New Home Sales Jump, Tied For Highest Since 2008 As Median Selling Price Rebounds

Confirming the strong housing data reported earlier by Case-Shiller which showed the fastest pace of home price appreciation since 2014, moments ago the Census reported that New Home Sales rose 5.8% in March to an annual pace of 621K units, just shy of the highest print going back to January 2008, and solidly beating expectations of a 585K print. 

Consumer Confidence Stumbles As Stock Market Optimism Plunges Most In 15 Months

After rising almost incessantly for the last few months (post-trump), The Conference Board's consumer confidence index dropped in April (though remains near decade-long highs) with a notable drop in 'expectations' (and business conditions weakening). Furthermore, the 'expectations for future stock market increases' which reached its highest since the peak in 2000 in March, tumbled in April.

Dow Rallies To Critical Resistance (Despite Jump In VIX)

The Dow is up over 200 points this morning on the heels of better than expected earnings for CAT and MCD (among others). This surge has erased all of the losses since March 21st (when the market tumbled after disappointing bank earnings). The 'odd' action today is that amid this exuberant equity buying, VIX is jumping, back above 11.

Ivanka Trump Booed At Women's Conference In Berlin

Ivanka Trump faced a hostile reception during a women's panel in Berlin, when the audience booed and hissed at the first daughter on Tuesday after calling her father a "tremendous champion of supporting families."

Security Forces Put On Alert As Trump Set To Ban Laptops On Planes Originating From Europe

Devices have already been banned on all flights originating from Turkey, Lebanon, Egypt, Saudi Arabia, Jordan and Tunisia and now British Intelligence sources have said they are bracing for more widespread implementation that could ban the devices on every flight leaving Europe for the United States, including those originating from major airline hubs in London.

NASDAQ Rises Above 6,000 For The First Time Ever

Another day, another market record, this time in nice round numbers, as the Nasdaq hits new all time highs, rising above 6,000 for the first time ever, driven by the familiar five tech giants Amazon, Apple, Facebook, Google, Microsoft, which together now account for over 10% of the total US market cap.

US Home Prices Rise At The Fastest Pace Since July 2014

While it is unclear if the Chinese, tired of fighting regulations in Canada, are behind the latest jump in home prices, today Case-Shiller reported that its index of Top 20 cities rose at a 5.9% annual rate, the highest increase since July 2014, citing tight supply and growing housing demand.

Marissa Mayer To Leave Yahoo With $186 Million From Verizon Deal

Marissa Mayer, the soon to be former YHOO Chief Executive, is set to make at least $186 million as a result of the internet company’s sale to Verizon Communications. The staggering figure is over seven times greater than the $23 million "golden parachute" Yahoo said last month that Mayer would receive as part of her planned departure from what’s left of the company after the sale to Verizon.

Frontrunning: April 25

  • Trump’s 15% Corporate Tax Push Sets Stage for Clash With Ryan (BBG)
  • U.S. and North Korea Flex Military Muscles (BBG)
  • Le Pen's father criticizes her presidential campaign as she steps back from party (Reuters)
  • Eight Maps That Explain France’s Macron-Le Pen Election (BBG)
  • Alphabet’s Waymo Offering Families Rides in Self-Driving Cars (WSJ)

North Korea Conducts Largest-Ever Live Fire Drill As US Nuclear Sub Docks In South

North Korea conducted what various media outlets have dubbed as its largest ever live-fire exercise on Tuesday to mark the 85th anniversary of the foundation of its military, as a U.S. submarine docked in South Korea in "a show of force" amid growing concern a showdown between the US and North Korea may be imminent.

World Stocks Hit All Time High, S&P Futures Rise To Within 1% Of Record

World stocks hit a new record high on Tuesday, with investors still cheering Macron's victory in the first round of the French presidential election, supported by speculation about U.S. tax reform and the overnight report that Trump has conceded on the border wall, eliminating a government shutdown as a potential risk.

Breslow: "What We've Seen So Far This Week Has Been A Gap Repricing Without Any Price Discovery"

"What we’ve had so far this week, I know it’s only Tuesday, has been a repricing without the benefit of meaningful price discovery along the way. Gaps during the Asia-Pacific opening are one thing. Ones followed by flat-lined price action suggest order books emptied followed by “So what do we do now?” And if there isn’t a quick follow-through in momentum, the next question will be “What have we done?”