The news covers several key developments in the U.S. economy, including an oversupply in the housing market, Apple's struggle against Huawei in China, the challenges faced by the restaurant industry, a stock market downturn, and a tragic event in New Orleans.
The U.S. housing market has strong supply — but that's not necessarily a good sign. Active listings in November were up 12% year over year, largely because houses are staying on the market longer, according to data from Redfin. More than half of the homes listed in November had been up for sale for at least 60 days, the highest share for any November in five years. As one Redfin agent put it: 'A lot of listings on the market are either stale or uninhabitable.
There's a lot of inventory, but it doesn't feel like enough.' Elsewhere, Apple is facing stiff competition from Huawei in China. Shipments of Apple smartphones fell 6% year over year in China during the third quarter, according to Canalys, while shipments of Huawei devices jumped 24% year over year. In response, Apple is discounting its top-line phones in the all-important market around the upcoming Chinese New Year — as much as 500 Chinese yuan ($68.50) off. A horrific event unfolded in New Orleans on Wednesday in the French Quarter. A truck crashed into a crowd of New Year's revelers, killing at least 15 people and injuring 30 more. The FBI has identified a 42-year-old Texas man who crashed a pickup truck into a New Year's celebration and then opened fire on police. The suspect was killed at the scene. It was a tough year for restaurants, as inflation-fatigued Americans stayed home and visits to U.S. eateries broadly fell. Twenty-six restaurant companies filed for Chapter 11 bankruptcy protection in 2024, and scores of chains closed down locations. The stock market had a rough year as the year went on. The S&P 500 gained 1%. Still, it's not looking good for the traditional 'Santa Claus rally' — in which stocks usually advance in the five final days of a calendar year and the first two trading days of January — since the averages suffered into the 2024 year-end
HOUSINGMARKET TECHNOLOGY RESTAURANTS STOCKMARKET TRAGEDY
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