Stock Market Update

[BRIEFING.COM] Stocks found some upside momentum in recent action. The major indices all trade above yesterday's closing levels now. 

Many stocks are participating in upside moves, leading the equal-weighted S&P 500 to trade flat.

Existing home sales decreased 5.4% month-over-month in June to a seasonally adjusted annual rate of 3.89 million (Briefing.com consensus 4.00 million) from 4.11 million in May. Sales were down 5.4% from the same period a year ago.

The key takeaway from the report is that sales activity slowed to levels last seen at the end of 2023, suggesting that elevated mortgage rates and low inventory are offsetting a seasonal activity boost that would be normally seen in the summer.