Stock Market Update

The S&P 500 futures are up four points and are trading 0.1% above fair value, the Nasdaq 100 futures are down 15 points and are trading 0.3% below fair value, and the Dow Jones Industrial Average futures are up 107 points and are trading 0.2% above fair value.

Total housing starts declined 1.8% month-over-month to a seasonally adjusted annual rate of 1.289 million units (Briefing.com consensus 1.347 million) while building permits increased 6.1% month-over-month to a seasonally adjusted annual rate of 1.505 million (Briefing.com consensus 1.430 million).

The key takeaway from the report is that single-unit starts were up 6.4%, led by a bounce back in the South (+18.3%) following the hurricanes; however, single-unit permits, a leading indicator, were up just 0.1%.