Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.6%), Nasdaq Composite (-0.9%), and DJIA (-0.2%) sit a touch off of opening lows.

Existing home sales increased 5.1% month-over-month in December to a seasonally adjusted annual rate of 4.35 million (Briefing.com consensus 4.15 million) versus an upwardly revised 4.14 million (from 4.13 million) in November. Sales were up 1.4% on a year-over-year basis.

The key takeaway from the report is that home sales in December increased across all regions, leading to the strongest increase in seasonally adjusted sales in nearly three years despite tight inventory levels.

Seperately, the Supreme Court will not issue a ruling on the legality of President Trump's IEEPA tariffs today.