Tesla joins S&P 500, consumer confidence, new home sales

TESLA JOINS S&P 500

Electric car maker Tesla is set to become biggest company ever to join S&P 500 index.

S&P Dow Jones Indices will d company Monday morning. Shares in Tesla, led by Elon Musk, have skyrocketed by around 700% this year, bringing company’s market value to over $600 billion. company, which has reported a profit for five straight quarters, will be one of 10 most valuable companies in index, along with Apple, Microsoft and Facebook.

EYE ON CONSUMERS

Conference Board issues its latest index of U.S. consumer confidence Tuesday.

index slipped in vember to 96.1 to lowest level since August as a surge in coronavirus cases caused a big drop in consumer expectations for income, business and labor market conditions. Consumer confidence is closely watched for signals it can provide of how willing households are to spend. Consumer spending accounts for 70% of ecomic activity in U.S.

Consumer confidence, by month:

July 91.7

Aug. 86.3

Sept. 101.3

Oct. 101.4

v. 96.1

Dec. (est.) 97.0

Source: FactSet

HOUSING MARKET BELLWER

Commerce Department serves up its vember tally of new U.S. home sales Wednesday.

Sales of new homes accelerated this summer after housing market stalled in spring due to pandemic. y have held stey this fall, reflecting strong demand for homes amid ultra-low mortg rates and a pandemic-induced push to suburbs. Ecomists project that sales fell last month to a seasonally justed annual rate of 987,000 units, down from 999,000 in October.

New home sales, seasonally justed annual rate, by month:

June 840,000

July 979,000

Aug. 1,001,000

Sept. 1,002,000

Oct. 999,000

v. (est.) 987,500

(Im Credit: AP)