Stock Market Update

Housing starts totaled 1.501 million in February (Briefing.com consensus 1.385 million) and building permits totaled 1.456 million (Briefing.com consensus 1.45 million). 

Export prices rose 0.1% in February and export prices, excluding agriculture, rose 0.1%. Import prices increased 0.4% in February and import prices, excluding oil, rose 0.3%.

The initial response in equities is muted. The S&P 500 futures are down 14 points and are trading 0.2% below fair value, the Nasdaq 100 futures are down 80 points and are trading 0.4% below fair value, and the Dow Jones Industrial Average futures are down 82 points and are trading 0.2% below fair value.