Daily market review – May 23rd 2017


Wall Street markets is trading with a rise for the fourth day in a row.

Some economic news from the US:

Philadelphia Fed non-manufacturing index falls in May.
The Philadelphia Federal Reserve said on Tuesday its barometer of non-manufacturing business activity in the U.S. Mid-Atlantic region fell to its lowest level so far in 2017 in May, led by declines in new orders and employment.

The regional bank of the Fed said its index on business activity at services companies in the region fell to 25.8 points, the lowest since November 2016 when it was 16.8. It was 34.9 points in April.

U.S. New-Home Sales Fell More Than Expected in April.

Single-family home sales decreased by11.4%to a 569,000 annualized pace (median forecast called for a 610,000 rate)
The median sales price of a new house dropped by 3.8% from April 2016 to $309,200
Supply of homes rose to 5.7 months, the highest since September 2015, from 4.9 months; there were 268,000 new houses on the market at the end of April, most since July 2009
Key Takeaways

While new-home sales only account for about 10 percent of the residential market, the broader housing picture has remained bright with solid job growth and modest boosts to wages.


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