New home sales for December fell 14.7% month-over-month to an annual rate of 331,000 in December, much worse than the estimate of a 2.5% fall to 397,000. Year-over-year, new home sales fell 45%.
Durable good orders fell 2.6% in December, worse than an expected drop of 2.0% and November was revised substantially lower to -3.7% from an initial reading of -1.0%. Ex-transportation, orders fell 3.6%, versus the forecast of a 2.7% decline and November was revised lower to -1.7% from an initial reading of a rise of 1.2%.
The Dow Jones Industrial Average fell 226 points (2.7%) to close at 8,149, the S&P 500 Index lost 29 points (3.3%) to 845, and the Nasdaq Composite dropped 51 points (3.2%) to 1,508. Crude oil lost $0.72 to $41.44 per barrel, and gold ended up $20.50 at $908.70 per ounce.
Magnificent Seven Update
