Is Big Tech’s dominance over?
Surging tech stocks drove returns during the pandemic, but rising interest rates may pressure their earnings.
Monthly housing indicators released last week were mostly to the downside. Homebuilder sentiment waned, existing home sales declined, and single-family housing starts and building permits slowed (but starts and permits were both up for multifamily dwellings). There were some positives from the housing data, plus initial jobless claims remained low while the index of leading economic indicators (LEI) moved higher (but the 12-month growth rate slowed).