Stock Market Update

[BRIEFING.COM] As the market enters the final half hour of trading, the major averages sit well positioned to challenge their respective record closing highs. 

The market will receive the earnings reports of Lennar (LEN 132.41, -0.56, -0.42%) and FedEx (FDX 225.96, +0.18, +0.08%) after the close today.

Lennar in particular will garner some attention, as it is the first major homebuilder to report after the Fed's rate cut yesterday.

The focus will be on Q4 guidance and commentary around pricing power and incentive trends. Gross margin commentary may offer a bullish offset if LEN signals that recent Fed rate cuts are translating into stronger demand without the need for aggressive discounting. While recent financial performance has been uneven, improving fundamentals and lower rate expectations could set the stage for stronger execution in the back half of the year.

The iShares U.S. Home Construction ETF is up a modest 0.1% today.