Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.2%), Nasdaq Composite (-0.2%), and DJIA (+0.3%) continue to sit mixed as weakness in tech continues to weigh against broader market strength.

Existing home sales decreased 8.8% month-over-month in January to a seasonally adjusted annual rate of 3.91 million (Briefing.com consensus 4.21 million) from a downwardly revised 4.27 million (from 4.35 million) in December. Sales were down 4.4% on a year-over-year basis.

The key takeaway from the report is that the existing home market remains supply constrained. That is pushing up prices and mitigating some of the affordability benefits linked to wage growth and lower mortgage rates.