Stock Market Update

The S&P 500 futures trade 34 points below fair value.

The market received just one economic report today, which is not known for drawing a reaction. The weekly MBA Mortgage Index fell 5.1% to follow last week's 1.1% increase as refinance applications and applications for purchase decreased.

The rest of the week will also be fairly quiet when it comes to data, but next week will bring the second estimate of Q1 GDP (prior -0.3%) and the Personal Income/Outlays report for April, which will include the Fed's preferred inflation gauge, the Core PCE Index.