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Home Sales: Not Just Holding Steady
Looks like the housing market’s got some spring in its step. According to data from the National Association of Realtors, existing home sales rose 4.2% from January to February, hitting a seasonally adjusted pace of 4.26 million units. However, compared to last year, sales dipped by 1.2%. Still, with the median home price hitting $398,400—a 3.8% spike—things aren’t all bad.
Priscilla Thiagamoorthy, a senior economist at BMO Capital Markets, notes, “U.S. existing home sales unexpectedly jumped in February, reversing some of the prior month’s drop.” But she warns the growth’s constrained by high mortgage rates and lofty prices.
Tesla’s Bumpy Road
Even for a company that’s named after a guy who shot lightning bolts, Tesla’s had an electrifying time. The stock went jittery before eking out a 0.2% gain. The latest episode? A recall of 46,000 Cybertrucks because apparently, their exterior panels like to make a break for it.
Wedbush’s Dan Ives, usually one of Tesla’s cheerleaders, has redirected his applause towards another stage in Tesla’s performance. He stated, “If Musk doesn’t balance his CEO duties with newfound government tasks, Tesla risks becoming a political pawn. This could herald a ‘black swan’ moment for TSLA.” Shares are already down 42% this year, so they better hope the curtain’s not closing yet. Yet, Secretary Howard Lutnick is daring folks to buy, claiming “It’ll never be this cheap again.”
The Slow Sizzle of Thursday Stocks
After Wednesday felt like the Federal Reserve decided to treat us to a fiscal cocktail, Thursday was the slightly awkward morning after. We got out of bed with good intentions and promising economic data, but by the end, the Dow slipped 0.03% to 41,953, the S&P 500 lost 0.2% ending at 5,662, and Nasdaq fell 0.3% landing at 17,691. That’s New York for you, full of ups and downs.
Is JPMorgan the Next Big Tech in Banking?
On a brighter note, Nvidia (NVDA) is, as they say, killing it—another 0.9% gain. CEO Jensen Huang’s grand, somewhat cryptic plan to invest hundreds of billions in the U.S. supply chain is attracting market buzz.
And if you think JPMorgan’s just another stuffy bank, think again. Policemen of the stock world, like Mike Mayo at Wells Fargo, are calling JPMorgan “the Nvidia of banking.” With a cool tech budget reaching $18 billion by 2025, they’ve got their eyes set on the future. Mayo’s got a price target of $300 for the stock, translating to a 25% potential upside. Now that’s how you bank.
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