On Friday, US benchmark equity indexes saw an increase as the markets evaluated the most recent earnings announcements. According to government data, there was a noted decline in US housing starts last month, with the decrease in multi-family projects outweighing gains in single-family construction.
Oxford Economics predicts a recovery in housing starts as we move forward, expecting the annual pace to reach 1.5 million, driven by lower mortgage rates due to ongoing interest rate cuts by the Federal Reserve, improving credit conditions for builders, and the enduring necessity for increased housing supply. Moreover, the November West Texas Intermediate crude oil prices fell by $1.45, closing at $69.22 per barrel.
In parallel, December Brent crude, the global benchmark, was also down, settling at $73.41 in light of China's Q3 economic growth missing its target, which has subsequently kept demand low from the world's largest importer. In the realm of technology, Netflix experienced a surge of 11%, following the release of their Q3 financial results, which exceeded expectations with a higher-than-anticipated subscriber count.
Similarly, Intuitive Surgical's shares increased by 10% after the company disclosed better-than-expected Q3 results, showcasing double-digit growth in surgical procedure volumes. Conversely, CVS Health appointed David Joyner as the new chief executive, yet the healthcare titan reported a preliminary Q3 earnings outlook falling short of analysts' predictions, leading to a 5.3% decline in their share prices..