) all closed Tuesday's session in the green in the middle of this holiday-shortened trading week. The S&P 500 and Nasdaq Composite continue to add to the growing list of record highs in 2024.) testified before a US Senate panel addressing safety concerns within the company. Calhoun stood before families of victims from previous incidents involving Boeing and apologized to them directly.We are joined by Jared to get you up to speed on the action from today's session.
Now, now Jim still firmly in that soft landing camp, but um you actually see an eco economic downturn coming Ahmed.Listen, last year, uh I think when most analysts were expecting a recession, we were firmly in the camp, but we just didn't see recessionary conditions in the United States this year.
And in fact, if you extrapolate current trends for labor demand, we think that the unemployment rate will probably start shooting much higher sometime by the end of this year. It didn't happen because those us excess savings were quite large, but we're finally starting to see it come in. So we think they're actually gonna do well in both types of environments, both booming growth and uh recessionary conditions and scenarios.So we actually think that that's a good hedge in case we're wrong and in case we're still uh uh uh gonna continue along in economic expansion, what we're seeing is that there's a whole, there's a series of cyclical sectors out there that have not participated in this rally and that have a lot of space for catch up.
And they said first, the one number one thing was consumers are feeling a bit distressed and so that is creating some credit challenges um who are trying to some way jump into the housing market.Another key thought that that I thought was very interesting from this earnings was that consumers are very sensitive to interest rate, interest rate movement.That means builders would most likely for some form of incentives like those mortgage rate buy downs, they'll probably boost those up.
So they're not too worried about or concerned that that would, you know, um cause some form of extra competition, they're pretty bullish.So then you're competing with the resale marking market and then the new home market. So that's why it really does make it attractive to jump into the new home market because you're gonna be offered some form of an incentive, whether it's the buy downs, whether it's the closing cost, whether it's the home price cut like there, it really makes it attractive when you are an entry level buyer.
But coming in ahead of estimates of 1.71 billion, the same goes for deliveries which again fell on a year over year basis.The company is now bringing up the lower end of its full year revenue forecast.The company's average selling price did increase year year to 483,000 from 4 79 500 again on a year over year basis.
But again, I mean, he just said it that it remains uh buyers remain resilient in their desires for homeownership and I think that nails it on.And they expect the average selling prices for the full year to be 485,000 to 495,000. They don't know you and I apologize for the grief that we have caused and I want you to know we are totally committed in their memory to work and focus on safety.
And he said, well, are you proud of the fact that some uh uh suppliers were using Dawn dish soap and, and hotel credit cards to fit some parts in together, bringing that up those allegations of uh I think belief work that had happened at Spirit Area system. Um And, uh you know, the stocks probably just not going to uh react uh until we see, uh you know, a new CEO um the, the Sphere deal closed and you start seeing production rates in the 737 increasing, but we continue to like the stock.
But I have to wonder were there problems in past years that we just didn't know about and now we know about them or are there more problems now?It's not just that they, you know, that they're being more transparent. I mean, you know, they're 51% of the FAA fleet, so they're the mass majority of, of what is flying safely every second or so, someone's flying in a Boeing aircraft.
Housing starts and building permits are out ahead of the opening Bell Wall Street estimating both numbers to rise after declines in April will also get the weekly look at mortgage rates from Freddie Mac which fell to 6.95% last week.
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