Stock Market Update

The S&P 500 futures are up 15 points and are trading 0.3% above fair value, the Nasdaq 100 futures are up 79 points and are trading 0.5% above fair value, and the Dow Jones Industrial Average futures are down 13 points and are trading slightly below fair value.

Weekly initial jobless claims totaled 238,000 (Briefing.com consensus 237,000) following a revised count of 243,000 last week (from 242,000). Continuing claims came in at 1.828 million following last week's revised count of 1.813 million (from 1.820 million).

Housing starts totaled 1.277 million in May (Briefing.com consensus 1.385 million) following a revised count of 1.352 million in April (from 1.360 million). Building permits totaled 1.386 million in May (Briefing.com consensus 1.455 million) following a count of 1.440 million in April.

The Philadelphia Fed Index dropped to 1.3 in June (Briefing.com consensus 6.5) from 4.5 in May.

The Q1 current account balance declined to -$237.6 billion (Briefing.com consensus -$203.0 billion) from a revised -$221.8 billion in Q4 (from -$194.8 billion).