New Home Sales, FOMC Statement, Treasury Auction

Investors are optimistic this morning ahead of the central bank’s afternoon policy announcement. Sentiment could easily change early into the session, however, as the new home sales index is anticipated to fall after the expiration of the homebuyer tax credit..</p

Two hours before the opening bell, Dow futures are up 46 points to 10,279 and S&P 500 futures are up 5.25 points to 1,095.75.</p

WTI crude oil is down $0.30 to $77.55 per barrel, while Spot Gold is up $4.45 to $1,244.50 per ounce.</p

The US dollar index is lower by 13 basis points to 85.98.</p

Economists from BMO offered this assessment about why the euro remains flat:</p

“The advanced readings for the manufacturing and services PMIs both fell in June, with the prior above expectations and the latter below expectations. Overall, the pullback isn’t terribly surprising considering the financial market uncertainty clouding over the European economic outlook. Exporters are no doubt getting support from a weaker euro, but that won’t be enough to fully offset weakness elsewhere. Despite the declines in the PMIs, they remain nicely above 50 and still point to decent growth for the region. Meantime, German consumer confidence held up in July, steady at 3.5. No signs of a sharp slowdown yet, even with all the talk of a double-dip.”</p

Key Events Today:</p

10:00 â€