By Markus Heitkoetter
￼Stocks experienced another slow day of trading.
In early trading, Housing Starts were reported and came out better than expected. With an annually adjusted number of 1.21 million homes, new home construction increased 6.5% and approached an 8 year high. But Building Permits, a gauge for future demand, came in lower than expected.
Stocks traded higher during the first 90 minutes of the U.S. session. But a late morning pullback bought stocks back into negative territory, which is where stocks spent the remainder of the day.
In the end, the S&P finished the day 0.1% lower. The S&P lost 3 points and closed at 2030.77.
The DOW ended with a 0.1% loss as well. Down 13 points, the DOW finished the day at 17217.11.
The NASDAQ experienced a 0.5% loss on the day. Leading the indices lower, the NASDAQ dropped 24.5 points and ended the day at 4880.97.
Although the recent win streak came to an end today, the major indices still remain near 2-month highs.
As we get deeper into earnings session over the next few weeks, traders will turn their attention to earnings.
There’s also the Fed interest rate drama unfolding. While the FOMC has continually stressed the desire to raise rates this year, fed fund futures have the odds of a rate hike this year at 29%. If this is proven true, the delay could help drive the markets higher.
Tomorrow’s economic calendar includes Crude Oil Inventories at 10:30am ET, and FOMC Member Powell speaking at 1:30pm ET.