Today's Scoop:

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Here’s what you need to know today…

1. Americans are growing more worried about the economy.

2. Fewer people are buying homes with mortgage rates at 20-year highs.

3. A housing shortage is keeping home prices high.

S&P 500: 4,273.53
1Mo: -4% | 1Yr: +17% | 5Yr: +47%

The market tumbled lower today as investors worried about the health of the economy and the American consumer.

The optimism of early summer keeps fading. The Conference Board's Consumer Confidence Index fell in September to the lowest level in four months. Americans are concerned about rising prices for groceries and gasoline and higher interest rates, making borrowing more expensive. Consumer spending powers two-thirds of the economy, so it’s essential to monitor sentiment.

Fewer people are buying homes with mortgage rates near twenty-year highs. The Commerce Department reported sales of new homes fell in August to a five-month low. Sales of existing homes, which comprise a more significant portion of the market, sank to the lowest level since January. Expensive mortgage rates and high prices have made homes highly unaffordable, deterring buyers and stalling the real estate market.

Even with fewer buyers, the housing shortage has kept home prices high. Expensive mortgages have also deterred sellers who want to hang on to the cheaper rate on their existing property, shrinking the available home supply. Home prices in the United States reached a record high in July, with a national measure of prices rising for the sixth consecutive month. According to data from S&P CoreLogic Case-Shiller, prices rose 0.6% from June to July and are up 1% over the last twelve months. The number of homes available for resale in August was down 7.9% from the previous year.

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Why do we care about the S&P 500?

The S&P 500 is an index that tracks the value of the biggest 500 public companies in the US. The actual number isn't as significant as the direction it moves. It helps us understand whether America's biggest corporations are growing. Daily fluctuations are very normal.

Two other popular indexes are the Dow and the Nasdaq. The Dow, S&P 500, and Nasdaq are all stock market indexes. The S&P 500 tracks the value of the largest 500 public companies in the US, representing about 80% of the total market value. The Dow Jones Industrial Average, established in the 1800s, follows 30 selected, stable companies, historically leaning towards sectors like construction and banking. The Nasdaq references a younger stock exchange that’s very tech-heavy, with the Nasdaq Composite Index tracking companies solely on the Nasdaq exchange. While there's overlap, the S&P 500 is seen as the main "average," the Dow is seen as representing more stable "value" companies, and the Nasdaq is looked to for tech "growth" companies.

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