Feb 15, 2023
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out with a look at the CBO’s update of fiscal policy forecasts (page 1) followed by a rundown of tonight’s earning reports (pages 2 and 3). We then dive into apparent seasonal adjustment issues in the retail sales report (page 4) before turning to the latest hard manufacturing data (page 5). After a recap of today’s 20 year bond auction (page 6) we dive into some of the oddities of the latest EIA data (pages 7 and 8). We finish with a look at homebuilder stocks after big jumps in homebuilder sentiment as we saw today (page 9).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Feb 15, 2023
Wednesday’s release of homebuilder sentiment from the NAHB showed a significant rebound in sentiment as the headline reading has risen in back-to-back months from the low of 31 in December up to 42 this month. While that is not a screaming endorsement of strength from homebuilders (in the past decade, the only times the index was this low was the past few months and the start of the pandemic), it does mark an improvement in sentiment that is consistent with the recent turnaround in mortgage rates and the rise in weekly mortgage applications.
While sentiment has risen in back-to-back months, the moves from January to February were historic across the report. The only index to not experience a monthly move that ranks in the top decile of all periods was the Midwest. Future Sales was the most impressive with its 11-point jump tied with November 1988 for the second largest month-over-month increase on record.
As for the headline index, the 7-point increase was the largest increase since the months of May, June and July 2020 when sentiment began to recover from the pandemic plummet. Prior to 2020, June 2013 was the last time sentiment has risen by as much. Click here to learn more about Bespoke’s premium stock market research service.
Feb 14, 2023
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a look at the hawkish tones out of the Fed (page 1) followed by a dive into crude oil markets (page 2). We then review the latest CPI print (pages 3 and 4) before finishing with an update of the latest job postings data (pages 5 and 6).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
