Table of Contents

• US Home Prices

• Microsoft vs. Nvidia

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Economy & Finance

US Home Prices

Sales of pre-owned homes remained stagnant in May as prices reached new peaks and mortgage rates continued to hover at elevated levels, according to the National Association of Realtors (NAR). Existing home sales for the month were nearly unchanged, declining marginally by 0.7% from April to an annualized rate of 4.11 million units. Compared to a year ago, sales were down by 2.8%. The market's sluggishness was attributed to the sharp rise in mortgage rates in April, with the average rate on a 30-year fixed loan peaking above 7.5%. Despite a 6.7% increase in housing inventory from the previous month and an 18.5% rise from last year, supply remains constrained relative to demand. This imbalance has driven median home prices to a record $419,300, marking a 5.8% increase year-over-year.

Technology

Microsoft vs. Nvidia

Microsoft has reclaimed its position as the world's most valuable public company after Nvidia's shares dropped 3.5% in US trading on Thursday, reducing its market valuation to $3.2 trillion. Despite slight declines in both companies' shares, Microsoft closed the day worth $3.3 trillion, setting the stage for a competitive race with Apple for the top spot and the race to become the first $4 trillion firm, analysts predict. Nvidia's recent ascent, fueled by its early investments in AI technology, briefly propelled it to the stock market summit earlier this week with a remarkable surge in share price since October 2022. However, questions linger over whether Nvidia can sustain its leadership in AI amidst increasing competition from rivals heavily investing in the sector.

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