Stock Market Update

The stock market is on track for a modestly higher start with futures on the S&P 500 trading 13 points above fair value. With the higher start, the benchmark index will continue its push toward its record high from February (6147).

This morning has been quiet on the news and earnings front while the economic data flow has also been light. The weekly MBA Mortgage Index showed a 1.1% increase after last week's 2.6% drop while the New Home Sales report for May (Briefing.com consensus 700,000; prior 743,000) will be released at 10:00 ET.

Treasuries have seen some early pressure, which is lifting yields off their lowest levels since early May. The 10-yr yield is up three basis points at 4.32% while the 5-yr yield is also up three basis points, hovering at 3.89% leading into today's 5-yr note auction at 13:00 ET.