{"id":63676,"date":"2026-06-24T10:38:16","date_gmt":"2026-06-24T14:38:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-housing-market-slumps-as-trump-cancels-signing-to-force-voting-bill-vote\/63676\/"},"modified":"2026-06-24T10:38:16","modified_gmt":"2026-06-24T14:38:16","slug":"us-housing-market-slumps-as-trump-cancels-signing-to-force-voting-bill-vote","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-housing-market-slumps-as-trump-cancels-signing-to-force-voting-bill-vote\/63676\/","title":{"rendered":"US Housing Market Slumps as Trump Cancels Signing to Force Voting Bill Vote"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US New Home Sales plummeted 7.3% in May<\/strong> to a seasonally adjusted rate of <strong>580,000 units<\/strong>, significantly missing the <strong>640,000<\/strong> forecast as high mortgage rates sideline buyers.<\/li>\n<li><strong>President Trump abruptly cancelled a housing bill signing ceremony<\/strong>, declaring he will stall all major legislation until Congress passes the <strong>SAVE America Act<\/strong>, which he termed a &quot;national emergency.&quot;<\/li>\n<li><strong>China&#39;s &quot;LineShine&quot; supercomputer<\/strong> has officially become the world&#39;s fastest, reaching <strong>2.198 exaflops<\/strong> and ending nearly a decade of US dominance in high-performance computing.<\/li>\n<li><strong>US <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">Crude Oil<\/a> Inventories fell by 6.088 million barrels<\/strong> for the week ending June 19, a much steeper draw than the <strong>3.6 million<\/strong> expected, though gasoline and distillate stocks saw unexpected builds.<\/li>\n<li><strong>The US Treasury removed several individuals from Russia-related sanctions<\/strong> as part of a broader &quot;modernization&quot; effort to prune outdated entries from the SDN list.<\/li>\n<\/ul>\n<h2>Housing Market Hits Resistance<\/h2>\n<p>The US housing market faced a double blow on Wednesday as both economic data and political maneuvering clouded the sector&#39;s outlook. <strong>New Home Sales (May)<\/strong> fell to <strong>580,000<\/strong>, down from a revised <strong>626,000<\/strong> in April, marking a sharp <strong>7.3% monthly decline<\/strong>. <em>Analysts attribute the slump to the &quot;new normal&quot; of mortgage rates exceeding 6.4%, which has effectively neutralized traditional spring buying momentum.<\/em><\/p>\n<p>Adding to the uncertainty, <strong>President Trump<\/strong> cancelled a scheduled news conference and signing for a bipartisan housing bill at the Capitol. Trump issued a statement via social media declaring that no further business would proceed until the <strong>SAVE America Act<\/strong>\u2014a controversial voting and citizenship verification bill\u2014is passed. This legislative freeze threatens to stall the <strong>21st Century ROAD to Housing Act<\/strong>, which was intended to address national affordability challenges.<\/p>\n<h2>Energy Stocks See Mixed Inventory Signals<\/h2>\n<p>The <strong>Department of Energy (DoE)<\/strong> reported a significant <strong>6.088 million barrel draw<\/strong> in commercial crude oil inventories, nearly double the anticipated decline. Despite the headline draw, oil prices remained under pressure as <strong>Gasoline inventories rose by 2.064 million barrels<\/strong>, defying estimates for a <strong>1.1 million barrel draw<\/strong>.<\/p>\n<p><em>Refinery utilization also slipped by 0.60%<\/em>, suggesting a slight cooling in processing demand despite the summer driving season. Inventories at the <strong>Cushing, Oklahoma<\/strong> hub (<a href=\"\/stock\/USO\">USO<\/a>) fell by <strong>1.077 million barrels<\/strong>, continuing a trend of tightening supplies at the nation&#39;s primary storage point.<\/p>\n<h2>China Reclaims Supercomputing Crown<\/h2>\n<p>In a major shift for global technology competition, the <strong>TOP500<\/strong> list announced that China&#39;s <strong>LineShine<\/strong> supercomputer is now the fastest in the world. Located at the <strong>National Supercomputing Centre in Shenzhen<\/strong>, the machine achieved <strong>2.198 exaflops<\/strong>, overtaking the US-based <strong>El Capitan<\/strong> system.<\/p>\n<p>Notably, <strong>LineShine<\/strong> reportedly utilizes domestically designed chips and standard microprocessors rather than the specialized GPUs common in AI-focused systems. <em>This achievement underscores China&#39;s push for technological self-sufficiency amid ongoing US export restrictions on advanced semiconductor hardware.<\/em><\/p>\n<h2>Sanctions and Trade Updates<\/h2>\n<p>The <strong>US Treasury&#39;s Office of Foreign Assets Control (OFAC)<\/strong> updated its sanctions list on Wednesday, removing several individuals previously designated under Russia-related programs. Treasury Secretary <strong>Scott Bessent<\/strong> framed the move as part of a &quot;sanctions modernization&quot; initiative aimed at removing deceased individuals and defunct entities to ensure the list remains an effective tool.<\/p>\n<p>On the domestic front, <strong>President Trump<\/strong> is set to host a White House dinner for farmers and ranchers this evening. The event is intended to celebrate recent trade and tax &quot;wins&quot; for the agricultural sector, even as the administration continues to clash with Congress over broader legislative priorities.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US New Home Sales plummeted 7.3% in May to a seasonally adjusted rate of 580,000 units, significantly missing 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