Stock Market Update

The S&P 500 futures are up 13 points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 50 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are up 104 points and are trading 0.3% above fair value.

Total housing starts increased 1.6% month-over-month in April to a seasonally adjusted annual rate of 1.361 million units (Briefing.com consensus 1.383 million), yet single-unit starts dropped 2.1%. Total building permits were down 4.7% month-over-month in April to a seasonally adjusted annual rate of 1.412 million (Briefing.com consensus 1.450 million), yet single-unit permits were down 5.1% and driven by declines in all regions.

The key takeaway from the report is the weakness in single-unit permits across all regions, as it speaks to cautious-minded consumers and builders dealing with higher prices, higher mortgage rates, and higher building costs.