Today's Scoop:

Hey friends - almost Friday. Look out for our Weekly Scoop tomorrow.

Here’s what you need to know today…

1. Layoffs stayed high again last week.

2. High mortgage rates have stalled home sales.

3. Fewer homes on the market have kept prices elevated.

S&P 500: 4,381.89
1Mo: +6% | 1Yr: +15% | 5Yr: +61%

The market drifted higher today after three days of losses. The next week or so is a little light on economic data to move the market.

Layoffs were fairly high last week for the third week in a row. The Labor Department reported initial jobless claims remained unchanged at 264,000, the highest level since October 2021. Layoffs and unemployment have been extremely low until this month. We’ll wait to see whether the high volume of job openings will keep absorbing these layoffs.

Expensive mortgage rates have kept homebuyers on the sidelines. The National Association of Realtors (NAR) said the number of existing homes sold in May rose only 0.2% from April, down over 20% from a year ago. The Mortgage Bankers Association reported the average interest rate for a 30-year fixed-rate mortgage is 6.7%, down slightly from recent highs of over 7% but nearly double the rate at the start of last year.

Home prices haven’t dropped much because there’s so little supply. High rates have also prompted sellers to hang onto their homes with cheaper mortgages. The NAR said the number of available homes for sale is half of what it was before the pandemic. Redfin reported the most significant shortage on record in May. Despite the stark drop in transactions, the median price of an existing home sold in May is down only 3.1% from a year ago.

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