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Durable Goods, New Home Sales, G-20
Equity futures are looking slightly up in anticipation of some major data releases this morning. Global markets have been mixed, while the US$ is stronger and Gold is once again below $1,000 per ounce.rnrnToday’s schedule includes Durable Goods, New Home Sales, and Consumer Sentiment. In addition, headlines from the G-20 summit in Pittsburgh could shake up the afternoon. rnrnOne headline so far has been of particular importance for emerging nations. The White House stated earlier that the Group of 20 will become “the permanent council for international economic cooperation,†thereby supplanting the G8.
Mid-Day Recap: Equities Weaker After Housing Data
All three equity indexes have extended yesterday’s late day weakness into today. After a modest open, the S&P is trading near the lows of the day, down 1.18% to 1048 after a worse-than-anticipated housing report. As of 1:45 pm, shares in the NASDAQ are worse off with a 1.47% slide to 2,100, while the Dow has lost 64 points, or 0.66%, to 9,684.
Existing Home Sales Unexpectedly Slide in August
The National Association of Realtors said sales of existing homes fell 2.7% in August, pushing the annual rate to 5.10 million units from 5.24 million in July. rnrnCompared to 12 months ago that pace is up 3.4%, but analysts were expecting a 2.1% boost this month due to low mortgage rates and the soon-expiring tax credit for first-time homeowners.rnrnThe monthly slide in the index, which tracks sales of single-family homes, town homes, condominiums and co-ops, follows four months of gains that saw a cumulative 15.2% gain in sales.
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