Existing home sales was highlighted during Monday’s trading day and showed some strength which is now the expectation for today’s housing data.
- FHFA data, released this morning, also exceeded expectations and shows extending strength in home prices.
- Case-Shiller’s 20-city adjusted index rose 0.8 percent in data for February. Low supply of available homes for the sale is a key factor behind strength in housing prices.
- The Census Bureau announces new home sales for March at midmorning. New home sales peaked late last year but have been struggling since, held down by rising mortgage rates and limited supply.
Overnight, the MSCI Asia Pacific Index gained 0.4 percent, while Japan’s Topix index closed 1.1 percent higher with equities boosted by a weakening yen.
In Europe, the Stoxx 600 Index was 0.1 percent higher at 5:50 a.m., with investor focus remaining on earnings.
S&P 500 futures pointed to a gain at the open, and gold was slightly higher.
Notable companies reporting earnings today include: WHR, SAP, KO, VZ, PHM and CAT