Markets Mostly Higher but Sagging; Late Earnings Surge
Zacks Investment Research | May 27, 2021 05:59AM ET
We saw closes in the green almost completely across the board, with the sole miss being the Nasdaq, which came in -0.01% on the day (so close!). Otherwise, we got +0.41% gains on the Dow for the day, +0.11% for the S&P 500 and +1.06% on the Russell 2000 — the second-straight day the small-cap index was far ahead of the other major indexes. Indexes sagged for most of the day following a strong open. After the bell rang in normal trading this morning, Pending Home Sales posted a big disappointment: -4.4%. This was way down from the +1.0% expected and the +1.7% reported in March, which had been indicating a big rebound in Pending Home Sales. All regions except the Midwest saw drops, while contract signings grew 51.7% for the month. Surging housing prices are clearly giving buyers cold feet; drastically rising input costs have flipped on inflation in the market, causing flagging sales. A busy afternoon for earnings reports leads with salesforce.com’s Questions or comments about this article and/or its author? Click here>>
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