U.S. stock futures were modestly higher this morning after markets rallied in Tuesday’s session. The Dow, S&P 500 and Nasdaq all saw their best daily performances of September, with the Dow also hitting its highest level since January.
On the data front, at 8:30 a.m. ET, housing starts, building permits and the U.S. International Transactions report is due. Mortgage applications were released at 7 a.m. ET, showing a rise of 1.6 percent as interest rates hit a 7-year high.
Bounce back strength is the consensus for today’s starts data for a housing sector where data have been weak.
Two words…Ripple Effect. This narrow piece of data has a powerful multiplier effect through the economy, and therefore across the markets and your investments. By tracking economic data such as housing starts, investors can gain specific investment ideas as well as broad guidance for managing a portfolio
Overnight, the MSCI Asia Pacific Index rose 1.2 percent while Japan’s Topix index closed 1.5 percent higher as the region’s markets rallied for a second day.
In Europe, the Stoxx 600 Index was 0.1 percent higher at 5:45 a.m. Eastern Time with mining stocks the best performers. S&P 500 futures were flat, the 10-year Treasury yield was at 3.059 percent, and gold was higher.
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