Stock Market Update

[BRIEFING.COM] The S&P 500 trades 66 points higher, or 1.2%. The Nasdaq Composite is 290 points higher, or 1.7%.

Existing home sales decreased 5.9% month-over-month in March to a seasonally adjusted annual rate of 4.02 million (Briefing.com consensus 4.20 million) from an upwardly revised 4.27 million (from 4.26 million) in February. Sales were down 2.4% from the same period a year ago.

The key takeaway from the report is that existing home sales declined month-over-month in all regions, while the median selling price increased month-over-month in all regions, signaling the affordability constraints buyers are facing with higher prices and relatively higher mortgage rates.

Treasury yields are lower after the release. The 10-yr yield was at 4.33% a short time ago, and sits at 4.31% now.