{"id":73309,"date":"2026-10-20T10:08:14","date_gmt":"2026-10-20T14:08:14","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-housing-market-hits-record-low-as-tech-stocks-slide-amid-geopolitical-tensions\/73309\/"},"modified":"2026-10-20T10:08:14","modified_gmt":"2026-10-20T14:08:14","slug":"us-housing-market-hits-record-low-as-tech-stocks-slide-amid-geopolitical-tensions","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-housing-market-hits-record-low-as-tech-stocks-slide-amid-geopolitical-tensions\/73309\/","title":{"rendered":"US Housing Market Hits Record Low as Tech Stocks Slide Amid Geopolitical Tensions"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US pending home sales plunged 7.3% in September<\/strong> to a record-low index level of <strong>66.0<\/strong>, far exceeding the 0.5% decline analysts had expected.<\/li>\n<li><strong>The Nasdaq 100 (<a href=\"\/stock\/NDX\">NDX<\/a>) fell 1%<\/strong> as high-growth AI infrastructure firms like CoreWeave (<a href=\"\/stock\/CRWV\">CRWV<\/a>) saw shares drop <strong>6%<\/strong> to their lowest levels since May 2025.<\/li>\n<li><strong>US Treasury Secretary Scott Bessent<\/strong> reported a &quot;panic&quot; in Iran as its currency collapses under the weight of intensified sanctions and regional conflict.<\/li>\n<li><strong>China&#39;s Ministry of Commerce (MOFCOM)<\/strong> issued a formal opposition to a US order banning the use of <strong>DeepSeek AI<\/strong> tools, labeling the move &quot;discriminatory.&quot;<\/li>\n<li><strong>German investor sentiment<\/strong> deteriorated more than anticipated, with the <strong>ZEW Indicator of Economic Sentiment<\/strong> falling to <strong>28.1 points<\/strong> in October.<\/li>\n<\/ul>\n<h2>Housing Market Hits Historic Lows<\/h2>\n<p>The US housing market faced a severe contraction in September, with <strong>pending home sales tumbling 7.3% month-over-month<\/strong> to the lowest level since the National Association of Realtors (NAR) began tracking the data in 2001. The <strong>Pending Home Sales Index fell to 66.0<\/strong>, driven primarily by <strong>mortgage rates that reached 7.40%<\/strong>, the highest in nearly three years. NAR Chief Economist Lawrence Yun noted that while job growth remains steady, <strong>housing affordability is being crushed<\/strong> by the rapid rise in borrowing costs and persistent inflationary pressures from energy prices.<\/p>\n<h2>Tech and AI Stocks Under Pressure<\/h2>\n<p>Equity markets saw significant volatility on Tuesday as the <strong>Nasdaq 100 (<a href=\"\/stock\/NDX\">NDX<\/a>) declined 1%<\/strong> and the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> (<a href=\"\/stock\/SPX\">SPX<\/a>) slipped 0.3%<\/strong>. The sell-off was concentrated in debt-reliant AI infrastructure companies, with CoreWeave (<a href=\"\/stock\/CRWV\">CRWV<\/a>) leading the decline by falling <strong>6%<\/strong>. Investors are increasingly concerned about the <strong>high cost of capital<\/strong> required to fund massive AI data center expansions, especially as <strong>10-year Treasury yields<\/strong> hover near multi-year highs.<\/p>\n<h2>Geopolitical Tensions and Energy Concerns<\/h2>\n<p>US Treasury Secretary <strong>Scott Bessent<\/strong> highlighted the escalating economic pressure on Tehran, stating that <strong>&quot;panic is starting to set in&quot;<\/strong> as the Iranian currency collapses. Meanwhile, US Defense Secretary <strong>Pete Hegseth<\/strong> held an unannounced meeting with Israeli Prime Minister <strong>Benjamin Netanyahu<\/strong> on Monday to discuss potential military operations. These developments have kept energy markets on edge, with <strong>US Energy Undersecretary Haustveit<\/strong> confirming that the administration is working with refiners to boost production as <strong>diesel prices<\/strong> remain at levels higher than desired.<\/p>\n<h2>International Friction and Economic Sentiment<\/h2>\n<p>In Asia, <strong>China&#39;s MOFCOM<\/strong> slammed the US government&#39;s decision to ban federal agencies from using <strong>DeepSeek AI<\/strong> tools, accusing Washington of &quot;politicizing tech issues under the guise of national security.&quot; In Europe, the <strong>German ZEW poll<\/strong> provided a mixed outlook; while current conditions improved slightly, <strong>investor expectations fell to 28.1<\/strong>, missing the 30.0 forecast. Analysts attribute the waning confidence to <strong>surging energy costs<\/strong> and the fragile state of the Eurozone&#39;s industrial recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US pending home sales plunged 7.3% in September to a record-low index level of 66.0, far exceeding the 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