) 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.
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