Stock Market Update
20-Oct-26 09:16 ET
Futures point to lower open as AI names retreat
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -137.00.
Equity futures continue to point to a lower open as the AI trade comes under renewed pressure amid funding scrutiny and a disappointing IPO for Korean neocloud company Elice.
On the data front, total housing starts were down 5.2% month-over-month in September to a seasonally adjusted annual rate of 1.221 million (Briefing.com consensus: 1.305 million) following an upwardly revised 1.288 million (from 1.275 million) in August. Building permits were down 0.2% month-over-month to a seasonally adjusted annual rate of 1.400 million (Briefing.com consensus: 1.390 million).
The key takeaway from the report is that there was no growth in permits for single-unit dwellings in any region. Building permits are a leading indicator, and the lack of growth is a reflection of the constraints builders and homebuyers alike face from higher financing costs.
