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china s factory activity expanded at the fastest pace in more than a decade. stock index futures bouncing a little bit. yesterday stocks extended their february losses for the month the dow fell more than 4%. the s&p down almost 3%, nasdaq down more than 1%. consumer confidence fell for the second month in a row dragged by inflation and recession worries. new this morning general motors is cutting several hundred salaried jobs part of gm s plan to slash $2 billion in costs the next couple of years. gas prices steady, $3.36 per gallon. and back to real estate. u.s. home prices falling for the sixth month in a row down 0.08%. housing market cooling rising mortgage rates cold water in what was a red hot market in the past few years. let s bring in in bess friedman.
looking at markets, asian markets finished mixed, european are lower but turned slightly mixed. inflation figures from france and spain a little hotter than expected in february. on wall street, stock index futures also leaning up. age major averages are on track for losses in february amid a confusing mix of economic news. yesterday s headline, pending home sales soared 8.1% in january, biggest rise since 2020. on earnings watch, target reports fourth quarter earnings ahead of tuesday s open. gas prices fell a penny overnight to $3.36. direction of the u.s. economy is complicated. there are signs of inflation cooling but it is still too high. janet yellen in kyiv insisting that there is still hope for a soft landing. i would say so far so good.
if anyone tries to cut social security, we re going to stop it. if anyone tries to cut medicare, we re going to stop it. reporter: and then, the president broadened this beyond just retirement programs to say, you know, republicans including the speaker of the house, kevin mccarthy have called for the repealing the inflation reduction act. that will lead to higher drug costs. as he took aim at desantis, he could have expanded medicaid, but chose not to do so. the president thinks retirement programs, but health care more broadly is a big winning issue, especially here in florida. it s a state he lost by 3.36% of the vote in 2020, but he noted there are a lot of retirees, seniors, this is an event eyeing for fighting for this state in 2024. mike memoli, on the road for us the last couple of days. come home, appreciate it. president biden in florida, perhaps as memorily lays out, laying the foundation for his
key inflation data. the producer price index, year over year readings are expected to cool. still high but cooling. that is the story in inflation. also in just a few hours, december retail sales. that s the number that measures spending in stores, online and in restaurants. sales fell .6 of a percent in october. it was the biggest monthly decline. sales slowed and holiday related purchases in home products and autos. let s bring in nathaniel myerson. it s so interesting. we are seeing this week a lot of big companies are slowing down their price hikes. they re raising prices because their prices are going up. consumers are balaking. they say the cure for high prices is high prices and that s exactly what we re seeing here. shoppers are turning away from these higher prices. they re kind of revolting in a way and this is helping slow down inflation.