Despite record-high home prices, housing demand continues to outpace supply, even with mortgage rates at their highest in over a decade.

What is emerging in the stock is new leadership, at least in Q3 with small and mid-caps leading and mega-caps lagging.

The Dow Jones Industrial Average is down triple digits, while the S&P 500 Index eyes its worst daily percentage drop since September 2023.

Tesla and AMC Entertainment saw significant drops while General Motors experienced a smaller decline as the car company faces headwinds in China.

Global equities extended their upward trend into Q2 2024 on the back of sustained economic growth and moderating inflation.