TLDR

MARKET RECAP → Stocks saw little action Thursday as light trading volume coincided with what appears to be a broad lack of conviction from both buyers and sellers.

MARCH SALES DIVE → 🏡 Despite more houses on the market, March's home sales dipped 4.3% as buyers balked at climbing mortgage rates, pushing prices to their peak—even with homes selling faster than last spring.

TRUMP MEDIA RALLIES → 👱‍♂️ Trump Media's shares staged a revenge rally, leaping over 21% and scorching short sellers after a dark week, hinting that what goes down might just rocket back up.

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MARKETS

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TODAY’S TOP NEWS

March Sales Dive

🏚️ Persisting Challenges: Despite an increase in available homes, March saw a 4.3% decline in previously owned home sales compared to February, with a rate of 4.19 million units—3.7% lower than the same month in 2023. Even with the previous month's spike, rising mortgage rates have cooled buyers' enthusiasm, suggesting an elusive spring bounce.

📉 A Mixed Bag: Sales trends varied significantly across regions, falling nearly everywhere except the Northeast, which experienced a 4.2% increase. The sharpest decline was in the West, with an 8.2% drop, where prices also remained the highest. Such disparities highlight the uneven recovery across different markets.

🏠 No Relief in Sight: The inventory of homes did rise by 4.7% to 1.11 million units, but this didn't temper the median price, which surged to $393,500—a record for March. As homes swiftly moved off the market, averaging 33 days before sale, it became clear that more supply hasn’t eased the competitive tension among buyers.

TODAY’S TOP NEWS

Trump Media Rallies

📈 Soaring Shares: Trump Media's stock witnessed a significant rally, soaring as much as 21% in one session, then stabilizing with a robust 12.5% gain at $29.71 midday. This rebound follows a dismal week with a cumulative drop of over 52%, highlighting a volatile yet resilient market presence.

🔥 Burning Short Sellers: Amidst this sharp recovery, Trump Media strategically updated its shareholder guidelines to combat short-selling. This move could squeeze those betting against the stock, especially as shares briefly topped $31, showcasing a strategic play against market pessimists.

💡 Volatility and Vigor: Despite previous sharp declines, Trump Media shares have not only recovered but have maintained strong gains for two consecutive days, indicating a possibly enduring bullish trend. This suggests that investor sentiment might be shifting more favorably despite past volatility.

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