The Dow is up 21 points, and while that might not sound like a big deal, coming into the session investors were bracing for as much as 200 points lower. Apple has come off its lows and Boeing is unchanged.
Housing data has been largely inconsistent this year, but there are more signs that perhaps there has been an inflection point as pending home sales climbed to its highest level in ten months.
US |
Northeast |
Midwest |
South |
West |
110.5 |
97.0 |
112.8 |
125.9 |
95.3 |
+1.4% m/m |
+3.2% |
+0.2% |
+3.0% |
-1.8% |
+1.4% Y/Y |
+18.4% |
+4.0% |
=0.6% |
-7.9% |
Oil and Gold are both up on the day as we await the Fed’s rate decision. Most analysts expect there to be no change in rates. What will matter is if there is any change in tone to one that is more hawkish.