Stock Market Update

[BRIEFING.COM] The S&P 500 (flat), Nasdaq Composite (+0.1%), and DJIA (-0.5%) continue to trade mixed as the market shows resilience despite failed negotiations between the U.S. and Iran over the weekend. The U.S. Navy has officially implemented a blockade of all ships entering or leaving Iranian ports.

Existing home sales decreased 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98 million (Briefing.com consensus 4.01 million) from an upwardly revised 4.13 million (from 4.09 million) in February. Sales were down 1.0% on a year-over-year basis.

The key takeaway from the report is that existing home sales were pressured at the start of the peak selling period by higher mortgage rates, higher prices, limited inventory, lower consumer confidence, and softer job growth.