Stock Market Update

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

Just released, housing starts decreased 2.8% month-over-month in April to a seasonally adjusted annual rate of 1.465 million units (Briefing.com consensus 1.420 million).

Building permits, meanwhile, increased 5.8% month-over-month in April to a seasonally adjusted annual rate of 1.442 million units (Briefing.com consensus 1.380 million).

Initial jobless claims for the week ended May 16 decreased by 3,000 to 209,000 (Briefing.com consensus 210,000) from the upwardly revised prior level of 212,000 ( from 211,000).

Continuing jobless claims for the week ended May 9 increased by 6,000 to 1.782 million, from the downwardly revised prior level of 1.776 million (from 1.782 million).

The Philadelphia Fed Index contracted to -0.4% in May (Briefing.com consensus 15.5), from the previous level of 26.7.