US existing-home sales accelerated in May to a 4.17 million annualized pace, the fastest this year. The pickup signals more closed deals despite high mortgage rates and tight inventory.
10:41 AMBloomberg Markets8 stories from 4 sources
Markets advance as housing strengthens but small-business confidence fades
Day’s Recap
Supporting Articles
US small-business optimism fell in May to its lowest level since October 2024. The decline wiped out nearly all of the post-election gains after Donald Trump won a second term.
6:00 AMBloomberg MarketsUS stocks rose for a second session, with chipmakers led by Nvidia driving much of the advance. The S&P extended gains as investors leaned back into the AI-linked trade.
9:52 AMBloomberg Markets10:41 AMBloomberg Markets
US Existing-Home Sales Rise to Fastest Pace of the Year
Summary
US existing-home sales accelerated in May to a 4.17 million annualized pace, the fastest this year. The pickup signals more closed deals despite high mortgage rates and tight inventory.
Why it matters
Stronger turnover in housing can keep prices and inflation firmer and change the timing of Fed easing.
6:00 AMBloomberg Markets
US Small-Business Optimism Falls to Lowest Since October 2024
Summary
US small-business optimism fell in May to its lowest level since October 2024. The decline wiped out nearly all of the post-election gains after Donald Trump won a second term.
Why it matters
When small-business confidence drops, hiring and investment often follow, weakening growth momentum before it shows up in headline data.
9:52 AMBloomberg Markets
S&P 500 Traders Grapple With Swings Reminiscent of Tariff Tumult
Summary
US stocks rose for a second session, with chipmakers led by Nvidia driving much of the advance. The S&P extended gains as investors leaned back into the AI-linked trade.
Why it matters
A chip-led rally boosts indexes but increases concentration risk and downside vulnerability.
Other Developments
A curated list of other prominent stories from this day.
Wells Fargo CFO Mike Santomassimo said net interest income will rise this quarter and reiterated the bank expects about $50 billion of NII for the full year. He linked the near-term pickup to loan growth and the current rate backdrop.
8:26 PMPYMNTSCitigroup CFO Gonzalo Luchetti said the bank expects a broad-based lift in trading revenue across asset classes, with momentum looking more durable than it did early last year. The outlook supports CEO Jane Fraser’s effort to stabilize performance during the restructuring.
4:54 PMBloomberg MarketsThe Mortgage Bankers Association launched a new member forum focused on reverse mortgages and other senior-oriented mortgage products. The forum is intended to convene lenders and stakeholders around issues specific to senior housing finance.
3:44 PMHousing WireThe prospect of Elon Musk reaching trillionaire status is used to illustrate how wealth at the top is compounding faster than the rest of the economy. The dynamics behind that concentration are accelerating, not stabilizing.
3:08 PMThe New York TimesAs households shift more of their budgets to essentials, Amazon is pulling ahead on discretionary purchases while Walmart increasingly anchors necessity spending. The report finds Amazon holds a 27% advantage in winning discretionary wallet share, tied to consumer migration toward digital shopping.
4:00 AMPYMNTS8:26 PMPYMNTS
Wells Fargo CFO Forecasts Rising Net Interest Income Amid Loan Growth
Summary
Wells Fargo CFO Mike Santomassimo said net interest income will rise this quarter and reiterated the bank expects about $50 billion of NII for the full year. He linked the near-term pickup to loan growth and the current rate backdrop.
Why it matters
NII is the main earnings engine for big banks, and a credible rebound changes forecasts for profits, capital returns, and bank-sector valuations.
4:54 PMBloomberg Markets
Citi CFO Sees Trading Revenue Jump as CEO Fraser Drives Turnaround
Summary
Citigroup CFO Gonzalo Luchetti said the bank expects a broad-based lift in trading revenue across asset classes, with momentum looking more durable than it did early last year. The outlook supports CEO Jane Fraser’s effort to stabilize performance during the restructuring.
Why it matters
If trading revenue holds up, Citi can fund its turnaround and protect profitability without relying on a faster-than-expected recovery in traditional banking.
3:44 PMHousing Wire
MBA launches forum for reverse mortgages, senior lending
Summary
The Mortgage Bankers Association launched a new member forum focused on reverse mortgages and other senior-oriented mortgage products. The forum is intended to convene lenders and stakeholders around issues specific to senior housing finance.
Why it matters
A unified industry forum can speed product expansion while also tightening expectations around compliance and consumer outcomes in senior lending.
3:08 PMThe New York Times
Billionaires’ Billions Are Increasing Faster Than Ever
Summary
The prospect of Elon Musk reaching trillionaire status is used to illustrate how wealth at the top is compounding faster than the rest of the economy. The dynamics behind that concentration are accelerating, not stabilizing.
Why it matters
Faster wealth concentration reshapes policy risk for markets and deepens social and political instability.
4:00 AMPYMNTS
Digital Shift Gives Amazon 27% Edge in Discretionary Spend
Summary
As households shift more of their budgets to essentials, Amazon is pulling ahead on discretionary purchases while Walmart increasingly anchors necessity spending. The report finds Amazon holds a 27% advantage in winning discretionary wallet share, tied to consumer migration toward digital shopping.
Why it matters
The split reshapes pricing power and profit pools in US retail, with Amazon positioned to capture higher margin discretionary growth while Walmart bears more of the inflation sensitive essentials fight.
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