in up 0.3 and 2.6% year-over-year. Again, better than expected, 2.4 was that one. So, surprisingly solid numbers from house price index data. Then, just a few minutes ago, about half hour ago, we got consumer confidence data, dropping to 81.9. Now, the consumer confidence data that we got, down 6.7 points. The present situation index fell 7.9 points to 109.3. Expectations dropped to 63.6. Three months in a row that number has dropped. Now, as you know, if you listen to this show often, I'm not a big fan of sentiment data cuz it takes into it it's very political, it leans one way or the other, it skews the data sometimes. So, I'm not a big fan, but business and labor appraisals of current business conditions turned negative for the first time since September 24th. Recession fears popped up. University of Michigan index also was lower. Those are the two sentiment data numbers that we get. Not a big fan of them, but there they are. Now, some data that we did get on the our first look at the labor market was JOLTS data. JOLTS, 7.079 million job openings. That is lower than last month at 7.27, lower than the consensus at 7.22. What does that mean? Are are they pulling jobs off the market or are they just less jobs out there? The low higher, low fire economy is it intact? We've been getting great numbers from jobless claims. We'll see how that plays out the rest of the week, but a lot of data coming up. We'll cover it all on the Daily Trader. Have a great day, everybody.