Stock Market Update

[BRIEFING.COM] Though three sectors now trade in negative territory, the major averages are trading in a relatively tight range, maintaining their modest early gains. 

There has been solid buying interest today, as advancers outpace decliners by a nearly 2-to-1 ratio on the NYSE and Nasdaq. 

Existing home sales decreased 2.7% month-over-month in June to a seasonally adjusted annual rate of 3.93 million (Briefing.com consensus 4.00 million) from a revised 4.04 million (from 4.03 million) in May. Sales were unchanged on a year-over-year basis.

The key takeaway from the report is that the median home sales price continued growing in June even though sales decelerated, which puts the spotlight on housing affordability at a time when mortgage rates remain high.