Tuesday's Final Takeaways: Consumer Confidence Slips & International Movers

Market Overview - The supply of homes for sale has increased by approximately 15% compared to a year ago, indicating a shift in the housing market dynamics [2] - In September, around 85,000 US sellers removed their homes from the market, marking a 28% increase from the previous year, the fastest pace in nearly a decade [1] Consumer Confidence and Labor Market - The Conference Board's consumer confidence index fell to 88.7%, a decline of nearly seven points from the prior month, the lowest since April, and below expectations [3] - Private payrolls data from ADP indicated an average loss of 13,500 jobs per week over the past four weeks, suggesting potential labor market challenges ahead of the Fed's December meeting [3] Federal Reserve and Economic Policy - Treasury Secretary Scott Bessent mentioned that President Trump may announce a new Fed chair by Christmas, with five strong candidates currently in consideration [5] - Kevin Hasset, Director of the National Economic Council, is emerging as a frontrunner for the Fed chair position, expected to align with Trump's preferences on interest rates [6] Economic Activity and Inflation - The upcoming Fed's Beige Book is anticipated to show little change in overall economic activity, with some districts reporting slight declines and others modest growth [10] - Inflation is expected to moderate, but high input costs continue to pressure businesses, indicating mixed consumer spending patterns [10] Company-Specific Insights - Deere is facing headwinds due to waning demand for machinery and lower grain prices, although recent trade deals may provide some benefits [12] - Lee Auto, a Chinese EV maker, has seen its US-listed shares decline over 20% year-to-date, attributed to a slowing Chinese economy and increased competition [14]