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Stock Market News Today, 5/23/23 – Stocks Remain Under Pressure; New Home Sales Rise


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Last Updated 11:03AM EST

Stocks remain under pressure so far in today’s trading session, as the Nasdaq 100 (NDX) and the S&P 500 (SPX) are in the negative. Meanwhile, the Dow Jones Industrial Average (DJIA) is near the flatline.

Earlier today, the Census Bureau released its United States New Home Sales data for April, which came in at 683,000. For reference, forecasters were expecting a print of 663,000. This was also higher than last month’s report of 656,000.

However, house prices saw a decrease. Indeed, the median sales price was $420.800 in April compared to $449,800 in March, and the average sales price was $501,000, lower than the $562,400 average seen in the prior month.

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Last update: 9:30 AM EST. First published: 5:28 AM EST

U.S. stocks continued their downtrend this morning as traders eagerly awaited progress on U.S. debt limit negotiations. At the open, the Nasdaq 100 (NDX) is down 0.4%, while the S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) are down by 0.3% and 0.25%, respectively, at 9:30 AM EST, May 23.

After what was called a “productive” and “meaningful” meeting last evening, the President and House Speaker Kevin McCarthy will continue meeting and negotiating until a favorable solution is reached. As the countdown begins for D-Day to arrive, markets are growing more wary of the outcome. The sooner the decision is made the better on raising or lifting the debt ceiling, the better, as traders can move past the lurking issues.

On the other hand, Federal speakers continue with their speeches, which are marked by contrasting tones. Some people believe in pausing rate hikes and following the wait-and-watch approach, while others believe more hikes are required to curb inflation.  

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Meanwhile, banking stocks rallied yesterday following PacWest Bancorp’s (NASDAQ: PACW) announcement of selling a portfolio of real estate construction loans for $2.6 billion. On the earnings front, Lowe’s (NYSE:LOW), BJ’s Wholesale (NYSE:BJ), Dick’s Sporting Goods (NYSE:DKS), and Intuit (NASDAQ:INTU) report today.

On the economic front, S&P Global’s (NYSE:SPGI) Manufacturing and Services PMI data along with New Homes Sales figures are expected during the day.  

Elsewhere, European indices are trading mixed today on mixed economic datasets from various regions of the Eurozone. Also, traders await the outcome of the U.S. debt ceiling negotiations.   

Asia-Pacific Markets End Mixed

Asia-Pacific indices also ended the trading session mixed, following differing economic indicators from different nations. Major indices erased all the gains of the previous sessions and ended in the red.

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Hong Kong’s Hang Seng, China’s Shanghai Composite, and Shenzhen Component indices ended the trading session down by 1.25%, 1.52%, and 1.03%, respectively.

At the same time, Japan’s Nikkei and Topix indices ended down by 0.42% and 0.66%, respectively.

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