US stocks dipped on Wednesday, with the S&P 500 falling slightly as investors digested positive housing data and a slowdown in Eurozone inflation. Intuitive Machines and Applied Therapeutics saw significant share price gains following positive company news, while NANO Nuclear Energy and Wheeler Real Estate Investment Trust experienced notable drops. Housing starts and building permits in the US showed strong growth, while oil prices fell and gold prices rose.
Housing starts in Canada experienced a significant increase in July, with the seasonally adjusted annual rate (SAAR) rising 16% compared to June. This surge was primarily attributed to a growth in multi-unit construction, particularly in Calgary and Ottawa. Despite this growth, concerns remain regarding the ongoing national housing shortage, leading developers to focus on multi-unit construction in major urban centers.
Simpson Manufacturing Co., Inc. (NYSE: SSD) reported its financial results for the first quarter of 2024, reflecting both challenges and opportunities in the construction industry. The company’s net sales totaled $XX million, showing a modest year-over-year decline. However, CEO Karen Olosky highlighted the strength in the international market, with volumes increasing by 8% and gross margins remaining elevated due to pricing discipline and cost management.
