Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.4%), Nasdaq Composite (-0.4%), and DJIA (-0.7%) are pulling back a bit today as losses widen in the six retreating S&P 500 sectors. 

The Department of Commerce released September and October new home sales data as it bids to catch up to release data following the government shutdown. September new home sales increased 3.8% month-over-month to a seasonally adjusted annual rate of 738,000 units versus a downwardly revised 711,000 units (from 800,000) in August. October new home sales dipped 0.1% month-over-month to a seasonally adjusted annual rate of 737,000 units.

The key takeaway from the report is that the South region—the nation's largest housing sector—was the sole source of strength in October. Home sales declined in all other regions, with higher home prices, on average, acting as a headwind.