Demand for Newly Constructed Homes? | January 21

by Luna Fuller
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Good Evening!

The DJIA fell 0.03%
The S&P 500 was up 0.04%
The Nasdaq Composite added 0.55%

Tech and consumer discretionary stocks led the market, as energy slips.

General Market Review

Tech

Apple rose 4% after raising its price target to $152 as investors expect high demand for the iPhone 12. The company’s quarterly report is due on January 27 and investors are expecting strong earnings. Intel gained 6% after significantly beating earnings expectations and increasing its annual dividend by 5%.

Consumer Discretionary

Ford was up 6% as investors are pleased with the company’s guidance which includes a new electric vehicle strategy.

Energy

As weekly crude oil inventories surprisingly increased, oil prices fell. Energy stocks slipped about 4%.  Exxon Mobil was down 3% after an analyst gave the company an underperform rating over fears of dividend coverage.

Real Estate

Strong housing starts economic data fuels the demand for newly constructed homes. Homebuilder ETFs were in the green, with the iShares US Home Constructions ETF up 1.5%.

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