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Strong Housing Market Data for February
ZACKSยท 2025-03-18 15:45
Group 1: Economic Indicators - Pre-market indexes are showing a decline after recent gains, with the Dow down 45 points, S&P 500 down 10 points, Nasdaq down approximately 65 points, and Russell 2000 down 8 points [1] - Housing Starts increased by 11.2% to 1.50 million annualized units, surpassing expectations of 1.38 million and the revised January figure of 1.35 million [3][4] - Building Permits slightly exceeded estimates at 1.456 million, down 1.2% from the revised 1.7 million in the previous month [5] Group 2: Housing Market Insights - Single-family units rose by 11% while multi-family units increased by 12%, indicating a balanced growth, although both categories are still down year-over-year [4] - Homebuilder Sentiment fell to its lowest level in 7 months, contrasting with the positive housing starts data [4] Group 3: Trade and Tariffs - Import Price Index rose by 0.4%, matching the previous month's increase, with year-over-year imports up by 2.0% [6] - Exports increased by 0.1%, reversing an expected decline of 0.1%, following a strong January performance of 1.3% [7] Group 4: Corporate Developments - Google parent Alphabet announced its largest acquisition of cloud security firm Wiz for $32 billion in cash, aiming to enhance its cloud security platform [2] - NVIDIA CEO Jensen Huang is set to deliver a keynote address at the GPU Technology Conference, amidst a year-to-date decline of 11% in NVIDIA shares [8]