Stock Market Update

[BRIEFING.COM] The Dow Jones Industrial Average trades slightly higher than yesterday while the S&P 500 and Nasdaq Composite trade slightly lower. 

Existing home sales decreased 0.7% month-over-month in May to a seasonally adjusted annual rate of 4.11 million (Briefing.com consensus 4.10 million) from 4.14 million in April. Sales were down 2.8% from the same period a year ago.

The key takeaway from the report is that there was a pickup in inventory of homes for sale; however, inventory overall remains constrained, which is leading to ongoing price gains that continue to pose affordability pressures, along with elevated mortgage rates, for prospective buyers.