Sep 29, 2025
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we begin with a check up on the health of leveraged loan activity (page 1) followed by an update on regional Fed manufacturing indices (page 2). We then review the performance of some of today’s top performing stocks, namely those associated with retail risk appetite (page 3) in addition to how far AI stocks are trading relative to price targets (page 4). We finish with an update on some Brazilian data releases (pages 5 and 6).
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Sep 26, 2025
It was an eventful week for housing data as New Home Sales were released on Wednesday and Existing Home Sales came out yesterday. Working in reverse order, Existing Home Sales came in ahead of forecasts on a national level, although the sales pace has remained sluggish relative to pre-pandemic or early post-pandemic levels. As shown below, on a regional basis, sales are strongest in the South by a solid margin, although that is historically normal. Current levels are hovering around the lows from the spring of 2020 and the same applies to the West and Northeast. As for the Midwest, sales are well below those lows.
Turning over to prices, trends have a bit more variation. Prices are highest in the West and that has been the case for over a decade now. With that said, the past few years since higher rates came into play have seen far less steady gains compared to the exponential move higher from 2020 to 2022. Likewise, the South has seen prices flatline in the past few years amid higher inventories. The Midwest and Northeast are entirely different stories. The torrid price gains of the early pandemic years have continued for those two regions with only a minor dip occurring in late 2022/early 2023.
Turning over to New Home Sales data updated on Wednesday, there was a very strong print on a national scale, surging 20% MoM versus estimates of a small decline. The huge beat was driven by strong sales in completed homes, although sale of homes under construction also surged. Geographically, that strength was broad with all regions ticking up during the month of August. While accounting for the smallest share of total homes, sales in the Northeast were up an impressive 72% MoM and sales in the South (the largest share of national sales and inventories) jumped by 24.7%. As shown in the second chart below, new homes for sale (inventories) have fallen meaningfully after the latest surge in sales in the South. Meanwhile, the Midwest now has some of the highest inventories for new homes since February 2009.
Sep 25, 2025
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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 how the most volatile stocks have performed (page 1) in addition to a look at the historic disconnect between price and breadth (page 2). Next, we turn over to macro data with a review of the latest GDP figures including some data on AI’s impact on GDP and the update to the National Income and Product Accounts (pages 3-5). Next, we review existing home sales and affordability (page 6) before rounding out with a recap of claims data (page 7).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
Sep 24, 2025
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we kick off with a look into trucking activity (page 1) and various baskets including those of trucking stocks, restaurant stocks, and private equity names (page 2). We then recap the latest new home sales data (page 3) before pivoting over to a note on energy (pages 4 – 6). We then close out with a recap of today’s CFO survey (pages 7 & 8).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
