New home sales have been housing’s central strength and unexpected weakness in today’s report would raise new questions over the sector’s contribution to the 2018 economy.
- There has been a solid upward trend for new home sales and analysts expect a slight increase in May to a 665,000 annualized rate vs 662,000 in April.
Overnight Markets:
- The MSCI Asia Pacific Index fell 0.8 percent and Japan’s Topix index closed 1 percent lower as trade concerns and worries about auto-tariffs weighed on markets.
- In Europe, the FTSE 100, DAX, CAC 40 and Stoxx 600 Indexes are all priced lower with trade again being the major drag on stocks following a report from Germany’s Ifo institute.
- S&P 500 futures pointed to a loss at the open, the 10-year Treasury yield was at 2.882 percent and gold was lower.
There are a few economic reports that may be of interest and there are also several housing reports. Expected earnings continue to be slow.
- Jun 25: New Home Sales
- Jun 26: Consumer Confidence
- Jun 27: Durable Goods
- Jun 27: International Trade
- Jun 28: Jobless Claims
- Jun 28: GDP
- Jun 29: Personal Income
- Jun 29: Consumer Sentiment
Have a TradeStation week!
