Afternoon Market Update

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According to the Case-Shiller home price index released by Standard & Poor's, home prices grew 0.8% month/month in April across 20 major cities in the US. Home prices, which fell in only 2 out of 20 cities, gained for the third consecutive year. The impact of the housing news was, however, mitigated by a plunge in consumer confidence for June. The Dow Jones Industrial Average (DJIA) was down 2.20% to 9,916. According to chief economist Josh Shapiro of MFR Inc, "Prices are likely to follow demand, so we expect this index to trend weaker in coming months." Shares of Janus Capital Group Inc
JNS
fell around 6% after analysts at Keefe Bruyette & Woods downgraded the company from “outperform” to “market perform.” According to the analysts, the downgrade in rating was based on weak revenue growth. Oil futures widened its losses after the consumer confidence index reached the lowest level since March. According to a Conference Board report, the consumer confidence index fell to 52.9 in June. Gold futures narrowed the losses after moving deep into the negative territory when the report was released. Gold for August delivery lost 0.2% to $1,235.60 an ounce. Meanwhile, oil for August delivery retreated 3.7% to $75.38 a barrel. Read more
from Benzinga's Markets.
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Posted In: NewsDowngradesFuturesIntraday UpdateMarketsAnalyst RatingsTrading IdeasAfternoon Market Update
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