May 24, 2018
This week's housing data have proven unexpectedly soft including a sharp decline in existing home sales and only a marginal gain for FHFA house prices. New home sales were yesterday's disappointment for a sector that has been struggling all year and is now off to a weak start for the Spring selling season.
News that President Trump has called off a summit with North Korea's leader raised demand for safety, reflected in a modest 0.3 percent decline for the Dow to 24,811, and raised demand for bonds where the 10-year Treasury yield continues to edge below 3 percent, now at 2.97 percent. Gold also rallied on the day, up $15 to $1,308, while oil slipped down more than $1 to just below $70.75.