Housing Data in the Spotlight

Financial markets don’t seem pleased by the $940 billion healthcare bill. One morning after the House of Representatives passed the President’s initiative, equity markets are sharply lower. 

One hour before the open, Dow futures are off 53.00 points to 10,634 and S&P 500 futures are down 7.30 points to 1,149

Meantime, crude oil futures are down $1.26 to $79.71 per barrel while Gold is lower by $3.30 to $1,104.30.

Economists from BMO point out that global  economics concerns are also pushing down equity prices Monday. 

“Worries about policy tightening in Asia, following India’s rate hike last Friday afternoon, and ongoing concerns over Greece are weighing on global equity markets,” they wrote early morning. “The US$ is mildly stronger, as are Treasuries, benefitting from the risk aversion.”

The week ahead is relatively slow overall but for housing, this week is key. Tuesday will likely see a third straight decline in existing home sales, Wednesday will give markets the latest mortgage applications figure, and Thursday’s new home sales index could improve by a margin.

In the bond market, the Treasury Department will sell $118 billion of two-five-and seven year notes. This will be the main source of motivation for bond traders in the week ahead.

Key Events This Week

Monday:

No significant data.

Treasury Auctions:rn

• 11:30 â€