Indices slip following new home sales data

Discussion in 'Data Sets and Feeds' started by TradeTheNews, Mar 26, 2007.

  1. TradeTheNews

    TradeTheNews ET Sponsor

    Mid Morning Recap
    by TradeTheNews Staff

    Equity futures were flat to higher on the open while Treasuries were ticking moderately lower. Pre-market upgrades in JBLU and DELL as well as a deal announcement for BSTE and continued strength in the energy complex were helping buoy equity markets in the early going. At 10 AM a much softer than expected Feb new home sales release reversed the markets hard. The selling in stocks was broad with home-builders and financials leading the way lower. Higher crude is helping create some relative weakness in the Transportation Average –1.8% as its declines outpace that of the other major indices. Treasury futures have rallied pushing yields lower. The 10-year note future is up 9/32 with its yield falling to 4.569%. It is worth noting that odds of a rate cut by mid-year have not really budged. The weak housing data also pressured the Dollar. The Dollar Index is off 0.3% to 83.03. Commodities are holding in positive territory led by April crude, which is up more than 1% to $63. Gold spiked on the initial Dollar weakness but has retreated from a $666.50 high to trade up $5 at $661.80.
     
  2. NOOOOOOOOOOO WAAAAAAAAAY

    markets are down..?? Thanks for the worthless update news bot