Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.5%), and DJIA (-0.1%) are decently improved from their opening slide as losses narrow and four S&P 500 sectors now trade in positive territory.

While still beneath its flatline, the information technology sector (-0.3%) significantly lessened its loss after NVIDIA (NVDA 177.53, +0.56, +0.32%) moved into positive territory for the day. 

Existing home sales dipped 0.2% month-over-month in August to a seasonally adjusted annual rate of 4.00 million (Briefing.com consensus 3.99 million) from an unrevised 4.01 million in July. Sales were up 1.8% on a year-over-year basis.

The key takeaway from the report is that home sales in August were still constrained by high prices, higher mortgage rates, and limited supply. The biggest month-over-month increase in sales was in the Midwest, which is also the region with the lowest median price (by a lot).