Stock Market Update

The S&P 500 futures currently trade 47 points below fair value. 

Just released, total housing starts increased 7.2% month-over-month in January to a seasonally adjusted annual rate of 1.487 million units (Briefing.com consensus: 1340K), from a downwardly revised prior level of 1.387 million (from 1.404 million). 

Building permits decreased 5.4% to a seasonally adjusted annual rate of 1.376 million (Briefing.com consensus: 1392K) from an upwardly revised prior level of 1.455 million (from 1.448 million). 

The trade deficit narrowed to $54.5 billion in January (Briefing.com consensus: -$67.9 billion) from a downwardly revised $72.9 billion deficit (from -$70.3 billion) in December.

Initial jobless claims decreased by 1,000 to 213,000 (Briefing.com consensus: 215,000) for the week ending March 7.

Continuing jobless claims decreased 21,000 to 1.850 million for the week ending February 28.