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NWQWM Morning Financial Report

Home price increases slowed ever so slightly in April, but it is the first potential sign of a cooling in prices.  Prices rose 20.4% nationally in April compared with the same month a year ago, according to the S&P CoreLogic Case-Shiller Index. In March, home prices rose 20.6%. The last slight deceleration was in November of last year.  Cities in the South continued to see the strongest monthly gains, including Charlotte, Tampa, Atlanta, Dallas, and Miami.

The Conference Board's latest reading on consumer confidence showed consumer expectations in June fell to their lowest level since 2013.  The Conference Board's consumer confidence index for June fell to 98.7 from 103.2 in May.  The report's expectations index, which is based on consumers' short-term outlook for income growth, the job market, and overall business conditions, fell to 66.4, its lowest reading since March 2013.

Nike said demand for sneakers and sportswear largely held up in their latest quarter, despite a Covid lockdown in China and a tougher consumer environment in the U.S.  But the company said challenges such as higher transportation costs and longer shipping times are persisting.  Shares are trading lower, despite the company topping Wall Street’s earnings and sales expectations.  Nike anticipates current quarter revenue will be flat to slightly up versus the prior year, as they continue to manage Covid disruption in Greater China.

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