Tuesday's Markets Update (October 31, 2023)

31 Oct 2023 by rate3

On Tuesday, home prices showed the biggest increase in seven months, while the Nasdaq and other major indexes rose due to technical buying, led by the financial and consumer discretionary sectors. Energy was the biggest laggard. Nvidia fell after reports that it may have to stop chip orders to China. BTC (~34.4K) and ETH (~1.8) were unchanged as bulls consolidate before their next breakout's attempt.

Details

Case Shiller Home Price Index rose 2.2% in August, the biggest increase in seven months. This was above forecasts. Chicago, New York, and Detroit had the biggest increases, while Las Vegas, Phoenix, and San Francisco had the biggest declines. Home prices have increased for seven straight months. S&P DJI said that the strength of the August report is consistent with an optimistic view of future results.